If you’ve recently bought a used car, it’s likely that it already had a valid warranty on your day of purchase.
Most second-hand cars come with short warranties, usually between three and twelve months. After this point, the warranty expires and you are given the chance to extend it if you wish to. You can purchase this warranty from your manufacturer or from a third-party company.
Unlike insurance and other vehicle safety features which are essential, getting an extended warranty is not a legal obligation. This makes it difficult to decide whether or not to get one. There are pros and cons to both options.
What Does a Used Car Extended Warranty Cover?
The warranty on your second-hand car covers the costs of any repairs that aren’t general wear and tear. It covers problems with the car’s suspension, engine, or steering, but it won’t cover broken windscreen wipers or flat tires.
Different companies offer slight variations with their extended warranties. For example, the Endurance warranty plans might cover more or less than the warranty plans from another company. It’s important that you check what is covered in your specific plan before you sign the dotted line. You want to be sure that you’re getting the coverage that you need!
Should You Buy a Used Car Warranty?
There are plenty of reasons for and against getting a car warranty. Whether or not you choose to get one is, ultimately, down to personal preference.
For many, the cost of getting an extended car warranty isn’t worth it, especially when you consider the typical exclusions that most warranties have. They are willing to take the risk of paying the total cost of repairing any unexpected faults in their vehicle.
It’s possible that you won’t even need any repairs or replacements at all during the time that your extended warranty is valid. And if you only need smaller repairs throughout the year, the accumulative cost of all of these repairs might be cheaper than your warranty. Car repairs are often affordable if you find the right mechanic!
It’s also important to note that used car extended warranties for older cars or vehicles with a high mileage tend to be more expensive because they are more liable to wear and tear.
On the other hand, there’s a reason that millions of people choose to extend their warranties. The comfort of knowing that the costs of any mechanical and electrical faults are completely covered is enough of a reason for many people to opt for an extended warranty.
If your vehicle runs into serious trouble at some point in the future, having a warranty could significantly reduce your expenses. It’s a great option if you don’t have an emergency fund to use on car repair expenses.
Used car extended warranties give you peace of mind. You can drive without worrying about the potentially extortionate costs of fixing your car if something goes seriously wrong.
Many extended warranties are reasonably priced so you don’t have to spend a fortune for your cover. It may be worth purchasing an affordable warranty to protect yourself against any future problems in your vehicle.