Should You Buy an Extended Warranty?
For many people, the appeal of a new car is the warranty that comes with it. You get that peace of mind that if something happens to your vehicle, it won’t cost you a cent to have it repaired. So, why not extend that warranty? The longer you can go without paying for repairs, the better, right? Not always. Here’s the full scoop on that extended car warranty.
They’re (Usually) Not Worth It
Consumer Reports recently found that 55% of extended warranties never get used. On top of that, the price you pay for the extended warranty can be more than the cost of the repairs it covers.
With a new car, you don’t have to worry about needing as many repairs as with an older car. That’s why manufacturers offer the initial warranty in the first place. It should come as no surprise that cars in the extended phase of the warranty won’t be needing major repairs for the most part.
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But Sometimes, It Is
We’ve all heard the jokes about different manufacturers being unreliable, but in some cases, they really are. In the same study, Consumer Reports found that owners of BMWs, Chryslers, Dodges, and Mercedes-Benz’s were more likely to be satisfied with their extended warranty. If you’re a fan of a less reliable brand, the extended warranty may be worth it to you, to justify the cost of owning a more expensive vehicle.
If You Do Get a Warranty, Get the Right Warranty
After you’ve asked yourself some tough questions and decide that you do actually want that extended warranty, know that some are better than others. Experts recommend that extended warranties that come from the manufacturer or the dealership are smarter investments. Third party warranty companies are not known for their honesty.
As with most car buying decisions, the choice to purchase an extended warranty is a very personal one. If you have the money and it would give you peace of mind, it may be worth it. Just make sure to do your research beforehand.
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