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Is an extended warranty for your car worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling users to conduct research and compare information for free — so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other products for home loans. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be available to you. Aaron Greene/Getty Images
3 min read Published November 28th, 2022.
Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to control their finances through providing clear, well-researched information that breaks down complex issues into digestible chunks. The Bankrate promises
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You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We continually strive to provide our readers with the professional guidance and tools required to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is honest and reliable. Our award-winning editors, reporters and editors create honest and accurate content to help you make the best financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced from our advertising. We’re honest about the ways we’re in a position to provide quality content, competitive rates and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and services, or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether a product is offered in your area or at your personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every credit or financial product or service. A car warranty extension can help you avoid financial strain when your vehicle requires emergency repairs. But is an extended warranty worth the cost? It all depends on the details of the warranty and your requirements. What is the price of an extended car warranty cost? When you think about extended car warranties, cost is a major factor. Extended warranties are priced differently, averaging between each year. The cost is contingent on a handful of factors, such as: The provider. What is covered in your existing warranty. The make, model , and year of your vehicle. The mileage of your car. What you live in and how often you drive. Costs for replacing parts and labor. Discounts you can claim. Other aspects that affect the cost of an extended car warranty include the extent of coverage, the extent of coverage and your deductible. The higher your deductible, the lower the price of the insurance. However, less your deductible is, the greater your cost. Keep in mind that if you are paying for the extended warranty using an auto loan then you’ll be paying for not just the warranty but also for interest on the amount. What does an extended warranty cover? A warranty extended to your vehicle typically covers unforeseen, expensive repairs involving major systems of the vehicle, including heating/air, engine, and brakes. The exact coverage you receive will depend on the warranty you buy that may cover parts, labor or both. Certain extended warranties provide insurance for roadside assistance, tires and other vehicle-related expenses that you could face. The drawbacks of extended car warranties While an extended warranty for your vehicle could possibly help you save the cost of costly repairs however, let’s look at some of the cons that could be associated with purchasing one. Some repairs are not covered. because an extended warranty usually matches the new car’s warranty. It also mirrors the limits like mileage and the repairs that are covered. Read the fine print as well as the exclusions list when determining the extent of coverage worth the cost. There’s a time limit Extended car warranties are only good during the duration in the extension of warranty. For instance, it might extend your original warranty by two years and 24,000 miles. If you began with an initial warranty of three years and 36,000 miles, it means the total warranty lasts 5-years and 60,000 miles. You may not want to use it. Among those who did hop onto an extended warranty, only 45 percent of them tapped to their warranty’s extended period, as per an . The remaining 55 percent didn’t. People who bought one and used it experienced a net cost of over $375. It’s possible that you don’t need it in the first place Know the track record of the vehicle you’d like to buy by conducting your own research, which includes looking at car reviews, recommends Renee Valdes, senior advice editor at Kelley Blue Book. «If the vehicle boasts a , think twice before signing to an extended warranty,» says Valdes. The money can be put toward instead. The emergency savings fund can pay for any car repair, not just repairs covered under the extended warranty — as there’s not an expiration date. It is a good idea to purchase an extended car warranty. An extended car warranty can only be used under very specific conditions. Extended warranties can be useful for those who are planning to drive their vehicles for a long time beyond the bumper-to-bumper and powertrain warranty, Valdes adds. «There’s nothing worse than getting faced with a huge bill for a broken item on your car that there’s no guarantee to cover the product,» says Valdes. If your manufacturer’s warranty has ended, it might be beneficial to sign onto an extended warranty for your car. Manufacturer warranting information can be found on the sticker tag on the car’s windows. If you’re able to purchase a warrantee it could help pay for covered repairs. It is helpful to know what will be during the first years of ownership. To avoid costly repairs, make sure you stay in the loop with your vehicle’s maintenance. «It’s always important to stay on top of maintenance on your car so that overall repair expenses are kept to a minimum over the duration of your ownership of the vehicle,» says Valdes. The bottom line is that an extended warranty for your vehicle isn’t for all. To determine whether an extended warranty worth the cost make sure you do your research and ask for a quote. Learn about the repairs your vehicle may require in the next few years, and ensure that they’re covered under a particular warranty.
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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