Pros and Cons of Buying an Extended Warranty for Your Car
When your vehicle needs a repair, one of the first things you might ask is, “How much is this going to cost?”
Breakdowns can be pricey, and without an extended warranty, you may be responsible for more of your car’s repairs than fit your budget.
If you’re wondering whether or not an extended warranty is right for you, keep reading for the pros and cons that could come with this investment.
Why Should You Buy an Extended Warranty?
The rising prices of new and used cars have led many people to keep their vehicles longer. If you’re part of this consumer trend, your car is more likely to experience a greater deal of wear and tear during your ownership.
As your car gets older, an could help you avoid the costs of repairs and replacements that are needed after your manufacturer warranty runs out.
If you want added peace of mind as your car ages, the flexibility and longer protection offered with an extended warranty could help you save a significant amount of money in the long run.
Is There Any Reason Not To?
Whether or not you should get an extended warranty depends on how much risk you’re willing to take, and what you could afford to pay if an unexpected and expensive repair is needed for your car.
Before you decide, answer these specific questions to help you make the best decision for you and your vehicle:
- How long do you plan to keep your car?
- How many miles do you usually put on a vehicle per year?
- How often do you have your car in for maintenance per year?
If your answers to these questions point toward more years than average and more mileage than average you will likely face repairs or replacements in the future. If that’s the case then an extended warranty will most likely come in handy.
Also, don’t forget that a basic manufacturer warranty may not cover repairs for brakes, tires, or batteries. So even if you are currently covered by a manufacturer warranty, the extra protection offered by an extended warranty could be helpful to you immediately.
If you’re looking to save money in the long-term ownership of your car, you can get more information about Extended Warranties here.