With the recent bankruptcy filing of Sears Holders, which includes Sears and Kmart stores, many people may be feeling a bit concerned about the fate of their longtime kitchen appliances. For decades, Sears has offered an appliance warranty that has literally kept millions of American homes running smoothly.
When that stove, fridge or other appliance stopped working for one reason or another, a Sears service representative would dutifully come out to the house, giving the homeowners piece of mind and a fixed appliance. But what’s going to happen to those Sears warranties now?
Here’s what’s going to happen to your Sears warranty
Sears controls the popular Kenmore brand, which is known for a number of appliances, including washers, dryers, vacuum cleaners and more. Given how much of a person’s home could be filled with Sears products, it is understandable that people are concerned about what’s going to happen.
Sears is saying that it will continue to uphold customer agreements. “We are honoring our warranties, protection agreements and guarantees as normal.”
Of course, many analysts are grim on Sears sustaining itself, but after adjusting to the topsy-turvy retail market for more than 100 years, the company is planning on sticking around.
On the other hand, money expert Clark Howard is not big on buying extended warranties, at all. In fact, he says this: “When should you buy an extended warranty? Never, ever on appliances or electronics.”
Clark says too many consumers see very little return on extended warranties. “Salespeople will tell you that an extended warranty ‘protects your investment.’ But a TV, a washer or a DVD player is not an investment.”