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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 aim is to assist you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content, by enabling you to conduct research and compare information for free and 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 site are from companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you. Aaron Greene/Getty Images
3 min read Published November 28, 2022
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was 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 feel confident to control their finances with clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promise
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Therefore, this compensation may influence the manner, place and in what order items are displayed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own website rules and whether or not a product is available within the area you reside in or is within your self-selected credit score range can also impact the manner in which products are featured on this site. We strive to offer an array of offers, Bankrate does not include specific information on every credit or financial service or product. A car warranty extension can help you avoid financial strain when your vehicle requires urgent repairs. But is an extended warranty worth it? It all depends on the particulars of the warranty as well as your requirements. How much will an extended car warranty cost? When it comes to extended warranties for cars, cost is a major factor. Extended warranties are priced differently and range from a median of between every year. The price is based on a variety of variables, such as the service provider. What is covered in your current warranty. The model, make and year of your vehicle. The miles your car travels. Where you live and how much you travel. Cost of replacing components and labor. Discounts you can claim. Other elements that affect the price of an extended warranty include the length of coverage, the extent of coverage, and the deductible. The higher your deductible, the lower the coverage's cost. On the flip side, more deductible you have, higher the cost. Be aware that if you pay for your extended warranty with an auto loan then you'll be paying not only for the warranty, but also interest on the amount. What does an extended warranty cover? An extended warranty for your vehicle generally covers unplanned, expensive repairs involving key systems of the vehicle, like heating/air, the engine and brakes. The exact coverage you receive will depend on the warranty you purchase and could include either labor or parts. Some extended warranties offer optional coverage for roadside assistance, tires , and any other costs related to the vehicle that you might encounter. Extended car warranty drawbacks While the extended warranty of your car could be a great way to save money on the cost of expensive repairs, let's take a look at the negatives that might come with getting one. There aren't all repairs covered. because an extended warranty usually matches the new car's warranty. It also reflects the limitations including mileage, and the repairs that are covered. Look at the fine print and exclusions list before deciding whether the protection offered is worth the price. There's a time limit Extended warranties on vehicles are only valid for the time period of the extended warranty. For instance, it might prolong your warranty for the amount of two years, 24,000 miles. If you started with the warranty being 3-years and 36,000 miles, it will mean that the entire warranty will last five years and 60,000 miles. You may not want to use it. Among those who did hop into an extended warranty, 45 percent ended up tapping onto their warranty extension, as per a . The remaining 55 percent did not. The people who bought one and used it experienced the cost of over $375. It's possible that you don't need it at all. Be aware of the history of the car you're planning to purchase by doing your research, including looking at car reviews as suggested by Renee Valdes, senior advice editor at Kelley Blue Book. "If the vehicle boasts a look at it carefully before signing on for an extended warranties," says Valdes. This money could be used instead for. Emergency savings can cover any repair to your car, not just repairs covered under the extended warranty -- as there's not an expiration date. If it's logical to buy an extended vehicle warranty. An extended car warranty can only be used under very specific conditions. Extended warranties might work well for buyers of luxury cars who intend to use their cars for many years beyond the bumper-to bumper and powertrain warranties, Valdes adds. "There's nothing more frustrating than being 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 you're and the manufacturer's warranty has expired, it might be an ideal idea to get onto an extended warranty for your car. Warranty information from the manufacturer can be found on the label on the car's window. If you can afford to purchase a warrantee it could help pay for covered repairs. It's beneficial to find out what the costs is covered in the initial year of owning the vehicle. To avoid expensive repairs, be up-to-date with your car's upkeep. "It's always recommended to be on top of maintenance on your car so that overall repair costs remain low over the timeframe you own the vehicle," says Valdes. The bottom line is that an extended warranty for your vehicle isn't for every person. To see whether an extended warranty is worth the cost make sure you do your research and get some quotes. Find out what repairs your car may need over the next couple of years, and ensure that you're covered by a specific warranty.
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into digestible pieces.
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