Check your consumer protection laws. In some countries, like mine, consumer protection laws require product to be repaired or replaced at no expense to the consumer "for the reasonably expected minimum lifetime" of the product. In the case of a console I'd say the reasonably expected minimum lifetime would be 3 years. So here if my console was just over a year old and it died without me doing something to break it our law would require replacement or repair without cost to me. This is why I never buy extended warranty because the law covers my ass and it doesn't cost me anything extra.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
