being from the service side of things if you take care of your car then service contracts are a huge waste of money. if you ever use it you still have to pay your deductible so add $400-$500 to the $1500+ you already spent on it.
chances are higher that you'll only use it for wheel bearings, water pumps, ect. that cost $800 or less and then you pay your $500 deductible and the warranty company pays $300.