How Sensible Is An Aftermarket Car Warranty For An Older Vehicle?

There are many things to consider before you search for a warranty to cover an older vehicle. The BuyingAdvice team has gathered a few guidelines to help you decide if you need an aftermarket auto warranty.

Do You Need An Extended Warranty?

Avoid paying for an extra warranty when you are already covered. The standard was once three years or 36,000 miles, but stiff competition in the auto business has resulted in longer warranty periods. Many luxury manufacturers offer four years or 50,000 miles, or even more. Hyundai offers a five year, 60,000 mile limited warranty and a 10-year, 100,000 mile power train warranty standard. Many second owners will still be covered by a warranty that lasts that long.

Are You Eligible?

Most companies will not insure a car that has 100,000 miles or more. And most will require you to have the car inspected by a mechanic before a warranty is purchased. Though, some companies do not require this.

Is It Cost Efficient?

This is the big question. The older your car is, the more you’ll have to pay for a warranty. If you can afford paying for minor car repairs, you can dismiss the warranty. Bear in mind; however, that a broken air-conditioner or a serious repair can cost thousands of dollars. With a warranty, you can have peace of mind.

Where To Buy?

When it comes to warranties, shopping is everything. Rates can vary a lot between providers. Dealerships are typically going to offer the worst rates. In fact, you can often expect at least a 100 percent markup if you buy from a dealer. Third party agencies like Warranty Direct cut out the middleman and are usually more affordable.

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