Are Extended Car Warranties Worth It?

March 25, 2022 Published by Leave your thoughts

Many dealerships offer extended warranties to their patrons at the time of purchase. You may be wondering if those warranties are worth it if you’ve been presented with such an offer. Here’s some information on their characteristics and whether they’re worth the expense:

What Are Extended Warranties?

Every car comes with a limited warranty set by the manufacturer. The dealership may also offer an initial limited warranty. As a buyer, you have the option to add time to those warranties to offset the costs for certain automotive repairs. That’s where extended warranties come in.

How Do Extended Warranties work?

Generally, dealerships add additional costs to the monthly financing agreement to pay for extended warranties. If a covered breakdown occurs, the dealership will fix the problem as quoted in the agreement.

One issue with extended warranties is that they don’t always cover the same components as the original manufacturer warranties. That’s why it’s crucial to read a warranty agreement thoroughly before adding those extra payments to your car payment.

Furthermore, extended warranties do not cover general vehicle upkeep or most repairs related to the tires. You should also consider that when deciding on whether to purchase one.

What’s the Price for Extended Warranties?

The cost of an extended warranty varies from dealership to dealership. Each one has its own program with a separate list of offerings. Generally, purchasing an extended warranty can add up to $3,000 to your deal. Your dealership may offer various tiers of coverage, which will allow you to choose a more reasonable price. However, the basic warranty plan may not offer coverage on the components you wish to protect.

Are Extended Warranties Worth It?

It all depends on your financial standing and the likelihood that your vehicle will fail. You may be able to go without the warranty if you own a fairly new vehicle with positive performance reports and a high-reliability score. However, you may want to have additional protection for your car if you use it for ridesharing, deliveries, carpooling, or any other high-mileage activities.

You may not have to spend money on a warranty if you have enough money saved to cover the cost of automotive repairs, though. For example, you can cover most repairs if you have a few thousand dollars you can access. At that point, all you’ll need is a trustworthy repair shop to take your vehicle to if something goes wrong.

Glen Park Autoworks is a longstanding and trusted provider of automotive services. The facility has been operating since 1999, performing services such as vehicle maintenance, engine and transmission work, and everything in between. You’ll have the benefit of ASE-certified technicians, transparent estimates, quality, and customer service if you choose to bring your car to a mechanic here. The repair people can help you keep your vehicle in top shape and repair it swiftly if you ever have an issue. That’s something to consider before you purchase a warranty. Think about saving your money and contacting an honorable automotive repair shop instead.

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