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Why Do You Need an Extended Car Warranty?
3 June

Why Do You Need an Extended Car Warranty?

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Car Loans Canada

Should you have an extended car warranty?

When the warranty on your car runs out, this could very well be when you start having problems. Whether it is Murphy's Law or your car just isn't as durable as you had hoped, you don't want to have to start paying expensive repair bills as soon as your warranty is up.

The good news is that cars these days come with warranties that often last a very long time. The chart below outlines what you can expect to receive when you buy some of today's most popular models. However, no matter what kind of car you buy, you need to know if the original manufacturer warranty will run out once a certain number of years have gone by or once you have driven too many miles.

Warranties on a Few Popular Car Models

Model Warranty Powertrain Roadside Assistance Corrosion
Honda 3/36000 5/60000 None 5/Unlimited
Lexus 4/50000 6/70000 Yes 6/Unlimited
Toyota 3/36000 5/60000 None 5/Unlimited
Jeep 3/36000 5/100000 Yes 3/Unlimited
Mazda 3/36000 5/60000 Yes 5/Unlimited

Unexpected Car Repair Bills are Just That!

If you are like most people, then you don't have a great deal of disposable income or savings. Therefore, an unexpected and perhaps significant expense, as a major car repair, can really be disheartening. This is particularly true if you absolutely must use your car for work or are in an area where public transportation is non-existent. Individuals who depend upon their car absolutely must stay on the road. Further, they will want to avoid the big repair bills that can sometimes come with driving any car, but, in particular, older models.

Considerations When Buying an Extended Warranty

  1. Will repairs to your car end up costing more than the extended warranty would have?
  2. Does the extended warranty contract require that you only use the dealership to service the car?
  3. Are there deductibles to keep in mind?
  4. Are you getting your extended warranty from a respectable company?
  5. Is there fine print you should be aware of?

It is important to keep these 5 considerations in mind. After all, you wouldn't want to pay money for an extended warranty and then have it be voided out because you didn't follow the rules. For example, if you don't maintain your car correctly, you could find out later that your extended warranty won't pay for the repairs you need.

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