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Should I get a prepaid maintenance plan for my vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing authentic and objective content. This allows you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation could affect how and where products appear on the site, such as the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage and home equity products, as well as other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be accessible to you. SHARE Westend61/Getty Images
3 min read Read Published March 13, 2023
Authored by Rebecca Betterton 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 buy a car. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate from late 2022. He believes in clear reporting that helps readers easily land deals and make the most appropriate choices regarding their finances. He is a specialist in small and auto loans. The Bankrate promise
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We are compensated in exchange for the placement of sponsored products and services, or by you clicking on specific links that are posted on our site. So, this compensation can influence the manner, place and in what order products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether or not a product is available in your area or at your own personal credit score can also impact the manner in which products are featured on this site. We strive to offer the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Dealerships can offer prepaid car maintenance plans, such as warranty extensions, insurance for credit and anti-theft tools. They are not necessarily an ideal bargain. The most effective way to determine whether a pre-paid maintenance plan is the right option is to study the expected maintenance costs -- then compare these with 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 save the savings account to earn you earn, not pay, interest. What is a prepaid vehicle maintenance plan? Prepaid car maintenance plans are contracts that cover scheduled and expected maintenance. In contrast to other plans, they provide preventative maintenance such as tire rotations and . The warranty of the manufacturer or extended warranty will still provide for unexpected repairs. A maintenance plan that is prepaid could enter the discussion when buying new vehicles that don't include scheduled maintenance for cars built into the price of purchase or when that the manufacturer doesn't cover. In either case, make sure to ask whether the plan you are offered can be used at an independent mechanic's workshop or if it is limited to service from the dealers. Many such plans only allow service at the selling dealership which limits the options you have for maintenance in the future. In the case of the prepaid maintenance plan that you are looking at, maintenance could be limited to specific intervals (for instance, oil change only being covered each 10,000 mile). Certain prepaid plans will only cover services once a calendar year, or every six months, which means that based on how much you travel, you could need additional paid maintenance on the vehicle. A variety of manufacturers -- such as Jaguar, Toyota, BMW, Volvo, MINI and Land Rover -- offer pre-paid maintenance plans. Certain of these plans also include wear-and-tear items including windshield wiper blades and brake pads. However, others don't. Therefore, it's important to do your research prior to heading to the dealership. Are prepaid maintenance plans worth the price? Similar to many other aspects of the buying process making the calculations prior to going to the dealer is essential to saving money. Examine the cost of the plan with the estimated price of expenses that are scheduled or out of pocket for the period covered. The owner's manual should detail the types of maintenance you'll need as well as the times you'll need it. Contact the dealer's service manager and request details of maintenance expenses. You can also by considering the cost of maintenance, insurance and other expenses. If the cost estimate for scheduled maintenance of your new car for its first 30000 miles is $400, and you're paying $800 for the plan, a prepaid car maintenance plan is ultimately not worth it. If you pay 250 for the program you can save money. It is possible to find a balance, but remember when you add the plan for prepaid maintenance as part of your 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 Do not just sign up for the prepaid maintenance plan. Before you set foot in a dealership, know the anticipated maintenance costs for the cars you're looking at. Keep this list of pros and cons as you're negotiating. The benefits of covered services are that they are set and are not increased by inflation. You may be able to transfer the plan when you decide to sell your vehicle. Residual value on leased vehicles might increase with a prepay maintenance plan. Prepaid costs may be discounted when compared to the normal maintenance cost. Manufacturer-backed plans are generally covered by affiliated dealerships, regardless of where they are located. Cons Service intervals may not match those listed in the manual of the owner. Prepaid maintenance plans can be more expensive than the actual cost of maintaining. In many instances, you need to have your car serviced at the dealership where you purchased the car. The most common wear and tear items are not covered. May include coverage that is unnecessary or is already part of an extended warranties. The bottom line is that prepaid maintenance plans are negotiable -therefore don't be content to agree to the price that is offered by the dealership's finance office. If you're aware of the expense of regular maintenance you'll be able to plan ahead and avoid the hassle of making a decision about when and where you will transport your car. But, it's not the most ideal option when you already have a trusted mechanic or body shop or are not planning to remain in the area where you bought the vehicle. Also, if you include the maintenance plan you have prepaid into your auto loan it could cost you more in interest than the maintenance is worth. Be mindful of your loan's rate of interest and don't be afraid to . To determine whether a prepaid maintenance plan can benefit you, make the effort to research expected costs and then compare them to the plans the dealership offers.
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since late 2022. He values the clarity of reporting that can help readers confidently land deals and make the most informed decisions regarding their money. He specializes in small business and auto loans. Related Articles Auto Loans 5 min read Mar 03 2023 Auto 6 min read on Mar 02 2023 Automobile Loans 3 minutes read Oct 13, 2022 Automobile Loans 4 minutes read Aug 22, 2022
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