Can I Buy An Extended Warranty After Purchase PATCHED
Buying a new or used car involves lots of decisions. What color do you want? How will you finance your purchase? Should you buy an extended warranty? An extended warranty can give you peace of mind after buying a new or used car, but these agreements have their limits and aren't always worth the cost. Learn how extended warranties work, when you may want one and other ways to cover the cost of car repairs.
can i buy an extended warranty after purchase
You can buy extended warranties from auto dealers, vehicle manufacturers and independent companies. Dealers often suggest purchasing an extended warranty when you buy a car, but you can buy one at any time.
The cost of extended warranties varies depending on coverage, warranty length, the vehicle's predicted reliability and other factors. Warranty companies aren't regulated the way insurance companies are, so there are no restrictions on what they can charge. A recent survey reports the median price of an extended warranty was $2,458, but prices ranged from $1,615 to $3,208.
It's generally best not to buy an extended warranty at the time you buy a car, since you won't use it for several years. Wait until the manufacturer's warranty is nearing expiration or the deadline to purchase coverage is approaching.
Similar to an extended warranty, car repair insurance covers mechanical breakdowns and repairs that car insurance doesn't pay for. Car repair insurance is usually limited to newer cars, so it's not an option for everyone. However, it generally costs less than an extended warranty.
Rather than purchase an extended warranty, your money might be better spent paying a bit more for a car whose predicted reliability is better than average. (Consumer Reports and J.D. Power are good sources of reliability data.) Then follow manufacturer recommendations for regular maintenance to keep your car in good shape.
You can also purchase an extended warranty for your vehicle which ensures coverage beyond the manufacturer's warranty period. Manufacturers offer in-house extended warranty programs but in most cases, the extended warranty needs to be purchased before the factory warranty ends. But what if you want to buy an extended warranty after the fact? Here's a guide to help you choose the best protection for your vehicle after your factory warranty expires.
The average cost of an extended warranty can range between $1,600 to $4,500. There are also deductible charges per visit that usually can go as high as $100. Certain brands do offer Zero-deductible plans but the most important point is that quoted prices aren't final, there's always room for negotiation so research and refer to different agencies/providers to get the best possible deal.
Yes, you can always purchase an extended warranty after your manufacturer's warranty ends. Though most modern automakers have a clause that requires car owners to enroll in an extended warranty program before the manufacturer's warranty program ends.
If you insist on having an extended warranty from the manufacturer, we suggest enrolling for one right before the end of your factory warranty coverage to ensure that there isn't a gap in your coverage. You can always buy an extended warranty when you purchase the vehicle but this means you'll end up paying interest on a warranty that you won't be able to claim in the near future. However, if it is a bundled deal that allows for extra savings, then go for it.
However, if you want to have the option of opting for an extended warranty at any point, then a third-party extended warranty is the way to go. Most companies will offer you coverage at any point in your ownership and even provide extended warranties on a used car, as long as your vehicle lies within the guidelines of the company. One of the best options is CarShield.
CarShield is one of the top warranty providers in the industry that offers some of the most affordable packages and most importantly covers all vehicles with less than 300,000 miles on the odometer which is a huge plus for anyone who wants to buy an extended warranty at a later stage in their ownership. With monthly contracts starting from as low as $89 and discounts on multi-car coverage, CarShield truly is a value for money proposition. Other key benefits offered by them include:
Olive is one of the newest players in the business, apart from extended warranty plans, it also offers mechanical breakdown insurance in California. It has also secured some of the best consumer ratings courtesy of its top-notch service and a wide range of plans that deliver timely resolution of claims.
They offer coverage for cars with up to 250,000 miles which makes them a great choice for people who plan to purchase a warranty for their heavily used vehicles. They offer a wide range of policies some of which offer industry-leading claim filing processes. With an A+ rating from the Better Business Bureau, CARCHEX should be on your list when shopping for an extended warranty.
