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Are Extended Warranties Worth It?

signing contract for a car warranty

Whether you’re in the market for a new Ford car, a rugged Chevrolet pickup truck, a reliable Nissan SUV, or an affordable used vehicle, we have what you need right here at Don Franklin Auto! When purchasing a vehicle, the option of getting an extended warranty will come up. This leaves many Louisville, KY and Somerset, KY-area shoppers wondering, “Are extended warranties worth it and should I buy extended warranties?” We have all of your details about extended warranties, how they work, and what they cover in this handy guide from the financial experts at Don Franklin Auto.


Extended Warranty Details

For new drivers, an extended warranty is an optional plan that you can add on to your financing when you purchase a new or used vehicle. This warranty provides additional maintenance coverage once your factory warranty expires. Each plan is different, but you can add extras like towing or roadside assistance. Think of an extended warranty as a safety net if your major powertrain warranty ends and a major repair pops up. This warranty will cover the cost of repairs.

Extended Warranties: New & Used Vehicles

Whether you purchase a new or used car, extended warranties are available for both. However, they will work differently based on the vehicle’s condition. Below are tips to consider when considering an extended warranty.

New Vehicles

Are extended warranties worth it? When it comes to new vehicles, it depends on how long you plan on keeping your vehicle. If you plan on doing a trade-in in less than 10 years, then an extended warranty may not be worth getting, as many newer vehicles are more reliable than ever before. However, if you plan on keeping your vehicle for more than 10 years, you should consider an extended warranty.

Be sure to take a look at what the warranty coverage is for the new vehicle you plan on financing.

Used Vehicles

With used vehicles, it all about the vehicle’s reliability. Get the vehicle inspected to see if there are any major issues with the vehicle. From there, you can answer the question, “Should I buy extended warranties?” Like with new vehicles, think about how long you plan on having that used vehicle before deciding.

Should I Buy Extended Warranties?

It’s essential to think about your lifestyle and financial situation. Extended warranties are excellent for drivers who are concerned about breaking their budget on expensive service tasks that could come up. Extended warranties serve as an extra precaution if an unexpected maintenance problem arises, giving you extra peace of mind. Don’t hesitate to reach out to our finance department with any questions about extended warranties before visiting our dealership near Russel Springs, KY.

Discuss All of Your Financing Options at Don Franklin Auto

Still wondering, “Are extended warranties worth it,” or “Do you need full coverage on a financed car?” We can answer your questions and help you calculate your monthly car payments. Give us a call to set up an appointment when you’re ready to visit our Lexington showroom.

 

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