Is An Extended Warranty For Your Used Car A Good Idea?
Posted on: 24 July 2015
There are many considerations to be made when you buy an used car. One is whether or not you really need an extended warranty. To help you determine whether the extended warranty is ideal for you, here are the pros and cons.
Advantages
One of the biggest advantages of having an extended warranty for your car is that it gives you peace of mind. The warranty can help with paying the costs of unforeseen repairs that otherwise would have hit your wallet hard. Instead of hesitating to get much-needed repairs and potentially damaging your car further by continuing to drive it, you can have it inspected and repaired without fear.
Another benefit of an extended warranty is that it can help you with selling the car in the future. If you have a hesitant buyer, you can help nudge him or her towards buying the car if you can transfer the warranty over. For many buyers, the idea of having a warranty makes a car more attractive and the deal seem more sound.
Disadvantages
An extended warranty is not without its downside. For instance, if your car has a high reliability rate and it does not require any major repairs while you own it, the money spent on the extended warranty could be considered a waste. However, you could view it in the same manner as car insurance. You could pay for insurance for years and never have an accident or need to file a claim. Again, it can be a peace of mind just to have it.
Another con to having an extended warranty is that it might not be as inclusive as you think it is. The warranty might only cover certain services or specific parts. If the repairs you need are excluded, you could be left paying the cost of the repairs in addition to the warranty. A good way to avoid this possibility is to ensure that the warranty you do purchase is inclusive. Read the extended warranty thoroughly before buying it. If you have questions about what is and is not covered, ask questions.
There are other pros and cons to consider when deciding whether or not an extended warranty is right for you. Talk to your used car dealer (such as U Pick U Save) about your concerns before making your decision about the warranty. He or she can not only address those concerns, but help you decide if it is the best option for you.
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