Skip the extended car warranty

WASHINGTON, DC (WUSA9) -- If you're shopping for a new car, you may want to think twice about purchasing an extended warranty.

The Consumer Reports National Research Center surveyed 12,000 and found that they can be a very expensive gamble.

"WE found that more than half the people who bought an extended warranty never used the coverage. And even among those who did, they spent far more for the coverage than they saved in repairs," says Jim Travers.

Extended Warranty Buying Guide

The cost of an extended car warranty average more than $12,000. Among those who used it, the median savings was just $837, a net loss of more than $375.

Consumer Reports says the best bet is to buy a reliable car and keep it in top shape.


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