Is an extended car warranty worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage or home equity, and also other home lending products. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you. Aaron Greene/Getty Images
3 minutes read. Published November 28, 2022
Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances through providing precise, well-studied and well-researched data that breaks down complicated topics into manageable bites. The Bankrate guarantee
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We are compensated in exchange for the placement of sponsored products and services, or through you clicking certain links posted on our site. So, this compensation can affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether a product is available within the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial service or product. A car warranty extension can safeguard you from financial pressure if your car requires unexpected repairs. What is the best way to determine if an extended warranty worth the cost? This largely depends on the particulars of the warranty as well as your needs. How much does an extended warranty for your car cost? When you think about extended car warranties price is the primary factor. Extended warranties range in price and range from a median of between each year. The price tag hinges on a handful of factors, such as: The provider. What is covered in the warranty you have. The model, make and year of your car. The miles your car travels. Where you live and how much you drive. Costs for replacing parts and labor. Discounts you are eligible for. Other factors that impact the price of an extended warranty include the length of coverage, the level of coverage and the deductible. The greater your deductible, the lower the price of the insurance. However the lower your deductible, higher your premium. Be aware that if you pay for the extended warranty using an auto loan it will mean that you are paying not only for the warranty, but also interest on the amount. What does an extended warranty provide? A warranty extended to your vehicle generally covers unplanned, expensive repairs involving important systems in the vehicle, such as heating/air, the engine and brakes. Your specific coverage will be contingent upon the guarantee you buy, and may include either labor or parts. Certain extended warranties include coverage for roadside assistance, tire replacement, and other expenses related to your vehicle that you might experience. Extended car warranty drawbacks While an extended warranty for your vehicle could be a great way to save money on the expense of costly repairs however, let’s look at some of the cons that might come with getting one. Not all repairs are covered Because an extended car warranty typically matches the new car’s warranty, it also mirrors the limits including mileage, and what repairs are included. Look at the fine print and exclusions list to determine whether the protection offered is worth the price. There is a time limit for extended warranties on vehicles are only valid for the period that the warranty is extended. In other words, it could prolong your warranty for the amount of two years, 24,000 miles. If you started with a warranty that was one year and 36,000 miles, that means the total warranty is five years and 60,000 miles. You may not want to use it. Among those who did hop onto an extended warranty, only 45 percent ended up tapping onto their warranty extension, as per a . The other 55 percent didn’t. The people who bought one and used it suffered the loss of more than $375. There’s a chance that you won’t require it at all. Be aware of the history of the vehicle you’d like to buy by conducting your own research, which includes reviewing reviews on cars and recommendations from Renee Valdes, senior advice editor at Kelley Blue Book. “If the vehicle boasts a look at it carefully before signing on for an extended guarantee,” says Valdes. That money could be put toward instead. The emergency savings fund can cover any repair to your car, not just repairs which are covered under the extended warranty — with no time limit. When it makes sense to buy an extended vehicle warranty. An extended car warranty is only beneficial only under certain conditions. Extended warranties can be useful for luxury car buyers who plan to drive their vehicles for a long time beyond the bumper-to-bumper and powertrain warranty, Valdes adds. “There’s nothing worse than getting stuck with a big bill for a broken item in your luxurious vehicle, especially when there’s no warranty to cover the product,” says Valdes. If you’re and the manufacturer’s warranty has ended then it could be an ideal idea to get onto an extended warranty for your car. Manufacturer warranting information is on the tag that is on the car’s windows. If you are able to purchase a warrantee it will help you with the cost of covered repairs. It is helpful to know what will be during the first few years after purchasing. To avoid costly repairs, make sure you stay on top of your car’s upkeep. “It’s always important to stay on top of vehicle maintenance to ensure that your total repair costs remain low over the duration of your ownership of your vehicle,” says Valdes. The bottom line is that an extended car warranty is not for everyone. To determine whether an extended warranty worth the cost take your time and request a few quotes. Learn about the repairs your vehicle will require in the next few years and make sure they’re covered under a specific warranty.
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances by providing precise, well-researched and informative facts that break down otherwise complicated topics into digestible pieces.
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