Does an extended warranty on your car worth the cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare data for free - so that you can make informed financial decisions. 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 products that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories, except where prohibited by law for our mortgage and home equity products, as well as other home lending products. This compensation, however, does not influence the content we publish or the reviews that appear on this website. We do not contain the universe of companies or financial offers that may be available to you. Aaron Greene/Getty Images
3 min read . Published November 28th, 2022.
Writer: 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 the end of 2021. They are committed to helping readers feel confident to take control of their finances with precise, well-studied and well-researched data that breaks down complex subjects into bite-sized pieces. The Bankrate guarantee
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We receive compensation for the placement of sponsored products and services or by you clicking on specific links on our site. Therefore, this compensation may influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own proprietary website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range can also impact the way and place products are listed on this website. 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 if your car requires emergency repairs. What is the best way to determine if an extended car warranty worth it? It's all based on the particulars of the warranty and your specific needs. What is the price of an extended car warranty cost? When you think about extended car warranties price is the primary factor. Extended warranties vary in cost in a range of $0 to $1000 every year. The price is based on a handful of factors including the service supplier. What's covered by your current warranty. The make, model and year of your vehicle. The mileage of your car. The location you live in and how much you travel. The cost of replacing parts and labor. Discounts that you qualify for. Other elements that affect the price of an extended warranty are the amount and coverage offered, extent of coverage, and the deductible. The higher your deductible, the lower the coverage's cost. On the other hand more deductible you have, higher your premium. Keep in mind that if you pay for the extended warranty using an auto loan it will mean that you are paying more than just for the warranty but also for interest on that amount. What exactly does an extended warranty provide? An extended warranty for your vehicle generally covers unplanned, expensive repairs involving major systems of the vehicle, such as heating and air conditioning, the engine and brakes. The exact coverage you receive will depend on the warranty you purchase and could include either labor or parts. Some extended warranties offer optional insurance for roadside assistance, tires and other vehicle-related expenses that you could face. The drawbacks of extended car warranties While the extended warranty of your car could possibly help you save the cost of expensive repairs but let's look at some of the cons you might encounter when purchasing one. Some repairs are not covered. Because an extended car warranty usually matches the new car's warranty. It also reflects the limitations such as mileage and the repairs that are covered. Read 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 warranties on vehicles are only valid for the time period that the warranty is extended. For instance, it might extend the original warranty by the amount of two years, 24,000 miles. If you started with an initial warranty of one year and 36,000 miles. That means the total warranty will last 5 years with 60,000 miles. You may not want to use it. In the case of those who did sign into an extended warranty, 45 percent of them tapped onto their warranty extension, according to an . The other 55 percent didn't. The people who bought one and then used it, suffered a net gain of greater than $375. There's a chance that you won't require it at all. Know the track record of the vehicle you want to purchase by doing your researchand reading reviews of cars, recommends Renee Valdes, senior advice editor at Kelley Blue Book. "If the vehicle boasts a check before you sign on for an extended warranty," says Valdes. This money could be used instead for. Savings for emergencies can be used to be used to pay for any repair on a car, not just repairs which are covered under the extended warranty and there's no expiration date. If it's logical to buy an extended car warranty, an extended warranty can only be used under very specific conditions. Extended warranties might work well for luxury car buyers who plan to drive their vehicles for years beyond the bumper-to-bumper and powertrain warranties, 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 and you're in a position to repair the item, it's a good idea to hop onto an extended warranty for your car. The manufacturer's warranty information is on the sticker tag on the vehicle's window. If you are able to purchase a warrantee, it can help with the cost of covered repairs. It is helpful to know what will be during the first year of owning the vehicle. And to reduce instances of costly repairs, stay on top of your car's upkeep. "It's always best to keep up with maintenance on your car so that overall repair expenses are kept to a minimum over the period you own your car," says Valdes. The bottom line is that an extended car warranty is not for everyone. To see whether an extended warranty worth it, do your homework and ask for a quote. Find out what repairs your vehicle may require in the coming years and check to see if you're covered by a specific warranty.
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Written by the writer who contributes to the project. Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing precise, well-researched and informative facts that break down complicated topics into digestible pieces.
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