Extended warranty / Protection Plan for PS5?

I don't normally get extended warranties or protection plans on electronics as most major hardware defects will be apparent within the first year, and are usually just unnecessary to begin with. But I've heard about a lot of issues and bugs with PS5 and wondering if anyone else has considered this with their console?

With any sort of extended warranty, I take into consideration the price of the warranty as well as obsolescence.

I also keep this in mind - any repairs done under warranty on an item like this is going to net me a refurbished, used item. What will pricing look like for those items in X amount of time?

Do you intend on keeping your launch PS5 until the PS6? Or, will something like the PS5 MK II be something you want?

If I were wanting a newer PS5 revision down the road, I would forgo an extended warranty. If I wanted to keep the system for the entire console generation, I would consider a warranty, but would need to know exactly what it covered and what my extended warranty costs are going to be.

Keep in mind that if you bought it with a credit card there is a decent chance you already HAVE an extended warranty.

Similarly, check how much of an extension that is over the Sony one you get just for buying a PS5 in the first place.

I can only speak from anecdotal evidence. Every protection plan I've purchased has been a waste of money. Either the item dies just outside the extended coverage or the replacement process is so convoluted as to be not worth the time/energy to use.

TL;DR: There's a reason Walmart wants to sell you one. It's nothing but free money for them.

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EDIT: I should note that I did once get the extra insurance on a car rental that came in handy when it got keyed at a rest stop.

@ry_ry: Yeah, Travel insurance, rental insurance, etc are all very much things to grab. Same with outdoors oriented health insurance if you are so inclined (apparently the AAC have a higher tier for rescues that I should probably review at some point).

But also, be aware that that may once again be something you get "for free" from loyalty programs or credit card benefits. I know plenty of folk who (back in the before times) ended up double paying for rental car insurance.