LITTLE ROCK, Ark. (KTHV) - On this Consumer Tuesday we're talking about extended warranties.
Should you purchase the ones offered by stores? They cost extra, so how do you know if it's worth the investment?
Dr. Jane Wayland from the UALR College of Business says everyone should read the fine print and figure out what does the extended warranty cover that the standard warranty does not, such as accidental damage and tech support.
Before purchasing an extended warranty, figure out if the cost of fixing the product is less than the cost of the warranty and if you can afford it.
Dr. Wayland recommends not purchasing a warranty if the product will have a low chance to needing repair and if the life of the product is short and prices will decrease to replace it.
She suggests consumers may want to consider purchasing a warranty on mobile items (tablets, laptops), cell phones (especially if you to tend to drop or lose things), when you cannot afford the replacement or expensive repair (especially if it generates your income) and if having it gives you peace of mind.
Warranty prices are sometimes negotiable and discount third-party sites offer extended warranties for as much as 50-percent less. Dr. Wayland recommends SquareTrade.com, ElectronicWarranty.com and Safeware.com.