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Should I get a prepaid maintenance plan for my car? 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. This allows you to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity, and also other home loan products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that could be accessible to you. SHARE Westend61/Getty images
3 min read Published 13 March 2023
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate since the end of 2022. He is a firm believer in transparent information that allows readers to successfully land deals and make the best choices for their finances. He specializes in small and auto loans. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order products are displayed within the categories of listing, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether the product is offered in your area or at your personal credit score can also impact the manner in which products are featured on this site. Although we try to provide a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Dealerships offer prepaid auto maintenance plans, such as extra warranties and credit insurance, as well as anti-theft devices. They are not necessarily a bad bargain. However, the best way to decide whether a prepaid maintenance program is the right option is to investigate the anticipated maintenance costs, and then examine them against the cost you're being offered. If you're looking to apply the prepaid maintenance plan your auto loan It may be more sense to save the savings account to earn you earn, and not make payments for interest. What is a prepaid vehicle maintenance plan? The plans for car maintenance that you pay for are contracts that cover regular and planned maintenance. In contrast to other plans, they cover preventative maintenance such as tire rotations and . The warranty of the manufacturer or extended warranty can provide for unexpected repairs. A maintenance plan that is prepaid could be discussed when purchasing new vehicles that don't include scheduled car maintenance into the retail price , or when the manufacturer's warranty is no longer valid. Whatever the case, you should be sure to inquire whether the offered plan can be used at an independent mechanic's shop or the plan is restricted to service from the dealers. Some plans allow service at the dealer selling the plan, limiting the options you have for future maintenance. Based on the prepaid maintenance plan that you are looking at, maintenance could be limited to specific intervals (for instance, oil change only cover each 10,000 mile). Some prepaid plans only offer services once a calendar year or once every six months. Depending on how often you drive, you may require additional maintenance paid for the car. Several manufacturers -- like Jaguar, Toyota, BMW, Volvo, MINI and Land Rover -- offer prepaid maintenance plans. Certain of these plans also include wear-and-tear items, such as windshield wiper blades and brake pads. However, others don't. Therefore, it's important to do your research prior to heading to the showroom. Are prepaid maintenance plans worth the price? Similar to many other aspects of the car-buying process making the calculations prior to sitting down with the dealer is key to saving money. Check the cost of the plan with the estimated price of cost of the scheduled or out-of-pocket expenses during the covered period. The owner's manual will list the services you'll require and the time you'll require it. Contact the service manager of your dealer and ask for a breakdown of scheduled maintenance expenses. Also, you can consider the cost of insurance, maintenance, and other expenses. If the estimated cost for regular maintenance for your brand new car's first thirty-three miles is $400 and you pay an amount of $800, then a prepay maintenance plan for your vehicle is not worth the cost. If you're willing to pay $25 for the service, you'll save money. You could make a deal, but keep in mind when you add the prepaid maintenance plan as part of the loan then calculate the amount you'll have to pay in interest in addition to the cost of maintenance per month to get an idea of the full cost. There are pros and cons to prepaid car maintenance plans Do not just sign up for an prepaid maintenance program. Before you even step foot in a dealer, be aware of the anticipated maintenance costs for the vehicles you're considering. Be sure to keep these pros and cons in mind when you negotiate. The benefits of covered services are that they are locked in and not increase due to inflation. You may be able transfer the plan if you decide to sell your vehicle. The value of the residual on vehicles leased might increase with a prepay maintenance plan. Prepaid costs may be discounted when compared to the normal maintenance cost. Manufacturer-backed plans are usually provided by affiliated dealerships regardless of the location. Cons Service intervals may not be as specified in the manual of the owner. Prepaid maintenance plans may cost more than the actual price of maintaining. In many instances, you will need to get fixed at the place 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 cost provided by the dealership's finance office. If you know the potential costs of regular maintenance, you'll be able to plan ahead and avoid the hassle of choosing when and where to take your vehicle. It's not the ideal choice for those who already have a trusted mechanic or body shop or don't plan to stay within the region where you purchased your car. And if you wrap 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 interest rate on your loan, and don't hesitate to . To determine whether a prepaid maintenance plan is beneficial to you, take the time to study the expected cost and compare it to what the dealership provides.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase a car. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since late 2022. He believes in clear reporting that helps readers confidently land deals and make the best choices for their money. He is a specialist in small business and auto loans. Related articles: Auto Loans 5 minutes read March 03 2023 Auto 6 minutes read on Mar 02, 2023 Auto Loans 3 min read October 13 2022 Automobile Loans 4 min read August 22, 2022
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