To many, the convenience followed by the peace of mind is the primary reasons people wish to have a car warranty. For instance, if anytime you have any kind of car trouble, you will not only be financially covered but you also don’t have to deal with getting your car repaired. A car warranty also enables you to ensure that the mechanics are not trying to rip you off, doing the job right, and having figured out really what caused the problem and all. That is what a warranty company takes care of. God, just imagine, your car suddenly conks out at 3 am on the main road or in some alley, your wife is tired and your daughter is asleep, God forbid! Can you come up with some other scenario? Well, all you have to do is make a call to the company’s helpline for assistance and that’s it, it’s the company’s problem. Not only that, a rental car, free of charge might reach you first, for your convenience. You lose little time. Depending on what you need, what you want, a quick book into a hotel? Or you all need a hot meal? Now, this is an investment that is worth it. What do you say?
Ok, now let’s go into the details and judge for yourself if really it’s going to do all these wonders for you and your family.
Firstly, let’s distinguish between the original manufacturer’s warranty that was given to you when you bought the car and an extended car warranty that you can get from some other company, not the company you had bought the car from. Let’s note down this too that the manufacturer can modify your car’s warranty with additional features, but it will make the overall price of the car higher.
Usually, an extended car warranty is sought after your original car warranty has expired. Now, you will have to approach any good company that offers such services. Yes, a car’s warranty can be modified according to your wishes. Yes, again! Some terms, specifications, and conditions might not be altered but 9 times out of 10 everything you want in your extended car warranty will be determined by you. After all, you are the one paying upfront for it.
I wanted to clear all that out first. Now we really have to see the pros and cons of extended car warranties. Where there are pros there are cons too, right? But what are the pros and cons of extended car warranties? For that, you will have to complete reading this article.
The pros first
1- Suddenly your car breaks down. It has to be repaired. How much will it cost? Now depending on the problems with the car and the frequency of break downs, your car may need to be serviced, and now these problems must be affecting yet another part of the engine. Imagine the cost. You are financially tight and here comes a ton of expenses. Think about getting around without your car? The towing expense would be onto itself an expense. See this scenario. Something goes wrong with one of the pistons of your car. The cost for getting a piston replaced, yeah, that’s only one piston, is about $1600 to $2000. This is only for one piston. Can you suddenly dish out the money?
Now if you had coverage of an extended car warranty from any reputed extended car warranty company you would pay anything from $0 to just $100. Yes! That’s the advantage of having a car warranty. Perhaps the most important reason people go for these warranties and that’s why such companies are around doing these services and making their profits.
2- An extended car warranty can be made out to fit your needs. Well, what will the company do for you? This part is covered in the start. Depending on the company you go to, in the event of your car suddenly not working, you will get all the services by the company as specified in the extended car warranty. Nothing less and nothing more. But all according to what services you would want. You had underlined them in the warranty. So you can rest assured you will get the help you need, the exact types of services that you will need. Now this will put anyone at peace, just no worries if your car breaks down, anywhere, or at any time. You will be promptly served.
Of course how you will get in touch with the company for assistance must also be specified too, if you want to control that aspect of the service. But that’s not such an issue.
3- Finally, just think, no dealing with mechanics. No dealing with getting a tow truck. A rental car just showing up for you, free of charge, wherever you are. No problems getting the cash needed for unforeseen circumstances. You have made out all these arrangements with the extended car warranty company. They deal with all the services, expenses, the paperwork, the newly replaced parts, and the right mechanic shop for the repair.
That is why you would not have a worry in the world about anything concerning your car or about any complications for suddenly not having a car.
Now let’s deal with the cons
1- It might just cost you more in the long run. The argument goes that it helps in the long run. Sudden expensive repairs are dealt with by the company that does save you money. It’s like an insurance policy. But with an extended car warranty, both expenses and services are rendered. That is when your car breaks down. Now you may be paying around $70 per month, which is about $840 per year coming out from your pocket. What about deductibles? Those are services you needed that are not specified in the warranty. You will have to pay for that. So if you have a good, reliable vehicle that you service regularly and drive carefully, then an extended car warranty is just an added expense for you.
2- So you have an extended car warranty for your beloved car. Your car was new and that is why the warranty did not cost so much. But now after 5 years, you are thinking of selling it for another car. But you cannot do that, the warranty has not expired. You would get your extended car warranty transferred to someone else, depending on if you had specified that in the terms and conditions of the warranty and depending on which type of warranty coverage did you get? There are warranties that are transferable and there are warranties that are non-transferable. Definitely, the value of your vehicle will be higher in your eyes and you would get a better bargain. But it has been seen that usually, owners hesitate to sell their vehicles when they have got long term warranties for their vehicles. Perhaps thinking they are covered and they do not need another vehicle.
3- Making out an extended car warranty can be tricky. You have to think of every type of scenario involving your car breaking down and what you will then need. Any type of service or financial assistance given by the company not covered by the warranty will wind up as deductibles. A lot of information and research is required. Also, not all companies will be ready to do what you want. You will have to hunt for the right extended car warranty company that renders the service you specifically want. Remember extended car warranties do not automatically cover every type of inconvenience. All terms and conditions must be specified. You must find a company that will serve you with your needs.
I sincerely hope this article has helped you understand extended car warranty benefits and their disadvantages. So best of luck and decide what you want.
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