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Is a New Car Extended Warranty Worth It?

An extended warranty provides you with added protection once your car’s standard warranty runs out. Many drivers wonder if a new car extended warranty is worth it. Here are three questions to ask yourself before you decide to purchase extra protection.

Is a New Car Extended Warranty Worth It?

The standard factory warranty that comes with your new car is only effective for a limited period of time. After it expires, you will be solely responsible for any maintenance and repair expenses that might arise in the future. An extended warranty for your new car protects you for paying out of pocket for expensive and surprise bills.

Here are three questions to ask yourself to determine whether an extended warranty is worth it:

1. Are you interested in keeping your car for a long time or selling it at some point? 

Apart from covering the maintenance costs, an extended protection plan can increase your car’s resale value if you decide to sell it in the future. In fact, it might even serve as the main selling point that you will need to attract a potential buyer. If you are planning on upgrading cars in a couple of years, an extended warranty might be a worthwhile purchase.

2. Do you have room in your budget to cover surprise expenses?

With an extended car warranty, you are paying for the comfort of knowing you’re covered—you don’t need to worry about surprise major expenses because you are paying into a plan that will cover those costs.

3. What level of risk are you willing to live with?

Your car is not invincible. Eventually, most cars will probably need a major repair. Some people are willing to risk it and pay out of pocket if (and when) their car breaks down. If you’re not interested in taking this risk, an extended warranty might be your best option.

Speaking of surprise expenses, let’s take a look at a few of the most common repair and replacement issues and consider what they cost:

How to Find an Extended Warranty That Suits Your Budget

We’ve compiled a list of the top six extended warranty providers based on experience, Better Business Bureau accreditation, Better Business Bureau rating, whether or not the plan is insured, Better Business Bureau complaints, and endorsements.

Top 6 Extended Warranty Providers:

  1. CARCHEX
  2. Endurance
  3. Concord Auto Protect
  4. AA Auto Protection
  5. AutoAssure
  6. Protect My Car

What Sets CARCHEX Apart?

If you are still wondering, “Is a new car extended warranty worth it?”, then research your plan and provider options. Many people make the mistake of buying coverage without considering what they are signing up for. To avoid this, be sure to work with an industry-recognized professional, like CARCHEX.

Incredible Customer Service

CARCHEX believes in its motto: “Customer Experience Above All.” We have warranty specialists available 24 hours a day, 7 days a week to assist you. We also offer free, no-obligation quotes with a No-Haggle, Low-Price, Everyday Guarantee.™ 

Plan Options For Every Need & Budget

CARCHEX doesn’t believe in a one-size-fits-all approach. We offer a range of protection plans that are designed to fit your exact needs.

CARCHEX Vehicle Protection Plans

CARCHEX Warranty Plan Extra Benefits

CARCHEX also offers benefits that most other warranty companies don’t offer, from 24/7 roadside assistance to towing.

It’s Worth It to Get a Free New Car Extended Warranty Quote

Contact a CARCHEX specialist for a free quote to find out if an extended warranty is worth it to you. Or call 866-261-3457 to find the best extended warranty for your new car.

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Sources:

DMV: https://www.dmv.org/buy-sell/auto-warranty/extended-warranty.php

Autos.com: http://www.autos.com/car-buying/extended-auto-warranty-seven-vital-benefits

CARCHEX 118 Shawan Road, Suite 210 Baltimore, MD 21030 (FL License # E155490)

© 2018 Carchex. All rights reserved.

We proudly offer the CARCHEX No-Haggle, Lowest Price Everyday Guarantee™ for all of our auto warranty and car inspection programs.
Consistent with consumers’ understandings and expectations of the market in which CARCHEX operates, CARCHEX uses the terms “warranty”; “extended warranty”, “extended auto warranty”, “extended service protection plan” and similar terms to describe the more technical term “vehicle service contracts”. For more information, see this FTC link or learn more here or by reviewing CARCHEX’s website.
CARCHEX markets and sells extended warranties on behalf of third party extended warranty providers, and your extended warranty will be between you and the provider. This website site is intended solely for the purpose of providing general information regarding the purchase of extended warranties. Specific contract terms, rates, taxes, fees and other charges are determined upon validation of vehicle information and acceptance by the extended warranty provider, for which CARCHEX is not responsible. Extended warranties may not be sold where prohibited by law.
CARCHEX 118 Shawan Road, Suite 210 Baltimore, MD 21030 (FL License # W469753)
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