Are Extended Warranties Worth It?

Man and Woman Signing Contract
Are extended warranties worth it? Extended warranties are worth it if you intend to keep your vehicle for a long time. If you’re wondering, “Should I buy extended warranties,” first determine how long you want to keep your new or used vehicles. If you’re buying a new car, it will already come with a factory warranty that will protect it for the first five to ten years of ownership or the miles stated on your car’s warranty. If you intend to keep your car for more than ten years, you’ll still own the car when its warranty expires, and an extended warranty protects you from being without coverage. But if you only want to keep your new car for several years and then trade it in for a new model, the factory warranty will be enough.

Extended Warranties for New & Used Vehicles

Answering, “Are extended warranties worth it,” becomes more complicated when you factor in used cars. Although you can opt for an extended warranty on a used model in , they work differently than on new cars. See below for how extended warranties work on new and used vehicles to determine the option that’s right for you.

New Vehicles

Consider how long you want to drive your car. If you plan to make the most of your purchase and keep driving it in as long as it will run, then an extended warranty is a good option for you. New factory warranties last around five to ten years, and when it expires, an extended warranty ensures you’re never without coverage.

Used Vehicles

Deciding if you should buy an extended warranty on a used car depends on the vehicle’s reliability. You don’t want to spend money on an extended warranty only for the car to wear out within a few years! If a used car is in good condition and can log another ten years without a problem, you can consider purchasing an extended warranty. Certified pre-owned vehicles come with their warranty and can have an extended warranty added onto their factory warranty in the same way as a new car.

Do I Need an Extended Warranty?

The decision to buy an extended warranty depends on several factors and ultimately comes down to personal preference. If you want the security of knowing costly repairs will be covered for as long as you own a new or used car from Jackson Family of Dealerships, then an extended warranty is a good choice. But if you only want to own a car for as long as it has its new car smell, an extended warranty may be a waste of money for you. Evaluate what kind of driver you are and how much coverage you want before deciding on buying an extended warranty.

Explore Your Coverage Options at Jackson Family of Dealerships

Jackson Family of Dealerships is here to help drivers understand finance and insurance options to make the right decisions when shopping for a new or used car. Contact a finance officer today to discuss leasing vs. buying a new or used car, liability insurance, and much more.

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