Does an extended warranty on your car worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content. This allows you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships 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 pay us. This compensation can affect the way and when products are listed on this site, including, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial deals that might be available to you. Aaron Greene/Getty Images
3 min read Published November 28th, 2022.
Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down complex subjects into bite-sized pieces. The Bankrate guarantee
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Therefore, this compensation may influence the manner, place and when products are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other elements, such as our own website rules and whether or not a product is available within your region or within your self-selected credit score range could also affect the manner in which products are featured on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial service or product. A car warranty extension can safeguard you from financial pressure when your vehicle requires unexpected repairs. However, is an extended car warranty worth it? It’s all based on the particulars of the warranty and your needs. How much does an extended warranty for your car cost? When it comes to extended warranties for cars the cost is an important aspect. Extended warranties vary in cost in a range of $0 to $1000 each year. The price is based on a variety of variables like the company. What’s covered under your existing warranty. The make, model and year of your car. The miles your car travels. Where you live and how much you travel. Cost of replacing components and labor. Discounts that you qualify for. Other aspects that affect the price of an extended car warranty include the length of coverage, the extent of coverage and your deductible. The greater your deductible, the less the cost of coverage. However more deductible you have, the greater your premium. Keep in mind that if you pay for the extended warranty using an auto loan it will mean that you are paying for not just the warranty, but also interest on the amount. What exactly does an extended warranty cover? An extended warranty for your vehicle generally covers unplanned, expensive repairs involving major systems of the vehicle, like heating and air conditioning, the engine and brakes. Your exact coverage will depend of the type of warranty that you purchase that may cover either labor or parts. Certain extended warranties include coverage for roadside assistance, tires , and any other costs related to the vehicle you may face. Extended car warranty disadvantages the extended warranty of your car could possibly help you save the cost of costly repairs but let’s look at some of the drawbacks that could be associated with purchasing one. There aren’t all repairs covered. because an extended warranty usually matches the warranty of the new vehicle, but it is also reflective of the limitations like mileage and what repairs are included. Read the fine print as well as the exclusions list before deciding whether the protection offered is worth the price. There’s a time limit Extended warranties on vehicles are only valid for the period in the extension of warranty. For instance, it might extend the original warranty by the amount of two years, 24,000 miles. If you started with the warranty being 3-years and 36,000 miles, that means the total warranty is 5-years and 60,000 miles. You may not want to use it. Among those who did hop on an extended warranty only 45 percent ended up tapping to their warranty’s extended period, as per an . The remaining 55 percent did not. People who bought one and used it suffered the cost of over $375. There’s a chance that you won’t require it in the first place. Be aware of the history of the vehicle you want to buy by conducting your research, including reading reviews of cars as suggested by Renee Valdes, senior advice editor at Kelley Blue Book. “If the vehicle boasts a check before you sign to an extended warranty,” says Valdes. That money could be used for. The emergency savings fund can be used to pay for any repair on a car, not just repairs covered under the extended warranty — and there’s no expiration date. It is a good idea to buy an extended vehicle warranty. An extended car warranty is only beneficial under very specific conditions. Extended warranties might work well for those who intend to use 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 damaged or broken part on your luxury vehicle when there’s no warranty to cover the product,” says Valdes. If you’re and the manufacturer’s warranty has ended and you’re in a position to repair the item, it’s a good idea to hop on an extended car warranty. Warranty information from the manufacturer can be found on the tag that is on the car’s windows. If you’re able to buy a warranty it will help you pay for covered repairs. It’s beneficial to find out what the costs will be covered during the first year of owning the vehicle. In order to avoid costly repairs, stay on top of your car’s upkeep. “It’s always recommended to be on top of vehicle maintenance to ensure that your total repair expenses are kept to a minimum over the duration of your ownership of your vehicle,” says Valdes. The bottom line An extended car warranty is not suitable for every person. To see whether an extended warranty worth the cost make sure you do your research and ask for a quote. Research what repairs your vehicle may require over the next couple of 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 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 late 2021. They are enthusiastic about helping readers gain the confidence to manage their finances with precise, well-researched and informative facts that break down complex topics into manageable bites.
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