Do I need to purchase a prepaid maintenance plan for my vehicle? 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 financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare data 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 offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not include the universe of companies or financial offers that may be available to you. SHARE: Westend61/Getty Images
3 minutes read. Published 13 March 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since the end of 2022. He is a firm believer in transparent information that allows readers to successfully find deals and make the best decisions for their financials. He specializes in auto and small business loans. The Bankrate promise
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We receive compensation for the placement of sponsored products and services, or through you clicking certain links posted on our site. This compensation could affect the way, location and in what order products are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether or not a product is available in the area you reside in or is within your personal credit score can also impact the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include specific information on every credit or financial product or service. Dealerships will offer prepaid car maintenance plans like warranty extensions, insurance for credit, and anti-theft devices. They’re not always an excellent deal. However, the best way to decide whether a pre-paid maintenance plan is the right choice is to research expected maintenance costs — then compare these with the price you’re offered. If you’re looking to add the prepaid maintenance plan to your auto loan, it may make more sense to keep a savings account for where you earn, rather than pay, interest. What is a prepaid car maintenance plan? Car maintenance programs that are prepaid cover scheduled and expected maintenance. Contrary to the other types of plans , they only cover preventative maintenance such as tire rotations and . The warranty of the manufacturer or extended warranty can provide for unexpected repairs. Prepaid maintenance plans may be discussed when purchasing a new vehicle that doesn’t have scheduled car maintenance built into the retail price , or when that the manufacturer no longer covers. Either way, be sure to inquire whether the plan offered is able to be utilized at an independent mechanic’s shop , or the plan is restricted to servicing from the dealers. Many such plans only allow service at the selling dealership, limiting your options for future maintenance. Based on the prepaid maintenance plan that you are considering, maintenance might be limited to specific intervals (for instance, oil changes only cover each 10,000 mile). Certain prepaid plans cover services once a calendar year, or every six months. Depending on how often you drive, you may require additional maintenance paid for the car. Several manufacturers — such as Jaguar, Toyota, BMW, Volvo, MINI and Land Rover — offer prepaid maintenance plans. Some of these factory plans also cover wear and tear items like windshield wiper blades or brake pads, however others don’t. Therefore, it’s critical to research before heading to the showroom. Are these maintenance plans worth the price? As with most aspects of buying a car, doing the math before meeting with the dealer is essential to saving money. Examine the cost of the plan to the estimated cost of cost of the scheduled or out-of-pocket expenses during the covered period. Your owner’s manual should list the types of maintenance you’ll need as well as the time you’ll require it. Contact the dealer’s service manager and request an overview of the scheduled maintenance expenses. You can also by considering the cost of insurance, maintenance and other costs. If the cost estimate for regular maintenance of your new car for its first 30000 miles is $400, and you’re paying an amount of $800, a prepay maintenance plan for your vehicle is not worth the cost. If you are paying $250 for the plan, you can save money. It is possible to find a balance, but remember: If you include the plan for prepaid maintenance as part of the loan then calculate the amount you’ll be paying in interest along with the cost of maintenance per month to figure out the full price. There are pros and cons to pre-paid car maintenance plans Don’t just agree to an prepaid maintenance program. Before you set foot in an auto dealership, you should know the anticipated maintenance costs for the cars you’re looking at. Keep these pros and cons in mind when you make a deal. Pros Prices for covered services are set and are not increase due to inflation. It is possible to transfer the plan when you decide to sell your vehicle. The value of the residual on vehicles leased could increase when you purchase a prepaid maintenance plan. Prepaid costs may be discounted compared to normal maintenance costs. Plans that are backed by the manufacturer are typically offered by dealerships that are affiliated, regardless of where they are located. Cons Service intervals may not match those listed in the owner’s manual. Prepaid maintenance plans could cost more than the actual cost of maintaining. In most instances, you need to have your car repaired at the dealer where you purchased the car. Most wear-and-tear issues are not covered. Some insurance plans may include coverage that’s unnecessary or is already part of an the extended warranty. The bottom line is that prepaid maintenance plans are negotiable — so don’t just agree to the price offered by the finance office of the dealership. If you’re aware of the cost of regular maintenance, you can prepare ahead and eliminate the hassle of making a decision about when and where you will drive your vehicle. But, it’s not the most ideal option for those who already have a reliable mechanic or body shop , or don’t plan to stay within the region where you purchased your car. If you incorporate the maintenance plan you have prepaid into your auto loan, you could pay more in interest than the maintenance will be worth. Be aware of the loan’s rate of interest and don’t be afraid to . To determine whether a prepaid maintenance plan can benefit you, make the effort to study the expected cost and compare them with what the dealership offers.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase cars. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate from late 2022. He is a firm believer in transparent reporting that allows readers to successfully find deals and make the best choices for their financial situation. He is a specialist in small business and auto loans. Related articles: Auto Loans 5 minutes read in Mar 03, 2023 Auto 6 min read on Mar 02, 2023 Auto Loans 3 minutes read Oct 13, 2022 Automobile Loans 4 minutes read Aug 22 2022
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