Extended warranty for used cars: Do you need it?
Purchasing an automobile is a big financial responsibility. Not only do you have to worry about the purchase cost but also about insurance, warranty, and all other extra costs pertinent to the vehicle’s upkeep. A new car can be an expensive buy, so many people opt for a used car purchase, which is more pocket-friendly. Getting an extended car warranty is an absolute necessity when it comes to buying a car, old or new.
However, understanding and choosing the best extended car warranty for used cars can be tough. To help you, here is an easy explainer guide about extended car warranty for used cars.
Why get a used car warranty?
In case your car needs repairs, an extended warranty can help you get free service, reducing cost through the deductibles you pay to your car warranty administrator. The warranty contract covers only certain types of car repairs. So, ensure that you speak to your administrator about the details of the same.
To help you get a better idea, here are some basic types of warranties that you can skim through.
Types of warranties
Powertrain: This plan includes repairs related to the engine, transmission, and their components. It excludes parts like air conditioners, heaters, and brakes. The powertrain is the most basic extended warranty plan for a used car, as it only covers specific essentials. It is also the most budget-friendly plan available to the customer.
Stated-Component: These kinds of warranties cover the engine, transmission, air conditioners, brakes, and electrical systems of a car. It is a step up from the powertrain plan but not entirely comprehensive. However, it is still pocket-friendly.
Bumper to Bumper: This is similar to the original guarantee that comes by the manufacturer at the time of purchase of a new car. With a bumper-to-bumper warranty for used cars, the company covers pretty much everything. While going through the list of repairs, you will notice that this kind of warranty enlists the excluded parts, as they are fewer than the inclusions. However, for all its coverage, this plan is usually more expensive than the other two warranties mentioned above.
Each warranty administrator might have different plans that include various parts of the car. So ensure to have a detailed conversation to know what works best for you.
Popular extended warranty contractors
Choosing the right warranty administrator is very important, as good and timely service is essential when it comes to car repairs. One of the most important questions to ask is how the administrator will reimburse you when you need repairs done on a part that comes under your warranty plan. Apart from this, you should also know your budget and what extended warranty cost you can bear in addition to the costs of owning a used car.
To help you narrow down your choices, here are some popular companies that provide extended warranties for used cars.
They provide plans for high-mileage used cars along with flexible payment terms, making them a favorable option for used car owners. You can even customize your plan according to your needs and ask for a quote. Thereafter, you can negotiate and settle on a deal that suits your financial needs.
Protect My Car
Apart from warranty plans, they have a reward system that offers shopping and dining discounts to their customers. You can get extended warranties for used cars as old as 13 years too. They also have flexible payment terms making it convenient for customers to choose their mode of payment.
This company not only offers several warranty plans but also lets you can customize an extended warranty plan as per your needs. Carchex also offers extended warranties for used cars with high mileage. Moreover, they have tie-ups with several repair shops, making it easy for customers to reach out to repair shops closest to their location. Furthermore, Carchex provides dependable customer service, making it one of the best choices for an extended warranty for used cars.
Endurance offers several different kinds of plans, covering all types of cars in the market or on the road. Furthermore, they offer discounts for state and federal employees and US military personnel as well. To get a quote, all you need to do is get in touch with their agent, and they will get back to you at the earliest. They also advertise free tire repairs and replacements for their customers, making it a one-stop-shop for all car owners.
Additional things to know about extended warranty for used cars
While buying your extended warranty, you should be aware of the following.
- These warranties do not cover already existing issues. So, a used car needs to be in good condition to be eligible for an extended warranty. Also, a well-maintained used car will help you get an affordable and comprehensive extended warranty.
- Read the contract carefully, especially check and clarify all conditions in the fine print. Make sure the deductibles are what you agreed upon, and the desired car parts are covered in the warranty.
- Cars that are older and have a higher mileage more often than not attract expensive warranties.