Are Extended Warranties Worth It?

Whether you’re searching for a new sedan, SUV, or truck that you plan to drive for years to come, you’re probably wondering what your options are in terms of extended warranty coverage. Are extended warranties worth it from a financial standpoint? And, is one right for your lifestyle and budget? Ryan Family Dealerships answers your questions below. Read on to learn more about extended warranties and what you can expect when you choose one for a new or used vehicle. 

What is an Extended Warranty?

When you finance a new or used vehicle, you can add an extended warranty coverage as an additional plan. After the factory warranty on your car has expired, the extended warranty will kick in and provide extra maintenance coverage. 

Extended warranty plans vary, but if you choose, you can likely add extras like roadside assistance or towing service. Basically, extended warranty coverage is a backup plan. So, when your car’s major powertrain warranty ends, you’ll have the extended warranty to back you up if a major repair becomes necessary. 

New & Used Cars: Extended Warranty 

You can purchase an extended warranty for a new or used vehicle, although they work differently depending on the car’s condition. Here are a few points to keep in mind, whether you’re considering a new or pre-owned car: 

New Vehicles 

Before you buy a new vehicle, consider how long you intend to keep it. If you’re thinking about getting a new one in under 10 years, an extended warranty may not be necessary for you. However, if you plan on keeping your new vehicle for 10+ years, an extended warranty might be a worthwhile investment. 

Be sure to check what the extended warranty coverage is for the vehicle you’re considering, be it a Honda, Buick, Jeep, or Nissan. 

Used Vehicles

Reliability is a major factor to consider when you’re shopping for a used car. Have the car inspected to identify any possible issues and to determine if the car is worth investing in and insuring. Also, consider how long you plan to keep the car. After the car has been inspected, you can decided whether purchasing extended warranty coverage is beneficial. 

Should I Buy Extended Warranties? 

Your answer comes down to a few factors, such as your driving habits and finances. Extended warranties are great choices for drivers who like to be prepared, and want added coverage for as long as they own their cars. They’re an extra precaution to help protect you and your car should the need for an unexpected repair arise. Our finance teams can answer your questions and help you decide what kind of coverage is right for you. 

Explore Your Financing Options at Ryan Family Dealerships! 

Are you still unsure about whether an extended warranty is worth it? Contact one of our locations today, and we’ll gladly help address any concerns you may have. While you’re here, be sure to browse our finance and insurance information hub, which contains more information about topics like trading in a financed car, improving your credit score, and more