Extended Warranty? - R-pod Owners Forum (2024)

FAQs

Is it a good idea to buy an extended warranty explain your answer? ›

In general, extended warranties can provide peace of mind and protection for consumers, especially for expensive products such as cars, appliances, or electronics. If the product is likely to require costly repairs, an extended warranty may be a worthwhile investment.

Like most insurance policies, an extended warranty is something you pay for in the hope that you'll never need to use it. For many owners, it's worth paying the price for peace of mind; even if your car is built by a brand renowned for its reliability, there's always a risk that something could go wrong.

Because dealerships profit more from aftermarket sales than from new car sales, they hope to be your primary source for an extended car warranty. Dealers want to make the car buying experience as easy and efficient as possible, so they will try to sell you a warranty based on convenience and accessibility.

Cost – Extended warranties can add a significant amount to the overall cost of your vehicle. Some argue that the money spent on a warranty could be better invested elsewhere. Limited Coverage – Not all repairs are covered by extended warranties.

Like the price of the car, you can negotiate the price of an extended warranty. But even if you can get the price down, you may want to pass on the extended warranty altogether, since they usually cost more than the out-of-pocket cost of repairs.

After getting quotes from the best car warranty companies, we found that extended warranties cost an average of $108 per month with a total average cost of $2,845. Looked at another way, plans cost an average of $848 per year of coverage.

Only 6.3% of people have bought an extended warranty. The repair cost among warranty owners who used their warranty was typically less than the warranty cost. Instead of purchasing an extended warranty, a vehicle owner may make more sense to set aside the money spent on it and use the funds for needed repairs.

The best extended car warranty plans for 2024 come from Endurance, Omega Auto Care, Olive, CarShield and Carchex. Our team evaluated these plans based on their value to customers in terms of coverage plans, prices and service quality.

How long does it take for extended warranty to kick in? ›

In general, an extended warranty can be used following a 30-day or 1,000-mile wait period. Some providers offer alternative waiting periods depending on driving habits, such as 60-day/500-mile or 90-day/200-mile waiting periods, and certain “no-wait” plans exist, but they're exceedingly rare.

When it comes to extended warranties, Ramsey's warnings are spot-on. In most cases, the manufacturer warranty that comes with the products you're purchasing is sufficient to protect you from unexpected issues, and the extended warranty isn't worth the high price you pay for it.

Extended Warranty Benefits:

Save on Repair Costs: Repairs for major components like the engine, gearbox, or electrical components like air conditioning can be high. In these cases, an extended warranty cover is ideal, especially if you frequently use your car for work.

Is a Used Car Warranty Worth It? Used car warranty plans for older vehicles are often worth the cost for drivers, as they can protect you from unexpected and expensive car repair costs. Because of age, used cars are typically at an increased risk for mechanical issues than newer vehicles.

An extended warranty can give you peace of mind knowing that if something goes wrong with your purchase, youwon't have to pay for repairs or replacement out of pocket. An extended warranty can protect you from unexpected repair or replacement costs down the road.