Buyer, beware

There’s surely nothing cheery about the liquidation of Sears Canada after 65 years in business and the thousands of jobs axed across the country. But one positive piece of fallout from the death of the retail giant is the talk that has been generated about extended warranties and whether they’re worth the paper they’re written on.

Since Sears Canada announced it was going out of business, stories have started coming to light about people who had made major purchases from the store — kitchen appliances, furniture and the like — and purchased extended warranties, only to find out they will no longer be honoured and they are ineligible for a refund.

It’s understandable that people want extended warranties. Who hasn’t made a major purchase at some point that turned out to be a lemon?

But the advocacy group Consumer Reports says people are better off setting money aside for repairs that they would otherwise spend on extended warranties.

Of course, not all extended warranties are bad, but consumers should take the time to read them through before they pay for anything. And you might already have all the protection you need.

Many credit cards offer extended warranty protection that adds between one and three years of extra coverage to the manufacturer’s warranty.

With a little research and the right card, you could save yourself hundreds of dollars. The devil, as they say, is in the details.

Amherst (N.S.) Daily News