Is an extended car warranty worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare data for free - so that you can 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 products that appear on this site are from companies that pay us. This compensation can affect the way and when products are listed on this website, for example 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. But this compensation does affect the content we publish or the reviews appear on this website. We do not include the vast array of companies or financial deals that might be accessible to you. Aaron Greene/Getty Images
3 min read Published November 28th, 2022.
Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile 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 committed to helping readers to take control of their finances through providing concise, well-studied information that breaks down complex topics into manageable bites. The Bankrate promises
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Therefore, this compensation may influence the manner, place and in what order items appear within listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other factors, like our own website rules and whether or not a product is offered in your region or within your personal credit score may also influence how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. A longer-term car warranty could protect you from financial stress if your car requires unexpected repairs. What is the best way to determine if an extended warranty worth it? It's all based on the particulars of the warranty and your specific needs. How much does an extended car warranty cost? When considering extended car warranties the cost is an important element. Extended warranties vary in cost and range from a median of between every year. The price tag hinges on several factors, such as the service supplier. What is covered in the warranty you have. The make, model , and year of your vehicle. The mileage of your car. Where you live and how much you drive. Cost of replacing components and labor. Discounts you are eligible for. Other factors that impact the price of an extended warranty include the extent and coverage offered, extent of coverage and the deductible. The higher your deductible, the less the price of the insurance. On the other hand, less your deductible is, the higher your premium. Keep in mind that if you are paying for your extended warranty with an auto loan, you will be paying for not just the warranty, but also interest on the amount. What exactly does an extended warranty cover? A warranty extended to your vehicle typically covers unforeseen costly repairs to key systems of the vehicle, such as heating/air, engine, and brakes. The exact coverage you receive will depend upon the guarantee you purchase, and may include parts, labor or both. Some extended warranties offer optional coverage for roadside assistance, tires and other vehicle-related expenses that you could experience. Extended car warranty drawbacks While the extended warranty of your car could be a great way to save money on the cost of expensive repairs, let's take a look at some of the cons that could be associated with purchasing one. Some repairs are not covered. Because an extended car warranty usually matches the warranty of the new vehicle, but it is also reflective of the limitations like mileage and what repairs are included. Look at the fine print as well as the exclusions list before deciding the extent of coverage worth the cost. There is a time limit for extended warranty on cars are only valid for the time period of the extended warranty. For instance, it might prolong your warranty for 2-years and 24,000 miles. If you began with an initial warranty of 3-years and 36,000 miles. That will mean that the entire 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 of them tapped into their extended warranty, as per an . The other 55 percent did not. The people who bought one and used it suffered the loss of more than $375. There's a chance that you won't require it in the first place Be aware of the history of the car you're planning to purchase by doing your research, including reviewing reviews on cars, recommends Renee Valdes, senior advice editor at Kelley Blue Book. "If the vehicle boasts a , think twice before signing to extend the warranty," says Valdes. The money can be put toward instead. The emergency savings fund can cover any repair to your car and not only repairs covered under the extended warranty -- as there's not an expiration date. It is a good idea to buy an extended car warranty, an extended warranty is only useful only under certain conditions. Extended warranties may be beneficial for those who plan to drive their vehicles for years beyond the bumper-to bumper and powertrain warranties, Valdes adds. "There's nothing more frustrating than being confronted with a large bill for a broken item on your car that there's no warranty that covers the product," says Valdes. If you're and the manufacturer's warranty is over and you're in a position to repair the item, it's a good idea to hop onto an extended warranty for your car. Warranty information from the manufacturer can be found on the sticker tag on the vehicle's window. If you're able to purchase a warranty it will help you with the cost of covered repairs. It's beneficial to find out what the costs is covered in the initial year of owning the vehicle. In order to avoid costly repairs, stay up-to-date with your car's upkeep. "It's always best to keep up with car maintenance so your overall repair costs are low for the period you own your car," says Valdes. The bottom line An extended warranty on your car isn't an option for everyone. To determine if an extended warranty is worth it take your time and get some quotes. Learn about the repairs your vehicle may require in the next few years and check to see if they're covered under a particular warranty.
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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 from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.
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