An extended vehicle warranty: it sounds great in theory, but is it actually a smart purchase? In truth, it depends on your circumstances. Should you decide that a warranty is a good fit for you, here are the top benefits you might be able to reap over the coming years.
This is arguably the biggest reason most consumers decide to purchase a warranty with their new vehicle. Without a warranty, once you drive off the lot with your car, any and all unexpected repairs will come straight out of your wallet. The beauty of an extended auto warranty is that those immediate repairs won’t set you back financially because they’ll be covered in most cases. The exact types of repairs that your warranty covers may vary, so it’s important to clarify what will be paid for and what won’t prior to selecting the warranty.
It’s easy to have peace of mind when you know that a breakdown would be handled by the warranty you purchased. Obviously, no one wants to plan for a serious problem with their vehicle, but you can rest easy knowing that you’re covered in the event of a surprise issue. In some ways, you can consider an extended warranty to be an investment in your safety since they will handle the big problems with your vehicle.
Increased Vehicle Value
Because your vehicle’s repairs will be covered, a warranty can actually boost the overall resale value of the vehicle. The warranty is attached to the car, not you, which means it will transfer to the new owner along with the vehicle. When the time comes for you to sell, potential buyers will be tempted by the warranty’s coverage and view it as a bonus benefit that comes with the car. Plus, if you have a warranty, your car will probably stay in better shape for a longer period of time, which can also protect its value over the years.
An extended auto warranty doesn’t always appeal to everyone, but if you decide to invest in one, it can help you pocket extra savings and sleep easy at night during the following years. It’s up to you to decide if that peace of mind and financial security is worth the extra cost.