Should I Get An Extended Warranty For My Car?
Most car buyers are hesitant to extend the warranty of their vehicle because doing so entails additional cost. This article lays out the benefits of getting an extended warranty for your car so you can decide whether or not it’s worth investing in.
Types of Extended Warranties
Generally, there are two types of extended warranties. The first one is an extended warranty endorsed by automobile manufacturers. This type usually stacks with the original warranty thereby extending the number of years that a car is under protection. It allows car owners to continue going to their dealer for specific repairs and what not. The other type of extended warranty is sold by independent insurance firms. It enables owners to get their car serviced by different establishments including their car dealer. They usually pay for the repair costs and get reimbursed afterwards.
Extra Protection For Your Car
Purchasing an extended warranty for a vehicle is ideal for car owners who want to set a fixed budget and avoid unexpected expenses. It also serves as a safety net. In addition to repair cost coverage, most extended warranties include services such as car towing, lockout, and road assistance. Overall, an extended warranty gives you financial assurance and, therefore, peace of mind.
Enhancing The Resale Value of Your Car
When you decide to sell or trade-in your vehicle for a new one, an extended warranty gives your car a great boost in terms of resale value. Although cars depreciate over time, endorsing it with an extended warranty will attract more car buyers because warranties are transferable. It would also imply that your car is well-maintained and therefore is still in good condition. In the end, acquiring an extended warranty will allow you to put a relatively handsome price on your car without having second thoughts about its saleability.
When Do You Need Extended Warranty?
It is also important to note that extending your car’s warranty go hand-in-hand with extending the original warranty that you have with your dealer. As with any kind of purchase, it is crucial to know the details and comprehend what they entail. Ask your warranty dealer about the extent of their services to know whether you are actually getting the services that you need. If you are getting your extended warranty from a third party (i.e. insurance companies), make sure that they are a reliable and legit provider.
Gives You Significant Savings
Simply put, extending the warranty of your car is like financing the cost of repairs in advance but at a much lower price. It will definitely allow you to save on unexpected expenses as your car depreciates over time. With an extended warranty, you won’t have a hard time looking for cash to cover repair costs and the like.
Make A Comparison
If you have finally made up your mind about getting a warranty extension, make sure to have a price comparison from various warranty dealers first. Like any typical insurance products, some warranty services are more comprehensive than others. Read the fine print and choose the one that suits you best. Furthermore, ask for a breakdown of the expenses involved and clarify the extent of services covered.
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