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Does an extended warranty on your car worth the cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing objective and original content, by enabling users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website come from companies who pay us. This compensation may impact how and where products appear on this website, for example the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage and home equity products, as well as other home loan products. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that might be available to you. Aaron Greene/Getty Images

3 min read Published November 28th, 2022.

Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

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Therefore, this compensation may impact how, where and when products appear within listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether a product is available within the area you reside in or is within your personal credit score may also influence the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include information about each credit or financial service or product. A car warranty extension can help you avoid financial strain when your vehicle requires emergency repairs. What is the best way to determine if an extended car warranty worth it? This largely depends on the details of the warranty and your requirements. How much does an extended warranty for your car cost? When it comes to extended warranties for cars, cost is a major aspect. Extended warranties range in price and range from a median of between each year. The cost is contingent on a handful of factors like the service company. What is covered in your current warranty. The make, model , and year of your vehicle. The miles your car travels. Where you live and how much you travel. Costs for replacing parts and labor. Discounts that you qualify for. Other factors that impact the price of an extended car warranty are the amount that you are covered, as well as the extent of coverage and your deductible. The greater your deductible, lower the coverage’s cost. However more deductible you have, the higher the cost. Remember: If you are paying for your extended warranty through an auto loan, you will be paying for not just the warranty, but also interest on the amount. What does an extended warranty include? An extended warranty for your vehicle typically covers unforeseen costly repairs that affect the key systems of the vehicle, such as heating/air, engine, and brakes. The exact coverage you receive will depend on the warranty you purchase and could include parts, labor or both. Certain extended warranties include insurance for roadside assistance, tire replacement, and other expenses related to your vehicle you may experience. Extended car warranty disadvantages the extended warranty of your car could be a great way to save money on the cost of costly repairs however, let’s look at some of the drawbacks that could be associated with purchasing one. Some repairs are not covered. Because an extended car warranty generally matches the brand new car’s warranty. It is also reflective of the limitations like mileage and the repairs that are covered. Check the fine print as well as the exclusions list when determining if the coverage offered is worth the cost. There’s a limit on time. warranty on cars are only valid during the duration that the warranty is extended. For example, it may extend your original warranty by two years and 24,000 miles. If you had an initial warranty of three years and 36,000 miles, that would mean the full warranty is 5 years with 60,000 miles. You may not want to use it. In the case of those who did sign into an extended warranty, 45 percent of them tapped to their warranty’s extended period, according to an . The other 55 percent didn’t. Those who purchased one and used it suffered a net cost of over $375. You might not need it in the first place Be aware of the history of the car you’re planning to purchase by doing your researchand reading reviews of cars and recommendations from Renee Valdes, senior advice editor at Kelley Blue Book. “If the vehicle is advertised as having look at it carefully before signing to an extended warranty,” says Valdes. The money can be put toward instead. The emergency savings fund can cover any repair to your car and not only repairs covered under the extended warranty as there’s not an expiration date. If it’s logical to buy an extended car warranty An extended car warranty is only beneficial in very specific circumstances. Extended warranties can be useful for buyers of luxury cars who intend to use their vehicles for a long time beyond the bumper-to bumper and powertrain warranty, Valdes adds. “There’s nothing more frustrating than being stuck with a big bill for a damaged or broken part on your car that there’s no guarantee to cover the product,” says Valdes. If the manufacturer’s warranty is over then it could be beneficial to sign onto an extended warranty for your car. The manufacturer’s warranty information is on the label on the vehicle’s window. If you are able to purchase a warranty it will help you with the cost of covered repairs. It is helpful to know what will be covered during the first few years after purchasing. To avoid costly repairs, stay in the loop with your vehicle’s maintenance. “It’s always recommended to be on top of car maintenance so your overall repair costs are low for the timeframe you own your car,” says Valdes. The bottom line: An extended warranty on your car isn’t suitable for everyone. To determine whether an extended warranty worth it, do your homework and ask for a quote. Learn about the repairs your car may need over the next couple of years, and ensure that they’re covered under a specific warranty.

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Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances by providing precise, well-researched and informative details that cut complex topics into manageable bites.

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