Hyundai Protection Plan - Opinions?

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?

 

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.

 

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

 

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..

 

does it cover the stuff Hundai won't after 60,000?

 

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

 

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.

 

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.

 

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!

 

---snip---snip---snip---

Wouldn't it be covered by the standard 5 yr/60,000 mile warranty?

 

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

 

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.

 

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

J.W.