![]() Plenty of coverage providers are out there, all offering slightly different plans. Switching to a regular maintenance schedule may delay any repairs a little, but chances are that you’ll be in the auto shop before long either way. Poor maintenance also damages components over time, so if your car has been neglected at all (by you or a previous owner), an extended warranty would be a wise investment. Luxury cars, in particular, are some of the most unreliable, plus the resulting repairs are as costly as they get. Some vehicles score surprisingly low for reliability and are much more likely to break down. Similar to age and mileage, reliability and maintenance history directly affect the value of an extended warranty. The Vehicle’s Reliability and Maintenance History You pay a little more for your premium, but you can still save thousands in the long run. The older it is, however, the more the value of a warranty goes up. If your vehicle is pretty much fresh off the production line, a warranty will still be great for peace of mind but ultimately less likely to be used. Vehicle components are put under heavy strain during use, and even if the car in question isn’t used all that much, parts still decompose over time. It may seem obvious, but that doesn’t stop it from being true: the older and more well-traveled a vehicle is, the higher the chances of it breaking down at any given moment. To help you avoid the latter, let’s take a look at the key factors you should be thinking about during the purchasing process: 1. If you pay a lot and receive a little, you probably went wrong somewhere down the line. If you pay a little and receive a lot, you’re most definitely getting great value. The value of an extended warranty effectively boils down to what you pay vs. ![]() On top of that, used car owners are eligible, and you’re free to have repairs carried out at any certified auto shop. Third-party warranty companies are incentivized to offer the best possible level of coverage at the best possible price, and they often throw in plenty of additional benefits to sweeten the deal. Leave it just a day late, and you’re out on your own.īecause of these shortcomings, most people prefer to opt for third-party vehicle service contracts over manufacturer extended warranties. To make matters worse, you must purchase an extended warranty while your factory warranty is still active. While they may sound appealing, this kind of extended warranty isn’t ideal, as they’re usually more expensive, plus you’re tied to dealerships for repairs. Most manufacturers allow their customers to continue factory warranty coverage past the expiry date by purchasing an extended warranty. This kind of coverage is great and as comprehensive as it gets, but once it expires, you, as the owner, are fully responsible for any future repair bills. This is basically an automaker’s promise to repair or replace anything that fails due to manufacturer fault within a predetermined number of years or miles traveled (whichever comes first). When a vehicle rolls off the production line, it comes with what’s generally known as a factory warranty or a manufacturer’s warranty. So, how do you calculate the value of an extended car warranty? Here, we’ll go through all of the factors you need to consider so you can decide on the right policy for you. Whichever warranty you choose, whoever provides it, you want to be absolutely certain that you’re getting great bang for your buck. Like any contract, however, it pays to research before you pen to paper. Of course, it costs money to invest in an auto protection program, but having one can save you thousands of dollars in repairs (and sometimes maintenance) per year. After all, why empty your wallet every time your vehicle breaks down when an extended car warranty could foot the bill for you? ![]() With the annual cost of car ownership only ever on the increase, it isn’t surprising that so many drivers are investing in extended warranties. ![]()
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