On the Wire - Don't Waste $$$ on Warranties
This holiday season, consumers are expected to spend a whopping $1.6 billion on extended warranties for laptops, flat-screen TVs, and other electronics, and appliances. And Consumer Reports says that almost all of it will be money down the drain. In a time of razor-thin margins, extended warranties have been a boon for retailers. Extended warranties can reap a 50% margin or higher, which is often well more than the profit on the product being sold.
Years of survey data from Consumer Reports data shows that extended warranties are a notoriously bad deal for consumers. The Consumer Reports National Research Center tracks the ownership experiences of millions of consumers and thousands of products. Annual surveys ask Consumer Reports subscribers if they own certain products and whether they’ve needed major repairs. By analyzing that data Consumer Reports has learned which brands have been more repair-prone than others.
Consumer Reports survey findings show that products seldom break within the Extended Warranty window – typically three years – and that when electronics and appliances do break, the repair often costs about the same as the cost of the warranty. Based on extensive testing and research, Consumer Reports says a better idea is to buy a reliable brand.
There are two possible exceptions: rear-projection microdisplay TVs, which Consumer Reports notes are expensive to repair and are three times more likely to need repairs that other types of TVs; and Apple computers, because they come with only 90 days of tech support and the additional warranty extends that.
For consumers who want absolute peace of mind and don’t mind paying for an extended warranty that they’ll probably never need, Consumer Reports offers the following advice:
- Check your credit card – Plans, often found on gold and platinum cards, typically lengthen the original manufacturer’s warranty by as much as one year.
- Shop around – Extended Warranties vary in length and term. Consumer Reports advises that shoppers shouldn’t pay more than 20 percent of the purchase price for the Extended Warranty and should negotiate the price and terms.
- Beware of hidden “gotchas” – For heavy items such as large TVs or major appliances consumers should ask if in-home repair or pickup is included. For TVs, who reinstalls it? And if the product will be repaired, is there a lemon clause such that after a few repairs the product is replaced?
For more information and an online hub that invites consumers to share their extended warranty experiences, visit www.ConsumerReports.org.
back to the top
Ask Tom & Leslie - Knock Three Times on the Ceiling
Why are my pipes in the wall making a knocking sound when I have turned on the hot water in the bathtub?
There are two common causes of pipe noises. The first is expansion and the second is what is known as “water hammer.” Because your noise occurs only when running hot water, the culprit is probably expansion. If a copper pipe is not snugly attached to wood studs in your wall, it rubs on the wood as it expands. This can create a sound that could be described as a knock, bang or even drip.
The other noise, water hammer, occurs when the faucet is turned off. Water is very heavy (about 8 pounds per gallon) and as it runs through the pipes it picks up speed and a centrifugal force that “shakes” the pipe when it is turned off. The solution is to better secure the pipe to the framing it is attached to and also to install a “water hammer arrestor” which is basically a shock absorber for your plumbing system. The good news is that while both of these pipe sounds are annoying, they rarely cause any plumbing damage whatsoever.
back to the top
Got A Question About Your Money Pit?
You can do-it-yourself but you don't have to do-it-alone. Getting in touch with us is as easy as 1 - 2 or 3!
- The toll-free studio hot line is 1-888-MONEY PIT. Find out when we broadcast in your area by checking out our website at www.moneypit.com. Each week we take dozens of calls, give great advice and offer callers a chance to win a terrific prize awarded to one random caller to every show.
- Call when it's convenient for you, 24 hours a day, same number: 1-888-MONEY PIT. A live person takes your call 24/7! So -- WHENEVER you have a home improvement question -- phone it in. Simply tell our phone screener your first name, and where you're calling from...and ask your question. We’ll get back to you with the answer – or even call you back during the show!
- Click here to email your question to us. We may read your email on the air and we also respond personally to many of the email questions we get.
back to the top
WHAT'S NEW - Play Santa with "Money Pit" Gifts
Play Santa to your favorite DIYer by shopping The Money Pit. NEW for this holiday season, you can purchase home improvement themed gifts including apparel, décor items, accessories and even toys. There’s free shipping for orders of $50 or more. Surprise someone on your honey-do list with an “I Love My Money Pit” shirt or a coffee mug that says, “I came, I sawed, I conquered”. Are you “All Truss, No Fuss”? Or do you “Love Power Tools”? Shop for yourself, shop for a loved one… if it has to do with your Money Pit, you will find it in our extensive selection of humor gear and logo gifts online at www.moneypit.com.
back to the top
Dot Common Sense - Clear Closet Clutter
Is your closet stuffed full and a mess to navigate? Can’t find anything? Or you can, but it all topples on you when you try to reach for it? AARP says it’s time to organize. It will save your sanity and can one day, save your independence. First, get rid of stuff you don’t need or use. Toss, sell or donate as much as possible. Next, go shopping for a closet organizing system. These systems have clothing rods, shelves and drawers. They will help you put your hands on everything you need. Does someone in the house use a wheelchair or have arthritis? Or is this a child’s closet you are organizing? Then don't place the drawers more than 30 inches from the floor. See if you can find full-extension drawers. Then you can pull the drawers out far enough to see everything that is stored there. Make higher drawers shallow. Lower draws can be deeper. If you choose wooden drawers, use d-shaped or u-shaped handles that are easy to grip. Finally make sure your closet is well lit so you can clearly see the order you have created! For more info, click here.
back to the top
Fun Fact - Direct-It-Yourself
Before hiring a contractor for any home improvement project – it’s important to research and list out all the details of your improvement first. This way any contractors bidding on your work will have the same set of instructions to work from. You‘ll be able to truly make an “apples to apples” comparison of competing bids and be sure your project comes out exactly as expected. When talking budget, you might think that low balling the estimate will work in your favor, because you assume the contractor will inflate it. But if you are honest about what you expect to spend, your contractor will be able to get you the best materials your money can buy. One important thing to remember on a major project with many subcontractors – YOU, not the contractor are responsible for making sure the subs get paid. For example, even if you pay your contractor in full, if he has not paid his subs, they could come after you for payment and in many states can even put a lien on your home. One way to avoid this is to have subcontractors sign lien releases and to make sure you get copies of records when your contractor pays his subs.
back to the top
Short Cuts - Dryer Safety
A dirty lint trap can waste energy dollars by making your dryer run longer – but more importantly; it can also be a major fire hazard if the lint ignites. To make your dryer both safe and energy efficient, clean your lint trap regularly and eliminate any kinks or other obstructions in the dryer exhaust duct. One sure fire way to know that your dryer’s exhaust or lint screen is blocked is if your clothes are still damp after a normal drying cycle.
Take special care when drying clothes that have been soiled with volatile chemicals such as gasoline, cooking oils, cleaning agents, or finishing oils and stains. If possible, wash the clothing more than once to minimize the amount of volatile chemicals on the clothes and, preferably, hang the clothes to dry. If using a dryer, use the lowest heat setting and a drying cycle that has a cool-down period at the end of the cycle. To prevent clothes from igniting after drying, do not leave the dried clothes in the dryer or piled in a laundry basket.
If your dryer’s drum stops turning, if it doesn’t heat up or if it squeals or rumbles when it’s running, it’s time to call in a pro in to keep your dryer running safely and efficiently.
back to the top
Share This Information With A Friend!
Simply forward this Email. And invite friends to register to receive this E-newsletter each week.If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter.
back to the top
Copyright 2006 Squeaky Door Productions, Inc.
|
