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Made Mistake Buying Extended Warranty?

January 8th, 2013 at 07:22 pm

Well, my son's ipad quit working. I bought it in December 2011, and I did purchase a 2 year extended warranty.

I located my receipt and took it back to the store (Best Buy). They determined it was not fixable and exchanged it for a new one. Then I had to make a snap decision I was not expecting, did I want to buy another warranty? I opted to buy another 2 year warranty. Upon refection, I am thinking I made a mistake.

The price of the 16gb ipad was $499 when I originally bought it, but is down to $399 now. The 2 year warranty was $158.01. Well, that is almost 40% of the cost of just buying a new one! What do you think? Should I contact Best Buy and see if I can decline the extended warranty and have them reverse the charge?

In other news, I decided I didn't have enough of my portfolio allocated to total stock market, and so moved 5% from total international stock market. And that's it, I am done "tweaking" my mix. I have a pattern. I stay hands off for a year or more, then play with different tools (such as Future Advisor) and decide I need to make some changes. Then I am unhappy with the changes and gradually move back towards what I already had! It's dumb. Lesson learned.

4 Responses to “Made Mistake Buying Extended Warranty?”

  1. creditcardfree Says:

    Yes, I think I would cancel the warranty. Save your money and if it goes out as quickly this time consider a refurbished/used one, or another device...seems they should last longer!

  2. Firstofmanysteps Says:

    If the price of the extended warranty was also $158.01 last time, then you've paid a total of $815.02 for this one ipad.

    Definitely try to cancel it. I never buy warranty on my electronics because of 2 reasons: 1) Most credit cards have build in extended warranty (it's not well publicized) and 2) Obsolescent

  3. LuckyRobin Says:

    Tablets of any kind are far more prone to breakage than regular laptops. That being said, I don't buy an extended warranty for anything under $500.

  4. MonkeyMama Says:

    It's great that you got it refunded (just saw your newer post too)!

    We don't pay for any warranties for *anything.* It's about as useful as gambling is - very clearly in the house's favor.

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