Would you like an extended warranty today?

It’s a question you likely hear every time you buy electronics, appliances, or other big-ticket items. That’s because the big box stores make big bucks from such sales. But are the warranties – essentially insurance plans in case something goes wrong with your new gizmo – worth it?

Here are some good reasons to consider turning down that warranty offer:

• Most products already come with a warranty from the manufacturer, so you’re already covered for the first year or two you own your new product. And, according to a Consumer Reports study, most electronics don’t break within even extended warranty periods.
• Technology moves fast. While your DVD player may break down after three or four years, you may want to replace it with the newest technology rather than repair an outdated model.
• Warranties don’t cover everything. If you drop your laptop, for example, an in-store warranty likely won’t cover the damage.
• Repair costs are comparable to the cost of warranties, says Consumer Reports. So don’t pay unless you have to.