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Does an extended warranty on your car worth the cost? 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, publishing original and objective content. We also allow you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other home loan products. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial deals that might be open to you. Aaron Greene/Getty Images
3 min read . Published November 28th, 2022.
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to manage their finances by providing concise, well-studied information that breaks down complicated issues into digestible chunks. The Bankrate promise
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We receive compensation for the promotion of sponsored goods and, services, or when you click on certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range could also affect the manner in which products are featured on this website. We strive to offer a wide range offers, Bankrate does not include information about every credit or financial product or service. A car warranty extension can protect you from financial stress when your vehicle requires urgent repairs. What is the best way to determine if an extended car warranty worth it? It all depends on the details of the warranty as well as your needs. How much will an extended warranty for your car cost? When considering extended car warranties, cost is a major factor. Extended warranties vary in cost and range from a median of between each year. The price is based on several factors, such as the service company. What's covered under your existing warranty. The make, model , and year of your vehicle. Your car's mileage. Where you live and how much you drive. Costs for replacing parts and labor. Discounts you can claim. Other aspects that affect the cost of an extended warranty include the length that you are covered, as well as the extent of coverage, and the deductible. The higher your deductible, the lower the coverage's cost. On the flip side the lower your deductible, higher your cost. Remember: If you are paying for your extended warranty with an auto loan it will mean that you are paying for not just the warranty, but also interest on that amount. What exactly does an extended warranty provide? A warranty extended to your vehicle typically covers unforeseen costly repairs to key systems of the vehicle, such as heating and air conditioning, the engine and brakes. Your specific coverage will be contingent of the type of warranty that you purchase and could include parts, labor or both. Some extended warranties offer optional protection for roadside assistance tire replacement, and other expenses related to your vehicle that you might experience. Extended car warranty disadvantages the extended warranty of your car could possibly help you save the cost of expensive repairs, let's take a look at some of the drawbacks you might encounter when purchasing one. Not all repairs are covered since an extended car warranty usually matches the new car's warranty. It also mirrors the limits like mileage and what repairs are included. Check the fine print and the exclusions list when determining whether the protection offered is worth the price. There's a time limit Extended warranties on vehicles are only valid during the duration in the extension of warranty. For example, it may prolong your warranty for the amount of two years, 24,000 miles. If you began with an initial warranty of three years and 36,000 miles. That would mean the full warranty lasts 5 years with 60,000 miles. You might not use it In the case of those who did sign onto an extended warranty, only 45 percent ended up tapping to their warranty's extended period, as per a . The remaining 55 percent didn't. Those who purchased one and used it suffered the cost of over $375. There's a chance that you won't require it at all. Check the track record of the vehicle you want to buy by conducting your own research, which includes looking at car reviews as suggested by Renee Valdes, senior advice editor at Kelley Blue Book. "If the vehicle is advertised as having look at it carefully before signing on for an extended guarantee," says Valdes. The money can be put toward instead. The emergency savings fund can cover any repair to your car, not just repairs that are covered by the extended warranty and there's no expiration date. If it's logical to purchase an extended car warranty, an extended warranty is only useful only under certain conditions. Extended warranties may be beneficial for buyers of luxury cars who intend to use their vehicles for years beyond the bumper-to bumper and powertrain warranties, Valdes adds. "There's nothing worse than getting faced with a huge bill for a damaged or broken part on your car that there's no warranty to cover the damage," says Valdes. If the manufacturer's warranty has ended then it could be beneficial to sign on an extended car warranty. Manufacturer warranting information can be found on the tag that is on the car's window. If you're able to purchase a warranty it could help pay for covered repairs. It's helpful to research what will be during the first few years after purchasing. And to reduce instances of costly repairs, make sure you stay in the loop with your vehicle's upkeep. "It's always important to stay on top of maintenance on your car so that overall repair costs remain low over the period you own the vehicle," says Valdes. The bottom line is that an extended warranty for your vehicle isn't an option for all. To determine whether an extended warranty worth the cost make sure you do your research and request a few quotes. Learn about the repairs your car may need over the next couple of years and make sure you're covered by a specific warranty.
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Written by 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 writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances through providing precise, well-researched and informative information that breaks down complicated topics into digestible pieces.
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