Is an extended car warranty worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing objective and original content. This allows you to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 site are from companies that compensate us. This compensation could affect how and when products are listed on the site, such as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not include the vast array of companies or financial deals that might be available to you. Aaron Greene/Getty Images
3 minutes read. Published November 28, 2022
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers to take control of their finances with concise, well-studied information that breaks down complex issues into digestible chunks. The Bankrate promises
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Therefore, this compensation may affect the way, location and when products are listed, except where prohibited by law. We also offer mortgage or home equity products, as well as other home loan products. Other factors, like our own website rules and whether or not a product is available within the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit service or product. A longer-term car warranty could protect you from financial stress in the event that your vehicle needs unexpected repairs. But is an extended car warranty worth it? It's all based on the specifics of the warranty and your needs. What is the price of an extended warranty for your car cost? When you think about extended car warranties price is the primary aspect. Extended warranties range in price in a range of $0 to $1000 per year. The price tag hinges on a variety of variables including: The company. What's covered by your existing warranty. The make, model and year of your car. The miles your car travels. What you live in and how much you drive. The cost of replacing parts and labor. Discounts that you qualify for. Other factors that impact the price of an extended car warranty include the extent and coverage offered, level of coverage and your deductible. The greater your deductible, the lower the cost of coverage. On the flip side, less your deductible is, higher your cost. Remember: If you are paying for the extended warranty using an auto loan it will mean that you are paying for not just the warranty, but also interest on that amount. What does an extended warranty provide? An extended warranty for your vehicle typically covers unforeseen costly repairs that affect the key systems of the vehicle, such as heating/air, the engine and brakes. Your specific coverage will be contingent upon the guarantee you buy, and may include labor, parts or both. Some extended warranties offer optional coverage for roadside assistance, tire replacement, and other expenses related to your vehicle that you could face. Extended car warranty drawbacks While an extended car warranty can be a great way to save money on the cost of expensive repairs however, let's look at some of the cons that might come with getting one. There aren't all repairs covered. since an extended car warranty typically matches the warranty of the new vehicle, but it also reflects the limitations such as mileage and what repairs are included. Look at the fine print and the exclusions list before deciding the extent of coverage worth the price. There is a time limit for extended car warranties are only good during the duration that the warranty is extended. In other words, it could extend the original warranty by the amount of two years, 24,000 miles. If you had the warranty being 3-years and 36,000 miles. That would mean the full warranty is 5-years and 60,000 miles. It's possible that you won't use it. In the case of those who did sign onto an extended warranty, only 45 percent ended up tapping onto their warranty extension, as per a . The remaining 55 percent didn't. People who bought one and used it experienced an overall cost of over $375. You might not need it in the first place. Be aware of the history of the vehicle you want to purchase by doing your own research, which includes reading reviews of cars, recommends Renee Valdes, senior advice editor at Kelley Blue Book. "If the vehicle boasts a look at it carefully before signing on for an extended warranties," says Valdes. This money could be put toward instead. The emergency savings fund can cover any repair to your car that is not that are covered by the extended warranty with no time limit. When it makes sense to purchase an extended car warranty. An extended car warranty can only be used only under certain conditions. Extended warranties might work well for luxury car buyers who are planning to drive their vehicles for a long time beyond bumper-to-bumper and powertrain warranty, Valdes adds. "There's nothing more frustrating than being stuck with a big bill for a broken item on your car that there's no warranty to cover the item," says Valdes. If your manufacturer's warranty has ended, it might be an ideal idea to get on an extended car warranty. The manufacturer's warranty information can be found on the label on the vehicle's window. If you can afford to purchase a warrantee it could help to cover repairs that are covered. It's beneficial to find out what the costs will be during the first years of ownership. In order to avoid costly repairs, make sure you stay on top of your car's maintenance. "It's always best to keep up with car maintenance so your overall repair costs remain low over the timeframe you own the vehicle," says Valdes. The bottom line: An extended car warranty is not suitable for all. To see whether an extended warranty is worth it take your time and ask for a quote. Learn about the repairs your vehicle may require over the next couple of years and make sure you're covered by a specific warranty.
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Written by 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 editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complex subjects into bite-sized pieces.
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