Tips on Buying Cars: extended warranty protection, 2007 honda odyssey, honda odyssey

Question
Just purchased a 2007 Honda Odyssey, and was offered extended warranty coverage of 8 years/100,000 miles for $1300.  We are in our 50's, and keep cars for a long time.  We average around 12,000 miles per year, are religious about routine maintenance. Should we buy the coverage?

Answer
Hi George,

I do generally believe in extended coverage. If I were you, I'd tell them that you think you'd like to do it, and give them a moment to be a little excited. After that moment passes, I'd tell them that you can only feel good about getting it for $800. Be prepared to say no thank you if they don't oblige. By doing this you'll save yourself some money by figuring out their bottom. They're probably marking it up $500 (unless you're in FL where they're not allowed to mark it up). If you want, tomorrow when I'm back at work, I can tell you what my price would be for this same coverage. Let me know. Good luck!

Aaron