Is an extended TV warranty worth it?

Posted 14th Jan 2011
Just got a brand new LG 47" LED TV. It failed after 1 day!

Ok, will return to store no problem, but this was a discontinued model so I can't get a replacement.

I am looking at other TVs now but they all only come with 1 year warranty. If I didn't purchase an extra warranty, would I be covered under something like the Sales of Good Act if it broke after 1 year?

-Looking at Samsung now, LG have lost me-
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