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Are Extended Warranties Worth It?

Dealership Finance Professional signing documents
 

From new to used options, many vehicles at DeYarman Automotive Group include a warranty plan right off the bat. So, should I buy extended warranties or just rely on my original coverage? Are extended warranties worth it? Many shoppers find that the added peace of mind from an extended warranty plan is well worth the minor investment, but the decision is ultimately up to you. Learn more from our experts at DeYarman Automotive Group as we explore the question, “Are extended warranties worth it?”

 

 

What is an Extended Warranty?

An extended warranty plan extends your original warranty past its expiration date. While the original warranty is included in the cost of your vehicle, the extended warranty is an optional plan that you can add. However, it’s a great option for those who intend to keep their vehicles for a long period of time. This coverage can help protect you against costly bills, including everything from powertrain problems to roadside assistance to towing costs.

Extended Warranties for New & Used Vehicles

Many shoppers are surprised to hear that extended warranties are offered for both new and used vehicles. Here are some things to keep in mind when deciding, “Should I buy extended warranties?”

New Vehicles

  • Do you like to upgrade cars frequently? If you only plan to keep your car for a couple of years, you might be covered under the original warranty. 
  • Do you prefer to hang onto your vehicle for a long time? If you want to keep your car for 10 years or so, an extended warranty is a great idea.
  • Do you know the terms of your current insurance and warranty coverage? It’s important to take a look at what you can expect, so you know whether or not to supplement coverage.

Used Vehicles

  • What’s the current condition of the car? Consider having the vehicle inspected to see whether you can expect problems down the road.
  • What’s your budget for car repairs? Based on your vehicle inspection, you’ll have a better idea of whether repairs will be needed in the immediate future.
  • How long do you want to keep your car? If you want to keep your car for a longer period of time, the value of your extended warranty increases.

Do I Need an Extended Warranty? 

In short, extended warranties offer peace of mind from costly car repairs down the road. These plans offer extra precautions against unexpected services, maintenance problems, or other unpredictable circumstances that might land you in financial trouble. For many shoppers, the relief of an extended warranty plan is worth the up-front costs.

Explore Financing Options at DeYarman Automotive Group

Still not sure whether an extended warranty is for you? Don’t hesitate to reach out to us at DeYarman Automotive Group. Contact us online with your questions or just stop by our dealership in Knoxville. We’d love to run through your options in person at our finance department!

 

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