Dear Dave,

I'm interested in your opinion regarding buying a maintenance agreement on a new treadmill. It covers repairs and an annual visit to check and lubricate all moving parts. Is a maintenance agreement ever worth the money, especially if you're not the handyman type?

- Anonymous

Dear Anonymous,

You know why they sell those agreements? Because they're huge moneymakers.

No, I wouldn't do that. We have exercise equipment in our home, and we don't have any maintenance agreements. Lots of folks decide at some point to start working out and get in shape, but very few see it through to the end. A high percentage of expensive workout equipment turns into very expensive coat hangers in a short amount of time.

I don't recommend maintenance agreements or extended warranties. I self-insure by having money saved up.

- Dave