Many car owners dread the idea of repairing their vehicles. This is because of the stress and cost involved in car repairs. However, an extended car warranty can reduce the burden of car repairs for most car owners.
If you are contemplating buying an extended warranty for your car, you should take the time to read this article. Here, we will explain the pros and cons of buying an extended auto warranty.
Pros of an extended warranty for a car
- It encourages you to drive your car for a longer period
If you intend to use your vehicle for an extended period, getting an extended car warranty may be in your favour. With the aid of an extended warranty, you don’t need to be discouraged by costly repairs from using your car. As the warranty takes care of the repairs, you will not have to lose your sleep over them.
Nonetheless, it is essential to think about your driving habits. Do transmission problems or flat tires often send you to repair shops? While these repairs may not cost you lots of money at once, they can accumulate to have significant impacts on your finances. The small monthly payments of an extended car warranty can make things more comfortable for you.
- It can be tailored to suit your needs
Extended warranties are quite different from manufacturers’ warranties. While manufacturers’ warranties have default coverage, extended warranties can be customized to suit your specific needs. For instance, if one of the items in your manufacturer’s warranty is too short, you can take advantage of an extended warranty to increase it. Also, an extended warranty can be tailored to offer services that are completely not covered by the manufacturer’s warranty.
- It can save you money on repairs
Depending on the extent of damage, a car repair can set you back by hundreds of pounds. Taking a large sum of money out of your pocket can be problematic in many situations. Luckily, you can rely on extended warranties to help you. An extended car warranty will provide your car’s repair costs without any additional out-of-pocket fees with small monthly payments.
- It is easy to do
Since most car dealers offer extended warranties, you don’t have to shop around or go through any rigorous search before getting an extended car warranty. Just request for the warranty at the dealership and start enjoying its benefits.
Cons
- Outright pay for car repairs may be lesser than a warranty
If you have been paying small monthly fees for an extended for a long period, it could have accumulated to a huge sum before you need repairs. Unfortunately, the cost of repairs may be lesser than your accumulated payments for the extended warranty. So, this is a challenge you must consider before buying an extended warranty.
- It doesn’t cover everything
Extended car warranties often have lots of limitations. In other words, many items are usually excluded from the list. These items may include oil changes, brake problems, and wear and tears of car parts. However, these excluded items will account for most of the things you need to take care of when using a car.
- It may never be useful
Of course, no car owner desires an auto accident. Therefore, buying an extended car warranty doesn’t mean that you will intentionally be involved in an accident. As a consequence of this, there may never be a need for you to use the extended warranty you bought.
- You may need to wait for your coverage to start
Generally, extended warranties don’t account for pre-existing problems. Therefore, you will have to wait for some periods to ensure that your car is in great condition before your coverage starts. In other words, you can only start enjoying the benefits of an extended warranty after 30 days (or 1,000 miles) of buying it. So, if you need immediate coverage, an extended car warranty is not for you.
As shown above, an extended warranty comes with numerous benefits. However, it is not perfect; hence, you must take note of the downsides of this warranty before buying it from any company.