The answer to whether or not you should buy an extended warranty on a new car will vary depending on your driving habits and budget, as well as the reputation of the vehicle’s brand for long-term quality. However, there are some general guidelines to follow when deciding to purchase one of these warranties, either as an addition to your current vehicle or at the time of buying your next new car.
Typically, an extended warranty is purchased by owners of older vehicles who are concerned that their original manufacturer’s warranty has expired or has limited coverage remaining. Similarly, people who drive for work or regularly exceed the miles cap of their new vehicle’s manufacturer warranty may also opt for an extended warranty in order to safeguard against potentially expensive repair bills.
If you’re considering an extended warranty on a new vehicle, it’s important to understand the coverage that is being offered and who is responsible for administering the warranty. This is because not all extended warranties are created equal, with some dealers inflating the price to make a profit, while others provide a more transparent and competitive deal. To find a good deal on an extended warranty, we recommend doing some research into the different options available and reading reviews to see how satisfied customers are with their experience.
The main question when it comes to extended warranties is: will it pay for itself if you end up needing a covered repair? As mentioned above, the cost of the warranty will depend on several factors such as the vehicle’s age, mileage, and the make and model of the car in question. However, if the vehicle has a reputation for quality and is likely to remain reliable for its expected life-span, an extended warranty might be worth it for peace of mind alone.
Other reasons to consider an extended warranty are that it can be a great way to save money for potential repairs in the future, and it could even increase the resale value of your vehicle down the line. For these reasons, many people feel that a warranty is an essential part of their new car purchase, and they’re willing to add a little bit extra to their monthly payment in order to have the financial protection that comes with it.
If you do decide to buy an extended warranty, make sure that you’re getting a good deal by shopping around and comparing prices before heading to the dealership. Then, you can rest assured that you’re getting the best possible price for a warranty that will truly protect your investment. This is especially true if you opt for a manufacturer-backed warranty as opposed to a third-party one, which can often be significantly cheaper. By doing your research, you can save yourself thousands of dollars on a warranty that might not even be necessary. For more information about extended warranties, read our comprehensive guide. We also encourage you to reach out to us with any questions. should i buy extended warranty on new car