When you buy a new car, you’re not exactly thinking about unexpected repairs or needing warranty coverage because a manufacturer’s warranty covers the vehicle. What happens when the warranty runs out? What about the repairs that will be needed after that? Costs can add up, and if you are not prepared, you’re going to have to pay for all of them out of pocket. If you have an extended car warranty, you will be ready to save money in the long run.
Extended Warranties Do Not Cover Everything
Extended car warranties can be helpful, but even the best extended car warranty doesn’t cover every little thing that a manufacturer’s warranty will cover. Your best bet is to research various warranty plans and see what they each cover.
Each one is different, so comparing them is critical to getting the coverage you want. Some companies offer warranties similar to bumper-to-bumper warranties that you’re used to getting when you get a new car. Even these may not provide coverage for some things. For example, if the roof of your vehicle leaks in the interior, it is entirely possible that any sealants in it may not be covered. Those little details are the ones you need to pay attention to.
When you look at extended car warranties, you want to think about what they will be applied to when you need to lean on them. Consider the car you have and do some research about the priciest expected repairs you will see in the future. Those are the things you want to have covered in an extended warranty to make sure you save money in the future.
Timing Is Everything When Buying an Extended Warranty
You do not have to buy an extended warranty as soon as you purchase a car, new or used, but you do want to be conscious of when the best time is to buy one. Buying an extended warranty when you don’t need it is going to be a waste of money. Instead, you want to buy one as manufacturer warranties expire.
Do not buy an extended warranty directly from a dealership when you buy a car unless that’s the option you want. You don’t need to buy one then, as you can purchase an extended warranty at any time after you buy your car. Add the warranty when it becomes a necessary expense, which is not until your vehicle has lived past the manufacturer’s warranty expiration.
Remember to Think Long-term
To save more money on car repairs with an extended car warranty, consider the type of coverage you have and the vehicle you are covering. Overspending on a warranty is not worth the expense if you will ever only use it for minor expenses. Cars that tend to be more reliable do not always need the most expensive warranty, so know your vehicle before buying the warranty.
For vehicles that retain their value over time, it makes sense to purchase a bumper-to-bumper warranty to maintain their worth. For example, some luxury vehicles may be reliable, with specific repairs that you should expect. These repairs may be pretty expensive, due to the car’s high-end parts, so purchasing a warranty is a good idea. Doing so will save you money when you need it.
Being Prepared When Your Car Breaks Down
Your car will break down at some point because that is what cars do. They have regular wear and tear from driving down the road, being exposed to the elements, and carrying passengers. You never know when your car will give up the ghost and decide that the air conditioner is not going to blow cold anymore.
If you have the protection of an extended warranty, you will be ready for the breakdown. With an affordable monthly payment, you will not have to face that repair or replacement alone because of your coverage. With excellent extended car warranties, you can expect to take advantage of benefits like 24/7 roadside help, rental car reimbursement, and possibly limited towing distances.
Saving More Money in the End
Extended warranties can be excellent options, but you need to know what they cover. The last thing you want is to go in and get a repair done only to find out that the warranty does not cover it. Check the fine print before you decide on which warranty you want. Remember, you can buy an extended car warranty at any time, so focus on the long run.
Think about the car you have and where those repairs may apply to save money over time. You will appreciate being prepared with a warranty when something breaks and you need to have an expensive repair done. It can save you hundreds, and possibly thousands, of dollars in the end.