How can you get a warranty for a used car? This article will be dealing with this question and all the associated factors because we know that you came here looking for answers. In this article, you will find out how much does a used car warranty cost and will get to learn about the average cost for an extended warranty for a used car and more.
The cost of a used car warranty
Usually, an average used car warranty cost about $360 to about $720 per year. But that’s just an average range and the actual cost may differ on the basis of several factors, which play an important part to determine the price of a warranty for a used car. That goes true for even new cars, and for owners who are getting extended warranties for their cars.
The age of the car, the model, the make, and the mileage will all have an impact on the cost of the warranty. Mostly, the cars that are old and have a lot of mileage would get a high quote for a warranty. But it also depends on how well maintained the car is. The condition of the powertrain, the emission, and the electrical components will be checked by a mechanic to determine how well the car has been used and maintained.
How to get a used car warranty
You do not get a warranty for a used car. You get an extended warranty, which is referred to as used car warranty. It does not matter whether it’s for a new car that has lost its original warranty coverage or for a second hand car; it’s actually an extended warranty. The difference is that you might have to pay a lot more for such a warranty.
If the car still has some warranty, then a used car warranty might not cost a lot more. If it does have an expired warranty, then the warranty company can determine the age of the car for sure and in what condition the powertrain and other internal and external parts of the car are in. That will bring down the cost.
How much will be the cost for such a warranty?
This depends on several factors as mentioned above. Another factor will be the company you deal with. Yet another factor will be the types of coverage you want. So it’s difficult to give a definite answer and you have to calculate it yourself. But for the simplicity sake and to give you an idea about dealing with good warranty companies that cater to used cars, this article has prepared some figures and cost assessments below:
The average used car warranty might cost about $3,000. This depends on the make, model, mileage, age, warranty (if any), the level of coverage, and what should be your deductibles to really determine the cost for the warranty.
The cost of a comprehensive coverage only
This can vary among good warranty companies. Used car warranties can range from anywhere between $2,000 to $4,000.
The cost for the powertrain only
It’s the same story again; the cost can vary from company to company – depending on the years of coverage you are getting. All companies take about $3,200 to just over $3,500.
The cost per month
Some companies take a down payment for the first month and some companies do not. Down payments can range from $180 to $190. And the monthly payments would follow as much as $85 to $190. These payments are for comprehensive coverage only. Comprehensive coverage is also known as bumper to bumper coverage.
Monthly payments for a powertrain coverage would range from about $66 to $190. Down payments would be from $190 to $90.
When the car needs repairs, say, the wheel on the right side needs a new brake. The warranty will cover that cost. If more than that is required to be repaired or other parts are needed for the brakes to be fitted in properly, then that cost you will have to pay. Initially, the warranty company will foot the whole bill. But then they will present you with a bill too for those extra repairs or new parts. The amount you have to pay is called the deductible.
It’s not easy to determine the actual cost of a used car warranty. There are so many factors to consider. Get someone to help you with the calculations. But first, determine if it is worth having a warranty for the used car.
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