As a rule, extended warranties are rarely worth the extra cash. Tech site CNET goes in depth on why you don't want to shell out for the extended warranty, then discusses when it may actually be worth it.Photo by andrew_cosand.
On the 'just forget it' side of things, CNET had this to say:
[T]he majority of gadgets won't ever need to be repaired—though retailers and device makers don't usually share statistics about how often they break, Consumer Reports has done studies and found that 3- to 4-year-old gadgets don't need repair all that often. Laptops need service about 43 percent of the time after 3 or 4 years, desktops 31 percent, while camcorders and digital cameras very rarely, about 13 percent and 10 percent of the time, respectively. Three to four years is also a really long time when it comes to technology now. And as the cost of laptops and desktops, for example, continue to decline, sometimes the cost of replacing the device isn't that much more than getting it repaired.Even with big-ticket purchases, like your new flat panel HDTV, the post recommends skipping the price of an extended warranty, arguing that these are now tried-and-tested technologies where breakdowns are actually pretty rare.
So when should you actually buy an extended warranty? If you worry a lot and don't feel like you can get peace of mind without it, grab the extended warranty. Likewise, if you absolutely cannot go an extra minute without the gadget in question should it break down, it may be worth it. (Though you may also want to consider making an extended warranty fund.)
Hit up the full post for all the details in the should-I-or-shouldn't-I decision-making process (it's a pretty good read), then let us know whether or not you take the extended warranty train or stick to the standard warranty bus in the comments. (This editor never goes for the extended warranty.)
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