Hyundai Protection Plan - Opinions?

Discussion in 'General Motoring' started by Joe Kaffe, Nov 19, 2004.

  1. Joe Kaffe

    Joe Kaffe Guest

    I'm about to buy a Hyundai 350L and need to consider whether or not to spend
    $1295 (US) for the the 10 year "Hyundai Protection Plan." Seems like it
    makes sense if you plan to keep the vehicle the full ten years. On the other
    hand, does it really make sense to spend that money for an additional 5
    years of coverage or 40,000 miles (which ever comes first) given that most
    people will reach 100,000 miles or get rid of the vehicle before the 10 year
    mark?

    Opinions?
     
    Joe Kaffe, Nov 19, 2004
    #1
  2. Joe Kaffe

    Jon W. Guest

    I bought the extra coverage for my '04 Sonata and it was only $850.00
    U.S.
    I plan on keeping this car the full 10 years and getting the most out
    of it by keeping the mileage down.
    If you put 20,000 or 30,000 miles per year on your car it may not be
    as good a deal. Or, if you only plan on keeping it 4 or 5 years, it's
    not a good deal either.
    The bottom line is this; It all depends on the individual user.
    What's a good deal for one consumer may be a waste of money for
    another.

    J.W.
     
    Jon W., Nov 19, 2004
    #2
  3. Joe Kaffe

    Michael Guest

    I paid $820 (in 2002) and got free LOF for life for my Elantra (every 3
    months)! You can work that dealer for more......

    Planned on keeping mine for 10 years or more, only have 11k miles after 2+
    years , after 7-8 LOF's I'm getting my moneys worth.

    I figure after a couple more years I'll have recouped my investment.

    YMMV
     
    Michael, Nov 19, 2004
    #3
  4. Joe Kaffe

    Jody Guest

    well if me, i think i would...
    lotsa sensors etc in the car.
    just make sure what it covers and if u have to pay a deductable on the
    extened coverage..
     
    Jody, Nov 19, 2004
    #4
  5. Joe Kaffe

    nothermark Guest

    does it cover the stuff Hundai won't after 60,000?
     
    nothermark, Nov 20, 2004
    #5
  6. Joe Kaffe

    illusion123a Guest

    I have it, you would be surprised how fast you can rack up the miles. My
    car ia under 2.5 years and i have just over 40k. I think i paid around
    $600 for mine, but I think i have different coverage through an
    indenpendent warrenty company, I was a little worried about that, but I
    did buy it through a hyundai dealer, so i am assuming that i wont have any
    problems. by the way i have 10 year Bumper to bumper.
    Also i have read about engines going because they overheat and thermostats
    go at 60k, but becase the engine when from overheating hyundai wont cover
    it, becasue the thermo stat is not included in the warrenty over 50 k
     
    illusion123a, Nov 20, 2004
    #6
  7. Joe Kaffe

    Joe Kaffe Guest

    Thanks to everyone who responded, both publicly and privately.

    I'm going to pass on the HPP. At $1295 (US), it works out to more than $.32
    per mile for the extra 40,000 miles of coverage. If I take that $1295 and
    purchase a 5 year CD @ 4.5%, it will grow to about $1613 with virtually no
    risk. Other than the engine, that should take care of at least one major
    repair.

    What we know for certain is that, on average, Hyundai expects their cost to
    be less than $1295 per vehicle for the additional coverage. (They're not
    selling it in the hope of losing money!)

    Someone mentioned buying an extended warranty through a third party. I'd be
    wary of such plans, especially those based in Texas. They tend to operate
    for about 5 -7 years (until claims start coming in) and then simply
    disappear into the night. Think about it... the first couple of years they
    aren't paying out anything. As claims start to come in they'll continue to
    take in new customers until the the burden of payouts become too great. It's
    a Ponzi scheme with a twist. The *only* reason I was even willing to
    consider HPP was becasue it's offered and backed by Hyundai itself, not some
    third party.
     
    Joe Kaffe, Nov 20, 2004
    #7
  8. Joe Kaffe

    Jon W. Guest

    Hope your alternator, air conditioner compressor and other expensive
    items last. Otherwise, that CD you purchase will need to be turned in
    early to pay for these costly repairs.

    J.W.
     
    Jon W., Nov 20, 2004
    #8
  9. Joe Kaffe

    Joe Kaffe Guest

    Never! I paid cash for the car, and can afford to let a CD run its course.
    (The relative safetly of a CD was given as an example. I'd actually do
    something with more risk in the hope of a better return.) Not buying the HPP
    is a gamble, that's for sure. But let's remember the odds *always* favor the
    house... just like in the casinos!
     
    Joe Kaffe, Nov 20, 2004
    #9
  10. Joe Kaffe

    Joe Kaffe Guest

    ---snip---snip---snip---
    Wouldn't it be covered by the standard 5 yr/60,000 mile warranty?
     
    Joe Kaffe, Nov 21, 2004
    #10
  11. Joe Kaffe

    Michael Guest

    The *only* reason I was even willing to
    I hope that is not me (someone) , let me make this clear , the plan I have
    is the 10 year BtoB Hyundai PP...
    The free oil change 'for life' is an added incentive thrown in by the dealer
    and has nothing to do with the HPP.

    I think you are too easy when you say ('I'd be wary of such plans') , I will
    see that 'wary' and raise you a NEVER EVEN THINK about a Dealer OR 3rd party
    extended warranty............heh heh !

    Michael
     
    Michael, Nov 21, 2004
    #11
  12. Joe Kaffe

    Jon W. Guest

    I wish I would have bought the extended plan on my 2000 Saturn.

    2 Air Compressors
    1 Alternator
    2 Strut supports (that would have been covered)
    1 Rack and Pinion

    Total cost on all these repairs was well over $2500.00
    The extended warranty at the time was offered for $1200.00

    This is also the reason I purchased my first non American car.
    After similiar problems with my Dodge and Buick, I gave up on
    American cars poorly made, engineered.

    J.W.
     
    Jon W., Nov 22, 2004
    #12
  13. Joe Kaffe

    Jon W. Guest

    Yes, but the post was about the extended 10 year 100,000 mile bumper
    to bumper warranty.

    J.W.
     
    Jon W., Nov 22, 2004
    #13
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