Warning: long post.
TLDR: Note to anyone buying things from Costco expecting to rely on the belief they have some sort of "extended/awesome/second-to-none/forever warranty".
I'm posting this as a public service announcement as there seems to be a lot of misinformation/misunderstanding going around about Costco's "warranty".
Here is my personal experience. I purchased a (large and reasonably expensive-ish/high range at the time) Samsung Plasma TV approximately 7 years ago specifically from Costco with the express reason and understanding (could get the same price from other retailer) that should anything go wrong with the TV Costco would cover it with their "under warranty as long as you keep your membership active". At that time, I didn't do any actual due diligence beyond asking a staff member about it. I was told that as long I keep my membership the TV was under warranty - or at least words to that effect.
The TV died for no apparent reason last night. It has been working fine for many years with no issues. Last night it suddenly died while watching TV. Nothing unusual or interesting was happening at the time.
Costco's website does not list any information regarding any "warranty", but rather a 100% satisfaction guarantee, which says the following at the time of posting (link):
Costco's 100% Satisfaction Guarantee
One of the reasons why a Costco membership gives you incredible value is because we offer you a 100% Satisfaction Guarantee on your membership and purchases.
We promise that if we fail to deliver on quality produce, prices or services, we’ll refund your purchase*. This is in addition to your rights under Australian Consumer Law.
Additionally, if you’re dissatisfied with your membership for any reason, we’ll refund your membership fee in full at any time.
If you have any questions or concerns, visit our membership counter for assistance.
Exceptions*
Diamonds and watches
Members returning a diamond l.00ct or larger must present all original paperwork (IGI and/or GIA certificates), upon which you’ll receive a jewellery credit memo. >Refunds will be approved upon positive verification. This process may require 2–5 business days.
Refunds on all watches will be approved upon positive verification. This process may require 2–5 business days.
Special order kiosk and custom installed programs
Custom product(s) manufactured to our members personal and unique specifications cannot be returned or refunded except for warranty repair/replacement due to failure to meet specifications.
Hearing aid products
Hearing aid products are not covered by the 100% Satisfaction Guarantee policy and are instead covered by the terms of the purchase agreement signed at the time of purchase
In the future, Costco may restrict its return policy regarding other products. Restrictions will be shown at the time of purchase.
I've also read their Member Terms and Conditions (link) which says this about the Guarantee:
RISK-FREE 100% SATISFACTION GUARANTEE
On Membership: We will refund your membership fee in full at any time if you are dissatisfied.
On Merchandise: We guarantee your satisfaction on every product we sell and will refund your purchase price, with the following exceptions:
Diamonds: l.00ct or larger: Members returning a diamond over l.00ct must also present all original paperwork (IGI and/or GIA certificates) at which time they will receive a Jewellery Credit Memo. Refunds will be approved upon positive verification. This process may require 2-5 business days.
Refunds on all watches will be approved upon positive verification. This process may require 2-5 business days.
Special Order Kiosk and Custom Installed Programs: Custom product(s) manufactured to our members personal and unique specifications cannot be returned or refunded, except for warranty repair/replacement due to failure to meet specifications.
Hearing Aid Products: Hearing aid products may not be covered by the 100% Satisfaction Guarantee and are covered by the terms of the purchase agreement signed at the time of purchases.
Costco may in future restrict its return policy regarding other products. Restrictions will be shown at time of purchase.
From doing fairly extensive reading on this on forums (OZB, Whirpool, etc.) it is clear that there is still a general belief that Costco's "Warranty" is forever, etc. This is most certainly not the case. (They don't offer a warranty beyond the manufacturer's warranty. Rather, it is a a satisfaction guarantee which to be fair it may well still be better than many other retailers.) It seems to be pretty much closer to the ACL consumer guarantee in that they MAY allow you to return it for a reasonable period of time - whatever that period of time is, is up to them.
It may be easier to replace an item from Costco than going through an ACL claim with other retailers, but do not expect it to be anything like "forever" or even much (or at all) beyond what the ACL might give you from any other retailer.
Importantly, there are many people promoting the idea that Costco's "amazing warranty" is a reason to consider buying things from them over other retailers. (I myself was in this category until today.)
I accept that a retailer cannot probably profitably exist returning 20-year old expensive items for a full refund but perhaps they could be clearer on the limitations and rules of their guarantee because it could be misunderstood.
I hope that this helps others learning from my actual experience.
[Edit: forgot to explain that the TV died for no apparent reason and it wasn't just that I was trying to return it for a new one after using it for many years]
[Edit2: I have removed parts that described my personal disappointment and seemed to "have a go" at Costco as they were not relevant and undermines my actual intention of trying to help others who might be under the same mistaken impression as I was]
[Edit3: Seems some people want to know the background of what happened after the TV broke so here is the short version if it helps. I contacted Costco and they had a store manager call me back. Regarding my belief that there was a "warranty" as long as I kept my membership valid, he did say "someone may have told you that at the time but it's not right" or words to that effect. He did in the end offer to give me $200 off any TV I bought from them as a replacement. The conversation was pleasant in tone and I never demanded a refund. He was nice about it and I have no specific gripe with how they handled it as such. Yes, I am disappointed and I do think their guarantee is unclear.]
Why anyone would pay to shop at Costco is beyond me. No cheaper than anywhere else as long as you have the ability to shop around