You will get a lot of different opinions on this and while far ranging, none are wrong. Warranties are just a form of insurance and in cases where the insurance is not required (like with car insurance) then what you are buying is peace of mind. So, that makes the decision very subjective. There are however some facts to consider in your analysis.
1. Most major problems will likely occur while vehicle is under factory warranty. Engines, drivetrain, even major electrical.
2. After the factory warranty expires, repairs are hit and miss. Some never have a repair for 10 years beyond basic worn parts. Others have a modest amount, and still others have horror stories.
3. I suspect that the majority of folks never have any major repairs over 8 or 10 years.
4. For those with moderate repairs (air compressor, infotainment computer module, window power modulator, truck computer, those all range in the 1500 to 3000 dollar range. If you had just one of those, you would likely break even with a warranty.
5. For those that fall above the moderate level, especially with electrical, it adds up very fast. Year 4 you have an AC compressor go out = 2000. Year five the PS unit starts making noise = 1200. Year five you also notice the passenger door no longer rolls down = 600. Year 6 the bearings in the rear end are making noise = 1800. So, by the end of year 6 you are into about 5600 and counting. Now you would wish you had an extended warranty.
6. The cost of the GMC Platinum warranty varies sharply across dealers. The non-GMC warranties are normally not good and have frustrating small print that you are not aware of until you need to use them. GMC Platinum is actually one of the better warranties in the auto industry.
7. It is true that GMC makes a ton of money (profit) on these plans.
8. You are not required to buy the extended warranty from the dealer you buy the truck from...any GMC dealer will sale you one and Todd Sutherland sales them at near wholesale cost.
9.. You also do not have to buy them when the truck is new. You can buy them anytime the truck is still under factory warranty.
So, what does all this conclude? If you don't need it but you have it, you didn't waste 3000 because you at least received the peace of mind during that time it gave you coverage. If you actually need it during that time, you will be glad you have it. So for me it comes down to a few important questions that each person will answer differently:
1. Can you afford it?
2. Is the peace of mind important to you?
3. What will your finances be in 5 years?
For me, I can afford it. I like the peace of mind and I like knowing that when i travel I can take a problem to any Chevy or GMC dealer to have it fixed. I am now fully retired and do not want expensive pop-up expenses in the next 5 years or so. So for me, yes, I purchased the extended GMC Platinum warranty. I paid 3100 for an 84 month, 100,000 mile, 0 deductible plan. I hope I never need it, but I like not having to worry about it either.
