Should I get a prepaid car maintenance plan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct studies and compare information for free and 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 Earn money The products that appear on this site come from companies that compensate us. This compensation could affect how and where products appear on the site, such as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial offers that may be accessible to you. SHARE Westend61/Getty images
3 min read Read Published 13 March 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ins and outs of securely taking out loans to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate from late 2022. He is a firm believer in transparent reporting that helps readers easily find deals and make the best choices for their finances. He is a specialist in small and auto loans. The Bankrate promise
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We receive compensation for placement of sponsored products and services, or through you clicking specific links that are posted on our website. Therefore, this compensation may affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is available within your region or within your own personal credit score can also impact the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Dealerships offer prepaid auto maintenance plans like extra warranties and credit insurance, as well as anti-theft devices. They’re not always an excellent bargain. But the best way to decide whether a pre-paid maintenance plan is the right choice is to research expected maintenance costs and evaluate them against the price you’re offered. If you plan to add the prepaid maintenance plan to your auto loan, it may make more sense to instead keep an account in savings where you earn, and not paying interest. What is a prepay car maintenance plan? Prepaid car maintenance plans cover scheduled and expected maintenance. In contrast to other plans, they cover preventative maintenance such as tire rotations and . The warranty of the manufacturer or extended warranty will still cover the unexpected repair. A prepaid maintenance plan may enter the discussion when buying new vehicles that don’t include scheduled maintenance for cars built into the retail price , or when that the manufacturer’s warranty is no longer valid. In either case, make sure to ask whether the plan offered is able to be used at an independent mechanic’s shop , or if it is limited to service in the dealer. A lot of these plans will only permit service at the selling dealership, limiting your options to future maintenance. Depending on the prepaid maintenance plan you are considering, maintenance might be limited to specific intervals (for instance, oil change are only covered once at intervals of 10,000 miles). Certain prepaid plans will only cover services once a calendar year or every six months, so depending on how much you drive, you may require additional maintenance that is paid for the vehicle. Many manufacturers, such as Jaguar, Toyota, BMW, Volvo, MINI and Land Rover — offer prepaid maintenance plans. Certain of these plans also cover wear and tear items, such as windshield wiper blades as well as brake pads. However, some don’t, so it’s critical to research before heading to the dealership. Are these maintenance plans worth the cost? As with most aspects of the car-buying process taking the time to calculate the cost prior to meeting with the dealer is the key to getting the most value for money. Examine the cost of the insurance plan against the estimated cost of the scheduled or out-of-pocket costs for the period covered. Your owner’s manual should list the types of maintenance you’ll need as well as the time you’ll require it. Call the dealer service manager and ask for details of maintenance expenses. It is also worth considering the cost of maintenance, insurance and other costs. If the estimated cost for regular maintenance for your brand new car’s first 30,000 miles is $400 and you are paying $880 for the service, then a prepay maintenance plan for your car is not worth the cost. If you’re willing to pay $25 for the service you’ll can save money. It is possible to strike a balance but remember: If you include the prepaid maintenance plan part of the loan, calculate how much you’ll pay in interest alongside the cost of maintenance per month to figure out the total price. The pros and cons of prepaid car maintenance plans Do not just sign up for an prepaid maintenance program. Before you set foot in a dealer, be aware of the anticipated maintenance costs for the cars you’re interested in. And keep the pros and cons when you negotiate. The benefits of covered services are that they are locked in and not increase due to inflation. You may be able transfer the plan if you decide to sell your vehicle. The value of the residual on vehicles leased may increase with a prepaid maintenance plan. Prepaid costs may be discounted in comparison to regular maintenance costs. Plans that are backed by the manufacturer are typically covered by affiliated dealerships, regardless of location. Cons Service intervals may not correspond to those in the manual of the owner. Prepaid maintenance plans can be more expensive than the actual cost of maintenance. In many instances, you will need to get fixed at the place that you bought your car from. Common wear-and-tear items are generally not covered. May include coverage that is unnecessary or is already part of an an extended warranty. The bottom line: Prepaid maintenance plans are negotiable -do not just sign up to the rate that is offered by the finance department of the dealership. If you’re aware of the costs of regular maintenance, you can plan ahead and avoid the hassle of making a decision about when and where you will drive your vehicle. But, it’s not the best choice if you already have a reliable mechanic or body shop , or are not planning to remain in the area where you purchased your car. If you incorporate the maintenance plan you have prepaid into your auto loan and you are able to pay more in interest than the maintenance plan is worth. Be aware of your interest rate on your loan and do not hesitate to . To determine if a prepaid maintenance plan is beneficial to you, make the effort to study the expected cost and compare it to what the dealership provides.
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since late 2022. He values transparent reporting that allows readers to successfully find deals and make the most appropriate choices regarding their money. He is a specialist in auto and small business loans. Similar Articles: Auto Loans 5 minutes read in Mar 03 2023 Auto 6 minutes read March 02, 2023 Automobile Loans 3 min read Oct 13 2022 Auto Loans 4 minutes read Aug 22, 2022
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