TV Warranties a Waste of Time or Not?

Now you finally have the TV you've been saving up for so long to buy, the one that will give you, family, and friends hours of entertainment. Or will it? You just racked up a large sum on your credit card for this TV but what if something went wrong with it. Is it worth looking into the price of replacement parts or simply buying a warranty?

Was the pressuring salesman right when he said that no one should be without that warranty? A couple hundred doesn't seem like so much extra money when you just racked up a grand or two on the card for a high definition flat screen.

Let's take a look at the facts before you tack on an extra couple hundred to the bill:

Plasma TVs have been at 3% average needing repair within 2 years

Microdisplay Projections TVs maintenance problems being 10% over a 2 year period

LCDs repairs are averaging about 3% over 1-2 years.

What you should keep in mind

Mostly all new TVs come with a manufacturers warranty provided by the company that made the TV. This usually covers most all repairs for up to one full year. It's extremely helpful in the unlikely event of a problem occurring but you must contact the manufacturer for repairs that need to be made.

The Unfortunate Truth

Extended warranties are what some people purchase on top of the manufacturer's warranty. It's common for them to have the same amount of protection as the manufacturer's 1 year coverage.

Example:

If you by the additional 3 year warranty it covers the TV for 3 years and 3 years only. It starts from the date of purchase and goes alongside the manufacturer's warranty. It is not in addition to it. So if you purchase a 3 year warranty it is not 3 plus 1..

For the average American or Canadian this is the biggest purchase of the year. It's imperative that you know the facts and what you are getting into before making a commitment of such a magnitude. If you are going to spend this much money know what you want and buy smart.

The first step is deciding which TV will suite you best. The most popular kinds are Plasma, LCD, or the DLP. Now take a look at the pricing of repairs for each model.

Unfortunately high ticket electronics usually come with pricey repairs. Now here's what we're looking at for each type:

Plasma:

If you happen to be the owner of a malfunctioning Plasma TV, you'll most likely be looking at repairs under $200.

Warning - Video games or news tickers can cause permanent burned in static images if left with the same image on the screen for a significant period of time.

Phillips and Vizio are the only two know brands to have above average repair needs.

LCD:

In the unfortunate event that you purchase one of the 3% of TVs that need repairs within the first 24 months of ownership, the cost should be under $200. (Which may be less than the cost of your warranty)

Warning - Statistics show that Dell has an above average repair ratio.

DLP:

The most common problem with these TVs is having a bulb burn out prematurely. The average price to replace one of these is a shocking $200. Any other repair is unlikely but will likely cost less than the bulbs.

Warning Highlight- A properly functioning bulb lasts 5,000-6,000 hours and will have a life expectancy of 4 years if used 4 hours per day or 2 years if left on for 8 hours a day. If you opt for the extended warranty then it's suggested that you pay no more than the cost of a single replacement bulb.

RCA has been known to require an above average amount of repairs.

Now you can make an educated decision when choosing a TV and to decide whether an extended warranty is worth the extra money or not.