Have you decided to buy a car? Regardless of whether it is a new or used car, a warranty is a must-have to offset repair costs, servicing charges, etc. Let us talk about both new and used car warranties – take a look:
New Car Manufacturer Warranty
New car manufacturer warranties helps to simplify the buying process and offers peace of mind that the car will stay in good shape. But auto warranties generally differ from one manufacturer to the next, but some terms are common. Here goes:
- Basic car warranties also known as bumper to bumper, are for a particular number of years that is the general coverage for repair defects in factory-installed components.
- A powertrain or drivetrain warranty involves the parts responsible for moving the car, such as engine, transmission, axles, driveshaft, etc. but usually doesn’t cover hoses, belts, and those parts that experience wear and tear.
- At times manufacturers might offer roadside assistance coverage if you run out of gas, the car breaks down, or you get locked out of your vehicle.
- Batteries often have their own warranty from the manufacturer. When it comes to hybrid vehicles, the battery is part of the emissions system, so the federal regulation for coverage is 8 years or 100,000 miles.
Used Car Third Party Warranty
Most third-party warranties for used cars are extended warranties as the dealer warranty usually runs out by then. This type of warranty helps to maintain a high value for your used vehicle by ensuring it is in good shape. Thus you don’t have to pay exorbitant rates for car repairs.
After the manufacturer's warranty on your car expires, you could end up paying hundreds or even thousands of dollars out of pocket for extensive repairs. Often times, buying a protection plan from a reputable third party provides more affordable and flexible coverage than a dealership. There are many third party options out there and it's critical that you research your options before buying a warranty. Please ensure you buy the most comprehensive coverage at a price you can afford. Keep in mind the following:
- Parts of the car covered by the warranty.
- Period of time of the coverage.
- Mileage restrictions.
- Premiums and deductibles you need to pay.
- Area of coverage – find out if it is nationwide or not.
Never purchase coverage without reading the fine print, regardless of whether it is a manufacturer’s warranty or provided by a third party.
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