The Importance of Extended Warranties on Used Vehicles
Many used vehicles will provide users with years of safe trouble free driving. However, if you are buying a used vehicle, it is always a good idea to have an extended warranty attached to the car. Otherwise, you can potentially run into years of necessary replacements and repairs.
One of the reasons people buy used cars in the first place is to save money. However, if you are locked into a pattern where you constantly pay for expensive repairs on your car, it might actually end up being more expensive than a new car in the long run! Clearly, this situation is something that you should seek to avoid.
Of course, when you buy a new car, it will already have some sort of original warranty. Usually, an original warranty is for 3 years or 36,000 miles. Sometimes cars even come with a 10-year (or 100,000 mile) warranty with bumper-to-bumper coverage. Sometimes when you buy a used car, there will still be some of that original warranty on the car and it can transfer over to you. Therefore, if you are buying a used car that hasn’t exceeded the original warranty, you can still take advantage of it. However, when you buy a used car, you have to also take into account how long you plan to own it. If you plan to own the car for many years after the original warranty has expired, an extended warranty makes a good deal of sense.
When you buy an extended warranty, you create a new service contract to cover your car. The warranty company will then pay for repairs for the amount of time that you designate. When you have unexpected costs come up, you can then rely on the warranty company to cover these expenses.
Of course, due to OMVIC’s regulations, if you buy a car from a certified dealership, they are regulated to tell you about the history of the car. That means that you will already know if the car has had a “shady history” including expensive repairs, accidents, etc. Plus, you can rely on Carproof, which is a Canadian company that provides customers with full vehicle reports. This means that you will be able trace the full records of your car including odometer records, lien data, accident claim data and more. Carproof should give you some valuable insight that you should take into account before you make your purchase.
Keep in mind that even if you do buy an extended warranty, it might not cover everything. For examples, problems with the brake pads are commonly not covered. Be sure that you know exactly what your extended warranty will cover before you make a decision. Also find out whether or not your extended warranty is transferable. After all, if you decide to sell the used car to a third party, extended warranty coverage is a great selling point.
The exact amount that you can expect to pay for your extended warranty will depend, to some extent, on the type of car that you are buying and how many miles are already on that car. However, most consumers find that it ends up benefiting them in the long run. Further, extended warranties provide a peace of mind that you definitely can’t put a price upon.