All new cars come with a factory warranty. While the warranty is valid, the car owner does not have to worry about mechanical and performance issues. The manufacturer will take responsibility for any problem that may arise. Unfortunately, the factory warranty is only valid for the first few years of a vehicle’s life. Once it expires, the owner must pay for any necessary repairs out of pocket. Considering how expensive repairs can get, buying an extended warranty is the best way to control costs.
Here are three reasons why getting an extended warranty for your car is a great idea.
1. Flexible Pricing and Coverage
An extended warranty keeps your repair costs predictable, so you’ll never have to worry about unexpected bills. And the best part is that you don’t have to get the most expensive plan to see the benefits. There are dozens of auto warranty providers on the market, and some manufacturers offer coverage plans too. Even if you’re on a budget, you can still find an affordable plan with at least basic coverage.
Who offers a better deal: third parties or manufacturers? Answering this question is not easy. It depends on many factors, including the car brand. For example, Toyota is one of the best-selling car brands, so Toyota owners have a lot of options to choose from. How much does a Toyota extended car warranty cost? There are several plans available at different price points, so it’s easy to find an option that works for you.
2. Lower Car Ownership Costs
An auto warranty can pay for itself after just one major repair. Since most cars now incorporate a lot of tech and electronic systems, repairs can be costly. With an extended warranty, you can easily predict your overall costs. Plus, you’ll never have to worry about paying out of pocket. In the long run, an extended warranty can save you a lot of money, which you can use to pay for other things like fuel or car upgrades.
The older your vehicle, or the more you drive, the more burdensome and expensive repairs and maintenance can be. An extended warranty makes everything easier. It’s especially important to get an extended warranty if you own a luxury vehicle because your repair costs will always be higher than average.
3. Higher Resale Value
Even if you don’t plan to keep your car forever, getting an extended warranty is still an excellent idea. An extended warranty demonstrates that the car was well cared for and that there is no reason to suspect hidden problems. This can significantly increase the car’s resale value. In the eyes of a buyer, an extended warranty is a great sign and inspires trust.
There is another benefit to consider: you can transfer an extended warranty to the new owner. Even if you decide to sell your car before your plan expires, you will not lose money. You can sell the warranty along with your vehicle by transferring the rights.
Like car insurance, an auto warranty can save car owners money and help them avoid unnecessary stress. You’ve probably paid a lot for your car, so take the necessary steps to protect your investment.