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Are Extended Warranties Worth It?

Whether you are shopping for a new Chevrolet Impala, or you’re looking for a reliable used vehicle, the option of buying an extended warranty when young apply for financing or get approved for bad credit financing is likely to come up. But are extended warranties worth the extra cost? Depending on your lifestyle and budget, extended warranties are an excellent option for those who are planning on keeping their vehicle for many years and want the extra coverage just in case. Learn more about extended warranties, how they work, and what they cover with the help of the financial experts at Tom Gill Chevrolet.

What is an Extended Warranty?

An extended warranty is an additional plan that you can opt into when you are financing your new or used vehicle that provides additional maintenance coverage once your factory warranty has expired. Warranty plans can vary, and you can tack on extras like towing or roadside assistance. An extended warranty is like an extra safety net; if your powertrain warranty has ended and a major repair is needed, the extended warranty helps cover the cost to have the repairs done.

Extended Warranties for New & Used Vehicles

Extended warranties are suitable for both new and used vehicles, but work differently depending on the condition of the car. Whether you’re looking to add an extended warranty on a new or used car, here are some tips to consider for both:

New Vehicles

When it comes to new vehicles and extended warranties, think about how long you plan on keeping your car. If you don’t plan on having your vehicle in years, then an extended warranty may not be the right option. If you are going to have the car for 10+ years, then an extended warranty is recommended.

Also, make sure you check what the warranty coverage is for the new vehicle you plan on financing.

Used Vehicles

With used vehicles, it comes down to how reliable the car is. Make sure you have it inspected and get estimates on any potential issues. From there, decide whether or not you want to opt-in for an extended warranty. Like with new vehicles, consider how long you’re planning on having that used vehicle before you decide.

Row of new cars

Do I Need an Extended Warranty?

The decision comes down to many factors, like your financial situation and lifestyle. Extended warranties are perfect for those who are worried about breaking their budgets should major issues come up, or repairs are needed. Extended warranties are an extra precaution set in place should unpredictable maintenance problems arise, and they let you have peace of mind while on the road. If you want an added safety net, then an extended warranty is worth it.

Discuss All of Your Financing Options at Tom Gill Chevrolet

If you still don’t know if an extended warranty is a good option, or if you want to calculate your monthly car payments, let Tom Gill Chevrolet help you with any financial inquiries. Contact us or stop by our Florence dealership for more advice or to start the financing process. After exploring extended warranties, you may also be wondering what the difference is between comprehensive vs. collision insurance or how much liability insurance costs. Explore our helpful guides for the answers you need.

New car purchase

 

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