You’re excited about owning a new car; of course, it comes with a warranty. What happens after that is up to you – unless you take steps to ensure you’re covered after the manufacturer’s warranty expires. Are extended car warranties worth it? They depend on the package, driving habits, and security of your financial situation! But don’t just take out word for it. Take a look at why we think sure motorists will be better off with an extended warranty and see if this sounds like you.
1. You’re doing a lot of mileage
The more you drive a car, the more likely it is to go wrong. All components have limits. Piling on the miles will bring them nearer to those limits. If you use your car a great deal and travel long distances, having a warranty kicks in after the standard one ends. It’s great knowing you won’t end up stranded in the middle of nowhere with nobody to support you.
2. You might not be able to afford repairs after the standard warranty ends
If your cash flow is a little shaky and you aren’t very sure of being able to raise credit for motor vehicle repairs, having a plan that covers even the costliest repairs in place is the smart thing to do. After all, if your financial situation is a little uncertain, you won’t be eager to trade your car in before the manufacturer’s warranty ends – that will simply keep you in debt and scrambling to make payments. A warranty is necessary for those unsure of cash flow since most of us rely on our cars to get to work. Having a broken-down car in the driveway, and no visible means of being able to get to work so that you can earn money to repair it, is a nightmare you don’t want to live through. Luckily, you don’t have to.
3. You can shop around and choose a warranty that suits you
You don’t have any say over what’s in your car manufacturer’s warranty. You may be disappointed to find that a great many things seem to fall outside it. Because you don’t have to rely on your manufacturer for an extended warranty (although they offer them), you can shop around, compare costs, compare benefits, and opt for a package that suits you. This puts you in control, so don’t just opt for an extended warranty from your local dealership. You’re almost guaranteed to find a better one for less elsewhere.
4. Look out for extras – along with basics
A third-party warranty provider will likely offer some extra cover to tempt you. And you stand to gain extra benefits! For example, the cost of locksmith services may be covered; you may get towing services for free, and you’ll likely be able to use a long list of possible repair shops to get the job done. Some plans even ensure your basic needs are taken care of if you get stranded far from home. That’s over, and above the mechanical coverage you expected, so be on the lookout for added advantages.
When extended warranties might not be for you?
Should you get an extended warranty? It depends on your circumstances. You can probably do without one if you’re financially secure and can roll with the punches when your car gives trouble. But do first check out the cost of repairs. For example, an electric car might cost a surprisingly large amount of money to get back on the road after a breakdown since it requires specialized workshops. If you rarely drive long distances or have a second car, it’s possible that waiting to get a car repaired won’t be much of an inconvenience. So, think it over. While there are advantages to extended car warranties, it’s also true that some people need them more than others.
