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If you are thinking of buying a used car, you might be wondering if an extended warranty is worth the extra money. In general, extended warranties can be worth the money, but it is necessary to do plenty of research first and weigh the pros and cons before committing yourself.
There are many considerations when weighing whether an extended warranty will make sense for your used car purchase. In this article we will go over the basics.
Before even considering an extended warranty on a used car, it is important to first understand what the warranty actually covers. Failure to read the fine print could cost you thousands of dollars needlessly. For example, does the warranty cover electrical problems, or only mechanical problems? How about rental car expenses while your car is being serviced?
My dad never needed a car care warranty. So why should I bother with one? About once a month I get something in the mail telling me about some new warranty service for my car. My car is only 4 years old. I take it to the shop regularly. Why would I need a warranty? I don’t even know what good it is, anyhow.
You see, my dad was very thorough and very mechanically inclined. If ever a car had a problem, he solved it and usually quite quickly. Because he took such good care of his cars there were rarely any serious issues. Well, there are exceptions.
First, recognize that the auto warranty broker is an agent who writes warranties and keeps you informed of their status, sending you renewal notices as needed. You want your broker to negotiate the best coverage and cost for you with the provider of the warranty. You want to know who is actually providing the warranty. Who will be there when a problem arises?
Do some homework on the company and the broker. Locate a reputable company with honesty, integrity, a solid knowledge base and a good rating from the Better Business Bureau.
The auto warranty you get when you purchase a new car should give you security when it comes time for repairs. Purchasing a new car is a huge investment and one that should not be taken lightly. If you’ve purchased a reliable and highly rated car, it should last you a few years without needing any major repairs. But, you always have to consider the ‘what if’. What if repairs are needed? You won’t have to worry if you have a good auto warranty on your car.