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Should I get a prepaid car maintenance plan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing authentic and objective content, by enabling users to conduct research and compare information for free — so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited 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 could affect how and when products are featured on the site, such as for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other products for home loans. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial offerings that could be open to you. SHARE Westend61/Getty images
3 min read Read Published 13 March 2023
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of borrowing money to purchase a car. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate since the end of 2022. He believes in clear reports that help readers easily get deals and make best decisions for their financials. He specializes in auto and small business loans. The Bankrate guarantee
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We receive compensation for placement of sponsored products and services or when you click on certain links posted 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. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own website rules and whether the product is available within the area you reside in or is within your own personal credit score can also impact how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Dealerships will offer prepaid car maintenance plans such as extended warranties, credit insurance, as well as anti-theft tools. They’re not always an ideal bargain. But the best method to determine whether a prepaid maintenance program is the right option is to research expected maintenance costs, and then evaluate them against the price you’re being offered. If you’re looking to include the prepaid maintenance plan to your auto loan, it may make more sense to keep an account in savings where you earn, and not pay, interest. What is a prepaid car maintenance plan? The plans for car maintenance that you pay for are contracts that cover regular and planned maintenance. In contrast to other plans, they cover preventative maintenance like tire rotations , and . The manufacturer warranty or extended warranty may provide for unexpected repairs. Prepaid maintenance plans may be discussed when purchasing a new vehicle that doesn’t have scheduled car maintenance built into the price of purchase or when the manufacturer doesn’t cover. In either case, make sure to ask whether the plan offered is able to be utilized by an independent mechanic’s shop or if it is limited to service from the dealers. Many such plans only allow servicing at the dealership selling it and limit your options for future maintenance. In the case of the prepaid maintenance plan you are looking at, maintenance could be restricted to certain intervals (for example, oil changes only being covered each 10,000 mile). Some prepaid plans only cover services once a calendar year, or every six months, so depending on how often you drive, you could require additional maintenance that is paid for the car. Several manufacturers — like Jaguar, Toyota, BMW, Volvo, MINI and Land Rover — offer pre-paid maintenance plans. Certain of these plans also cover wear and tear items like windshield wiper blades or brake pads, however certain plans don’t. It’s important to do your research prior to heading to the showroom. Are these maintenance plans worth the cost? As with most aspects of buying a car taking the time to calculate the cost prior to meeting with the dealer is key to getting the most value for money. Check the cost of the insurance plan against the estimated cost of the cost of the scheduled or out-of-pocket expenses within the time frame covered. The owner’s manual should detail the services you’ll require and the time you’ll require it. Contact the service manager of your dealer and request a breakdown of scheduled maintenance expenses. Also, you can consider the cost of maintenance, insurance and other expenses. If the cost estimate for regular maintenance of your new vehicle for the first thirty-three miles is $400 and you’re paying an amount of $800, then a prepay car maintenance plan is ultimately not worth the money. If you’re willing to pay $25 for the service, you’ll will save money. It is possible to find a balance, but remember: If you include the prepaid maintenance plan part of the loan consider the amount you’ll be paying in interest along with the cost of maintenance per month to estimate the full cost. There are pros and cons to pre-paid car maintenance plans Don’t just agree to a prepaid maintenance plan. Before you step foot into an auto dealership, you should know the expected maintenance costs for the cars you’re considering. And keep this list of pros and cons while you’re negotiating. Pros Prices for covered services are fixed and cannot be increase due to inflation. You might be able transfer the plan if you decide to sell your vehicle. Residual value on leased vehicles could increase when you purchase a prepaid maintenance plan. Costs prepaid can be discounted in comparison to regular maintenance costs. Manufacturer-backed plans are generally provided by affiliated dealerships regardless of where they are located. Cons Service intervals may not be as specified in the owner’s manual. Prepaid maintenance plans can cost more than the actual expense of maintenance. In most cases, you must get repaired at the dealer which you bought the vehicle from. The most common wear and tear items are not covered. Some insurance plans may include coverage that’s unnecessary or is already part of an extended warranties. The bottom line: Prepaid maintenance plans are a matter of negotiationdo not just sign up to the price offered by the finance department of the dealership. If you’re aware of the expense of regular maintenance you can plan ahead and avoid the stress of choosing when and where to take your vehicle. However, it’s not the best choice if you already have a reliable body shop or mechanic, or are not planning to remain in the same area that you bought the vehicle. And if you wrap an prepaid maintenance plan in your auto loan, you could pay more in interest than what the maintenance is worth. Be aware of the interest rate on your loan and do not hesitate to . If you want to determine whether a prepay maintenance plan can benefit you, make the effort to study the expected cost and compare them with what the dealership has to offer.
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase a car. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate from late 2022. He is a firm believer in transparent reporting that allows readers to successfully land deals and make the most appropriate choices regarding their money. He specializes in small and auto loans. Similar Articles: Auto Loans 5 minutes read in Mar 03, 2023 Auto 6 min read March 02, 2023 Auto Loans 3 min read Oct 13 2022 Automobile Loans 4 min read Aug 22 2022
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