Is an extended warranty for your car worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and when products are featured on the site, such as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial deals that might be available to you. Aaron Greene/Getty Images
3 min read Published November 28, 2022
Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down complicated issues into digestible chunks. The Bankrate promises
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Therefore, this compensation may impact how, where and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether a product is available in your region or within your self-selected credit score range could also affect how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service. An extended car warranty can protect you from financial stress in the event that your vehicle needs emergency repairs. What is the best way to determine if an extended car warranty worth the cost? It’s all based on the details of the warranty as well as your requirements. How much does an extended car warranty cost? When considering extended car warranties, cost is a major aspect. Extended warranties range in price in a range of $0 to $1000 every year. The price is based on a variety of variables including the service company. What’s covered under the warranty you have. The make, model and year of your car. The miles your car travels. Where you live and how much you travel. The cost of replacing parts and labor. Discounts that you qualify for. Other factors that impact the price of an extended warranty include the extent of coverage, the extent of coverage, and the deductible. The higher your deductible, the less the price of the insurance. However the lower your deductible, the higher your cost. Be aware that if you purchase the extended warranty using an auto loan it will mean that you are paying for not just the warranty, but also interest on that amount. What will an extended warranty provide? A warranty extended to your vehicle typically covers unforeseen costly repairs that affect the important systems in the vehicle, such as heating/air, the engine and brakes. Your specific coverage will be contingent on the warranty you purchase that may cover either labor or parts. Certain extended warranties include insurance for roadside assistance, tires and other vehicle-related expenses that you could experience. Extended car warranty drawbacks While the extended warranty of your car could possibly help you save the cost of costly repairs, let’s take a look at some of the drawbacks that could be associated with purchasing one. Some repairs are not covered. because an extended warranty typically matches the new car’s warranty. It also mirrors the limits including mileage, and what repairs are included. Check the fine print and the exclusions list before deciding the extent of coverage worth the cost. There’s a time limit Extended car warranties are only good during the duration that the warranty is extended. For instance, it might prolong your warranty for 2-years and 24,000 miles. If you began with a warranty that was 3-years and 36,000 miles, that will mean that the entire warranty will last 5-years and 60,000 miles. You may not want to use it. In the case of those who did sign onto an extended warranty, only 45 percent of them tapped to their warranty’s extended period, as per an . The remaining 55 percent didn’t. The people who bought one and used it suffered a net cost of over $375. You might not need it in the first place. Check the track record of the vehicle you want to purchase by doing your researchand reviewing reviews on cars and recommendations from Renee Valdes, senior advice editor at Kelley Blue Book. “If the car is marketed as having a look at it carefully before signing to an extended guarantee,” says Valdes. The money can be used instead for. Emergency savings can cover any repair to your car that is not which are covered under the extended warranty and there’s no expiration date. If it’s logical to buy an extended vehicle warranty An extended car warranty is only useful under very specific conditions. Extended warranties can be useful for luxury car buyers who intend to use their cars for many years beyond bumper-to-bumper and powertrain warranties, Valdes adds. “There’s nothing more frustrating than being stuck with a big bill for a damaged or broken part on your car that there’s no warranty that covers the item,” says Valdes. If you’re and the manufacturer’s warranty has expired then it could be an ideal idea to get onto an extended warranty for your car. Manufacturer warranting information is on the label on the car’s windows. If you can afford to purchase a warranty it will help you with the cost of covered repairs. It’s beneficial to find out what the costs is covered in the initial few years after purchasing. To avoid costly repairs, make sure you stay in the loop with your vehicle’s maintenance. “It’s always important to stay on top of maintenance on your car so that overall repair costs remain low over the period you own the vehicle,” says Valdes. The bottom line An extended car warranty is not suitable for everyone. To see if an extended warranty is worth the cost, do your homework and get some quotes. Find out what repairs your car may need over the next couple of years and make sure you’re covered by a specific warranty.
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Written by the writer who contributes to the project. Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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