One thing to remember, that dealers don't want to tell you, is that you always are eligible for extended warranty when still covered by factory warranty. Most of the time, if something's wrong, it will come up way before the warranty expires. However, if you have a problem bike, either get an extended warranty or have the problems documented before the warranty expires. Third is to get rid of the bike, but you lose your *ss. Extended warranties are the biggest profit item for dealers, and usually a bad deal for the consumer. I've never had E.W. on any vehicle or appliance (and never needed it), but I've never had reason to buy it either (think of it this way: the company is enjoying your money one year in advance). Wait until you can justify it and save the money for mods.
A word of caution: if you have mods, none of the warranties cover anything even if your dealer says so; they won't risk their franchise (to prevent rip-offs, dealers need to send pictures of the bikes showing VIN's on questionable repairs, and old parts for analysis all the time).