For a little peace of mind, car owners will often consider an extended warranty when purchasing a new or used car. There’s no doubt that vehicle repairs can be expensive, often times running into thousands of dollars for major repairs. Is an extended vehicle warranty a good value or an unneeded expense? This article looks at the car owner’s perception of an extended warranty and the reality when a vehicle’s taken in for repairs.
The Value of an Extended Auto Warranty
An extended warranty on a vehicle is like an insurance policy for auto repair. Like an insurance policy, the car owner is gambling that future vehicle repairs will cost more than the warranty they purchased. In actuality, the odds are not in the favor of the car owner.
With the exception of factory extended warranties, independent warranty companies usually pay full retail price for repairs. If repairs exceed the cost of the policy in the majority of cases, the warranty companies wouldn’t realize a profit. Since vehicle repairs don’t usually exceed the cost of a policy, in the majority of cases an extended vehicle warranty is not a good value.
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