Should I buy extended warranty?
Investing in an extended warranty may be a reasonable precaution. If you are considering it, it is crucial to understand its benefits so you can be comfortable with your choice
An extended car warranty is a form of insurance policy to ensure that your vehicle will be repaired after the manufacturer's guarantee has expired.
Every new vehicle is purchased with a manufacturers warranty as part of a standard agreement, depending on the manufacturer. However used cars may come with a free warranty for a limited time, and it may be advantageous to purchase an extension. At Parkland Motors, we offer a free three-month warranty with all of our retail vehicles and the option of an extended warranty to purchase, which can cover your vehicle for up to 3 years
"Should I get an extended warranty?" – The answer to this depends on the type of extended warranty you are considering. For instance, the absolute cheapest option may not be worth it if doesn't cover unpredicted occurrence that majorly affects your vehicle and its components.
Levels of Warranty
Your warranty provider will offer you options for you to choose the level of cover. You are advised to be careful in reading the print to see what will be funded. Nevertheless, a good extended warranty will protect you against the unforeseen failure of significant parts such as the engine, transmission, steering, and electrics.
To determine the items you want to protect, you can choose your level of cover.
It is a significant step to consider the vehicle itself. By pursuing your research with reliability ratings, automotive forums, or listening to the opinions of knowledgeable mechanics and drivers who are familiar with your desired vehicle, you can find out whether the vehicle is notably unreliable. If your new car doesn't have a quality reliability record, you may contemplate on purchasing an extended warranty, either if it's an exclusion warranty with a lower chance for claims to be denied, or if the cost of the warranty isn't prohibitive.
Regarding your personal circumstances, unless your disposable income can cover the costs, you may need an extended warranty to cover the costs if your car needs repair several times within a short period. The safety net of having an extended warranty for your vehicle will be the ability to fund the repairs which may save you money in the long term.
Overall, your decision on whether you should invest in an extended warranty should be dependent on the age, the value of the vehicle concerned, thus, you can determine whether it is worth it or not.