Jim Mallard, Writer
It is easy to assume or hope that you are not going to need a used car warranty, but if you believe in Murphy’s Law, you likely will! Yes, warranties can be expensive, sometimes they cost nearly as much as the vehicle however, repairs are expensive too! The transmission never goes out in a car after you had an outstanding poker night with your buddies; it will need replacing when you are behind on rent because you were off work sick for a week!
Still Under Manufacturer’s Warranty
If you are buying a late-model used car that is still under the manufacturer’s warranty, you may think you have plenty of time to buy a warranty however, it’s not a good idea to put it off. Keep in mind, that 3-year, 36,000-mile warranty means that it’s good for one or the other. Just because the previous owner didn’t put many miles on the car doesn’t mean the warranty isn’t close to expiring. You may think that since you are buying a 2010 model, you have plenty of time left, but what if the first owner purchased the vehicle in the fall of 2009?
Not to mention, you may not be aware that warranty prices are determined by the vehicle’s mileage. That extended warranty will never cost you less than what it will this very minute. If you wait until the manufacturer’s warranty is up, it will cost you more and you will have to charge it or pay cash. Doesn’t it make sense to simply finance it along with the price of the vehicle?
Do You Need a Warranty?
Yes! A warranty is an investment; a smart one at that! Few people can comfortably handle large expenses thrown into the budget out of nowhere. An extended car warranty is going to ensure that repairs are taken care of when needed, not put off until funds are available. Not only does this prolong the life of the vehicle, it keeps you safer on the road. http://bhphautodealers.com/Warranty
Obviously, a car well taken care of is going to be worth a lot more, but so is one that has a warranty. Even if you think you don’t need a warranty because you plan on buying a new car soon, it’s smart to buy one. Extended car warranties are transferable so you can ask more for your car when you sell it or trade it in. If you were a buyer looking for a used car on Craigslist and found two similar ones at a buy here pay here dealership but one had a warranty, which would you choose?
Know What’s Covered
There are a lot of different extended warranties available. Taking the time to thoroughly read through the one you are interested in cannot be stressed enough. Each warranty is going to cover different parts. Some may allow you to go to any dealership while others may have a list of specific repair shops that can be used. The more freedom you are granted in this department, the better off you will be. This is especially true if you travel or drive a significant distance for work. You don’t want to be limited to local repair shops.
You should also find out if the warranty offers additional benefits such as car rental, towing and roadside assistance. If so, you can drop these extras from your insurance policy and save yourself some money.