Is a four-year, 48K mile warranty for $2000 for a car with 70K on it for real?

I'm shopping for a used car and found one in my price range (actually, less) with no warranty. None. It has 70,000 miles on it. When I pointed out to the salesman that I couldn't buy a car without a warranty, he offered to sell me an extended care warranty for $2K to cover 4 years or 48K miles, whichever occurs first. This seems too good to be true (to me, at least). Is it too good to be true? What am I missing?