Extended Car Warranties Can Extend the Life of Your Car
Most people consider the economical advantages of purchasing a used vehicle: lower price, inexpensive insurance. However, the lower upfront costs can disappear with a huge repair bill that typically is not an immediate concern with a new car purchase. High mileage and the uncertainty of how the vehicle was maintained in the past can leave you stranded with a major mechanical breakdown. The solution to these potential problems is extended auto warranties which provide repair coverage for your vehicle beyond the regular manufacturer’s warranty. The savings on the cost of eExtended auto warranties is best realized if you plan to keep your car for a number of years.
Generally, extended auto warranties are purchased when you buy your car. Dealers will offer the warranty when you are signing the financing paperwork, offering either a manufacturer’s or aftermarket extended warranty. Most people decline the extended warranty offer to avoid an additional upfront expense. Some extended warranty contracts can be purchased later without incurring penalties. This is good to know in order to avoid the pressure of purchasing eExtended auto warranties too soon. This also gives you a chance to research other options that may or may not be available. Your primary objective is to save money. Having an extended warranty to cover the unpredictable timing of a vehicle breakdown is a good reassurance to have when it is needed.
Whether you decide to purchase the manufacturer or the aftermarket extended warranty, there are a few things to consider. The manufacturer’s warranty typically can be used at any authorized dealer. Using the aftermarket warranty is limited to the dealer where you originally purchased the vehicle. Some warranties require that you pay out-of-pocket expenses beyond a deductible, and filing a claim for reimbursement. This defeats the purpose of having extended warranty coverage for an unexpected expense. Therefore, read the fine print before signing on the dotted line.
Most extended warranties through the manufacturer provide smoother transaction experiences that avoid delays in getting your car repaired. Only on rare occasions are repairs not approved. Different levels of coverage come with both the manufacturer and aftermarket eExtended auto warranties. Some warranties cover the cost of parts, while others have a time and mileage level that varies depending on which plan you select. If you think your mileage will increase over a short period of time, the high mileage plan might be your best option. However, the lower mileage plan might work best if you do not anticipate high mileage and plan to keep your care for a long time.
Maintaining your vehicle can come with an expensive price tag. Extended auto warranties can be a lifesaver when you understand the terms and conditions of the warranty contract.
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