My wife just bought an Ioniq 5 with 20k miles. It still has 2+ years on the factory warranty and the battery is warrantied until 100k.
I didn’t realize that she had purchased an 8 year/100k bumper to bumper warranty for $3,500. That seems crazy expensive and redundant to me.
I can still get a refund if I hurry.
We have never had an ICE vehicle this would have paid off on. However this is our first EV. Are there any unusual things that might break that I’m not aware of? The sales guy just kept mentioning sensors and electronics, which seemed like a classic scare tactic.
Never buy extended warranties. They’re practically a scam.
EVs have an order of magnitude fewer moving parts to break.
As a certified BEV tech, they have a lot more very expensive electronics to fix. And I doubt the regular owner will be working on any HV components.
Fair enough. That’s true.
But I stand by extra warranties being a scam.
Depends. I see what people pay for BMW extended warranties, and one simple suspension repair and it pays for itself. Let alone something as complex as any HV component, which can be $5-6000.
It’s a gamble. A literal bet.
The customer is betting they’ll need it. The retailer is betting they won’t. And the retailer sets the price to ensure the odds are on their side.
I don’t gamble at casinos for the same reason.
suspension is considered wear and tear and not covered in warranty
It absolutely is on any decent warranty. I replace suspension parts on extended warranties almost every day.