But just as you've breathed a sigh of relief, you realize that you are walking into the finance and insurance (F&I) office to sign the contract. Once inside that room, the F&I manager will likely offer you things such as paint protection, prepaid maintenance plans, theft-recovery systems and a road-hazard warranty for your tires. But one of the priciest products offered will likely be the extended car warranty.
It is important to note that you have the option to purchase this auto warranty any time before the manufacturer warranty expires. You can even purchase an extended warranty after the manufacturer warranty expires, although the price will go up considerably.
You might already have asked the five questions that should precede the conclusion of a new car deal. But now it is time to ask yourself five extended car warranty questions. They'll help you decide whether this vehicle service contract is worth it, and they'll help you get the best price.
Before we get to the questions you should answer for yourself, here's one you'll hear from the finance manager: "Do you plan on keeping this car for a long time?" It's a common question, and it's worth your consideration. Do you get tired of a car by its third year? If so, paying for an extended car warranty doesn't make much sense since the manufacturer's warranty will still likely be in effect. But if you are someone who drives a vehicle until the wheels fall off, the extended car warranty might be worth considering. But how long you'll keep the vehicle isn't the only consideration. Here are five questions to think through before you decide.
Many dealerships offer third-party warranties from companies with varying track records. If you are going to purchase an extended car warranty, make sure it is backed by the automaker, not just the dealership or some other company. You can use a manufacturer-backed extended warranty at any dealership across the country. A third-party vehicle service contract might be good only at the dealership that sold it to you.
It's unlikely that an F&I manager will be willing to let you shop around on your phone while you're sitting at his or her desk with a pile of purchase paperwork between the two of you. This research is best done before you go to the dealer to finalize your auto purchase. If buying the vehicle is already a financial handful, you can shop for a better price on the extended auto warranty after the sale. Here's how to do that.
The F&I manager at the dealership at which you're buying the vehicle might say that the price of the extended car warranty is not negotiable. That might not actually be the case. If you check with other dealers, you'll find that some of them do have a lower asking price for the same product. Or they might be more willing to negotiate.
The only benefit to getting an extended auto warranty as you purchase a vehicle is the ability to wrap the warranty's cost into your financing. But unless you've shopped in advance and can negotiate a lower price for the extended warranty on the spot, this route could cost you more in the long run.
You also can add up how much you have spent on out-of-warranty repairs in the past and compare the total to the warranty's price. For example, if you've paid $500 for repairs that occurred out of warranty, weigh that against the cost of the extended warranty.
Some F&I managers can make you feel that saying no to the extended warranty is like playing Russian roulette with your vehicle. You never know when that costly repair bullet might strike. But new cars are more reliable than ever. And the data seems to indicate that most people might not need an extended warranty.
No matter what advice comes their way, some people simply aren't willing to take chances or prefer the convenience of an extended warranty. They're more comfortable knowing that any major repairs will be taken care of. There's nothing wrong with that. If you're a belt-and-suspenders person, just make sure you ask the right questions before you buy an extended warranty.
Learning more about the types of coverage you can get with a new or used vehicle and the differences between warranty providers can help you decide whether or not you should buy an extended auto warranty.
Back to the original question, the short answer is yes, getting an extended warranty is a smart choice for car owners. The longer answer, however, depends on who you are, what you drive, and how much you have saved for unexpected car repair costs.
With a trusted provider like Endurance, you can get peace of mind knowing your warranty covers you from expensive and inexpensive repairs and breakdowns. Plus, there are numerous different coverage options that you can purchase, so make sure that the level of coverage you choose will fit your needs and budget. But what kind of coverage is best for you?
Yes, you can get a warranty on a used car after purchasing the vehicle if you get the warranty from a third-party extended warranty company. Extended warranty companies like Carchex, Toco Warranty, and autopom! offer used car warranties for previously purchased cars that meet age and mileage eligibility requirements. On the other hand, most dealerships only sell used car warranties on the day you buy the vehicle. 041b061a72