The risk is incurring a repair bill that exceeds the cost of the warranty.
I owned a 2004 Lexus RX330 with the rare pneumatic suspension option that Lexus only offered for a couple of years. Two months after the car's original warranty ran, out the pneumatic system failed. The repair was over $2400 -- more than the cost of the extended warranty.
After the original warranty expired on my 2004 Mercedes SL55 AMG the seat heaters went out, a gear shift linkage failed, the trunk weather sealing failed, and a power window motor went out. As I had an extended warranty, I didn't worry about what they cost to repair. But given that the cost 15 years ago to replace just one of its two 12-volt batteries was $265, I suspect these repairs in total would have exceeded the cost of the extended warranty.
Within a year of the original warranty expiring on our 2015 Tesla, the MCU had to be replaced. The extended warranty covered almost all of the $2000 replacement cost (Tesla's extended warranty had a $200 deductible).
I was greatly disappointed to learn that Lucid was not going to offer an extended warranty but, after over three years of waiting with growing impatience to get the car, I could not resist taking the leap. But it will certainly figure into my decision of how long to keep the car.