Should I Invest In An Extended Warranty?!
I have to confess, I love a good warranty (lol). There’s no greater feeling than knowing that your major purchase is protected by a good initial warranty and a fabulous extended warranty. This definitely applies to cars. I personally believe that an extended warranty is a wonderful investment when purchasing a car.
Should you purchase it when you first buy the car? If you can afford to buy it at that time, absolutely! You may also save a few dollars by buying it when you first buy the car. The best feeling is in knowing that anything that goes wrong with the car will be covered by the warranty for a lengthy period of time. Life happens and you want protection for your investment. You’re probably thinking the engine and powertrain are already covered on a new car under a separate warranty so why extend the bumper-to-bumper? That’s true! But at the end of your initial bumper-to-bumper warranty, other crucial systems are no longer covered. For example if the electrical system goes, the sunroof stops working or the navigation system dies, the engine/powertrain warranty won’t cover those repairs. Your wallet will!
One great feature about extended warranties is that some auto makers offer the option to keep extending the warranty. I know from family experience that Land Rover, BMW and Mazda allow warranty extensions.
So don’t stress yourself out the day you buy a new car. You have time, do not fall victim to the dealer pressure. All new cars come with some sort of bumper-to-bumper warranty, in most cases its 3 years or 36,000 miles (whichever comes first). Some certified used vehicles also come with a bumper-to-bumper warranty. For example certified pre-owned Toyotas come with a 12 month or 12,000 mile comprehensive warranty. So with your initial bumper-to-bumper warranty you have peace of mind and coverage for at least 3 years on your new car.
Your initial warranty period is the time you need to save the amount needed to extend your warranty without stressing your monthly budget. Be sure to ask your dealership for the specific requirements you need to meet to extend the bumper-to-bumper warranty. For example Land Rover has a mileage requirement as to when you need to bring the vehicle in for inspection before the initial warranty actually expires.
Would you extend your bumper-to-bumper warranty?
Happy driving! See you on the road.
By Kirstin N. Fuller