Does an extended warranty on your car worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, 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 are from 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 may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial deals that might be accessible to you. Aaron Greene/Getty Images
3 minutes read. Published November 28, 2022
Jackie Lam Written 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 passionate about helping readers to control their finances by providing clear, well-researched information that breaks down complicated issues into digestible chunks. The Bankrate guarantee
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So, this compensation can influence the manner, place and in what order items appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether the product is available within your area or at your self-selected credit score range could also affect the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. A longer-term car warranty could safeguard you from financial pressure when your vehicle requires emergency repairs. What is the best way to determine if an extended warranty worth the cost? It’s all based on the details of the warranty and your requirements. How much will an extended warranty for your car cost? When you think about extended car warranties price is the primary factor. Extended warranties range in price, averaging between every year. The price is based on a handful of factors, such as the company. What is covered in the warranty you have. The make, model and year of your car. The miles your car travels. Where you live and how often you drive. Costs for replacing parts and labor. Discounts you can claim. Other factors that impact the price of an extended warranty include the length of coverage, the level of coverage, and the deductible. The higher your deductible, the less the price of the insurance. However, less your deductible is, the greater the cost. Remember: If you are paying for your extended warranty through an auto loan then you’ll be paying more than just for the warranty but also for interest on that amount. What does an extended warranty include? An extended warranty on your vehicle typically covers unforeseen costly repairs that affect the key systems of the vehicle, like heating/air, engine, and brakes. Your specific coverage will be contingent upon the guarantee you purchase that may cover labor, parts or both. Certain extended warranties provide coverage for roadside assistance, tires and other vehicle-related expenses you may encounter. The drawbacks of extended car warranties While an extended warranty for your vehicle could potentially help you save on the expense of costly repairs however, let’s look at some of the drawbacks that might come with getting one. There aren’t all repairs covered. Because an extended car warranty generally matches the brand 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 whether the protection offered is 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 extend the original warranty by 2-years and 24,000 miles. If you had a warranty that was three years and 36,000 miles. That means the total warranty will last five years and 60,000 miles. You may not want to use it. If you did decide to take into an extended warranty, 45 percent ended up tapping into their extended warranty, as per an . The other 55 percent did not. Those who purchased one and used it suffered the gain of greater than $375. You might not need it in the first place Be aware of the history of the vehicle you want to buy by conducting your own research, which includes reading reviews of cars as suggested by Renee Valdes, senior advice editor at Kelley Blue Book. “If the vehicle is advertised as having , think twice before signing on for an extended warranties,” says Valdes. This money could be used for. Emergency savings can pay for any car repair that is not covered under the extended warranty as there’s not an expiration date. If it’s logical to buy an extended car warranty. An extended car warranty is only beneficial under very specific conditions. Extended warranties can be useful for those who are planning 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 damaged or broken part in your luxurious vehicle, especially when there’s no guarantee 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 on an extended car warranty. The manufacturer’s warranty information is on the label on the car’s windows. If you’re able to purchase a warranty it will help you with the cost of covered repairs. It is helpful to know what is covered in the initial years of ownership. To avoid costly repairs, make sure you stay up-to-date with your car’s maintenance. “It’s always recommended to be on top of vehicle maintenance to ensure that your total repair costs remain low over the period you own the vehicle,” says Valdes. The bottom line: An extended warranty on your car isn’t for everyone. To see whether an extended warranty worth the cost make sure you do your research and get some quotes. Learn about the repairs your vehicle may require over the next couple of years, and ensure that they’re covered under a particular warranty.
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. 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 control their finances with concise, well-studied facts that break down complicated topics into digestible pieces.
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