Date registered: Oct 2009
Vehicle: 2003 Lincoln LS V8
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The need for a warranty depends a lot on your financial situation. If you maintain a decent reserve/savings, then you'll be able to cover anything major that comes up. If nothing major comes up, you still have that money.
If you're not a disciplined saver, then a warranty is one way to ensure you always have money available for major repairs. For some people, that peace of mind is worth the expense.
My personal recommendation is that you set aside the money you would pay into a warranty into a high yield savings account instead, as long as you have the discipline to not touch it.