Are you thinking of purchasing a used vehicle in the near future? If so, you should consider appropriating money in your budget for an extended warranty as well. However, don’t be so quick to snap up the dealership’s extended warranty, be aware that there are other alternatives that could give you better coverage for a more affordable rate. Most of the time, used car dealerships will re-sell you used car warranties at a marked up rate.
The first thing you should do before committing to a third-party warranty is check to see if your vehicle is still covered under any manufacturer’s warranties. This could save you money in the long-run, and allow you to opt-out of certain warranty features that are already covered by the manufacturer. Unfortunately, there are a variety of limitations on manufacturer warranties that include the year and mileage of the vehicle that is covered. Older vehicles with very high mileage are often past the point that the manufacturer’s warranty covers. Contact the dealership you are purchasing your car from, or any dealership under the make of your vehicle to find out more information on warranty specifics.
There are many advantages of purchasing a third-party extended warranty for your vehicle. For the most part, extended warranties will cover a larger amount of repairs and necessary maintenance that your vehicle requires. Manufacturer warranties tend to only cover major repairs on your vehicle, such as the transmission. Another advantage to purchasing an extended warranty is the fact that it covers a larger variety of vehicles. It may cost a little bit more, but it is possible to get coverage for older cars with high mileage. You will also be able to select your own trusted mechanic to perform quality repairs on your vehicle if you choose to purchase an extended warranty.
Without a warranty on your vehicle, you could be stuck paying thousands of dollars out of pocket for extensive repairs, should anything go wrong. Even the cost of routine maintenance can begin to stack up without the necessary coverage. Most extended warranty packages come with free scheduled maintenance visits, and if you need a repair, they offer low co-pays instead of full repair costs. Preventative maintenance could help you avoid the costly repairs in the first place if performed on a properly scheduled basis.
Extended auto warranties often come with various add-ons that can help you in a bind. One feature to look out for is emergency roadside service. If you happen to break down in the middle of the night, you will be able to call a tow truck to come and pick you up within the hour depending on your location. Considering that tow companies often charge absurd rates by the mile, you can save hundreds per year with just this feature. Another key feature to ask about is rental car reimbursement. When your car is in the shop for repairs or maintenance, it is important that you have a backup transportation option available. Many extended warranties will completely reimburse you for the cost of a rental vehicle, should you need to use one.
Take your time and research the best extended warranty options for you. Make sure you don’t purchase unnecessary features, but also be aware of the amount of coverage you are receiving. Purchasing the right extended warranty for your vehicle could mean the difference between losing your car, and getting the repairs and maintenance that it needs.