Are Extended Warranties Worth It?

Finance Paperwork with Glasses
 

As you know, vehicles develop wear and tear throughout their lives that require maintenance and repairs. If you own a new vehicle or recently bought a used one in the Portland, OR area, it might still be covered by the manufacturer or dealer warranty, meaning you don’t have to pay for repairs and replacement parts covered by the warranty. However, if you’ve had your vehicle for several years and it’s no longer under warranty, you have to pay for expensive car repairs out of your pocket. This is where extended warranties come in. So, are extended warranties worth it? Below, get an answer to the question, “Should I buy extended warranties for my vehicle?”. And feel free to contact us with any questions you might still have about extended warranties.

What is an Extended Warranty?

When you purchase a new vehicle, it’s covered by a warranty with term periods set by mileage and/or years of ownership. An extended warranty continues to provide warranty coverage for your vehicle once the manufacturer and dealer warranty has expired due to time or because you pass the mileage threshold. Extended warranties are extremely beneficial when an expensive repair or replacement, such as an engine or transmission replacement, is necessary. While you might never have to worry about repairs as critical as those, it’s better to have an extended warranty and never need it than to need one and not have it. 

What Else Do Extended Warranties Cover?

Think of warranties as insurance plans, especially in the sense that not all warranties provide the same level of coverage. The type of warranty and the level of coverage your vehicle will need depends on your financial situation, the age of your vehicle, and its condition. Aside from coverage for parts replacements and repairs, warranties also often cover expenses such as:

  • Towing
  • Roadside assistance
  • And more

Should I Buy Extended Warranties? 

Extended warranties are a financial tool to ensure you can repair your vehicle when it needs it, without breaking your budget. Auto repairs typically cost hundreds of dollars and often creep into the thousands of dollars for some repair services. If you’ve had your car for several years or you plan on keeping it for longer than the term of the manufacturer and dealer warranties, you should definitely shop around for the best deal on an extended warranty. 

Discuss All of Your Financing Options at Dick Hannah Jeep in Vancouver

If you’re still stuck on the question, “Should I buy extended warranties for my vehicle,” feel free to reach out to our Longview- and Battle Ground-area finance experts to get more information on warranties and other ways to protect your investment. Also, check out our new vehicle inventory to see our new Jeep in stock – you can apply for financing online if you see something you like, and get approved in a matter of seconds! And don’t forget to ask about the Dick Hannah Jeep Lifetime Limited Warranty!

 

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