All about extended warranties

No doubt you’re familiar with extended warranties when you buy electrical products, and I’ll bet that you always say no. For example I brought a video recorder and DVD player for $100 and was offered an extended warranty for $50! Normally it’s just not worth the extra cost to cover it for longer than the manufacturer would.

Even if you decline the extended warranty on electrical products you may be tempted to pay to cover your car. Your car is worth a lot more than the majority of electrical products you can buy, so why wouldn’t you be tempted?

Well many people are just out to make a quick buck, car sales people and car dealers are no exception. Many people will accept paying extra for an extended warranty, however perhaps when more and more people become aware that this could possibly be a scam (especially at the markup the car dealer charges – up to 100% or more) less people will be convinced.

The majority of new cars that you buy direct from the dealer come with a 3 year warranty, or 36,000 miles whichever comes first. This means the manufacturer is promising that they will put anything right if it goes wrong in the first 3 years, or the first 36,000 miles (whichever comes first).

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An extended warranty will come into effect once the manufacturers warranty has run out, therefore this is normally after 3 years or 36,000 miles.  Extended warranty’s are a very good little money earner for car dealer service garages and so they will try everything to convince you that you need to purchase extra coverage, regardless of if you need it. However the warranty’s that they normally offer are either inadequate, too expensive, or both!

Normally the dealer will rush you into making a decision by telling you that they are unable to offer you this extra cover once you leave the dealer. The dealers are quite clever, they remain polite but are still able to intimidate you so that you think you would be stupid not to take their extended warranty.  And yes, you can always buy an extended warranty after you leave the dealer and, surprisingly, for probably about half the price (just search on Google or Yahoo for extended warranty you will find the source, not middlemen (like car dealers) and save a bundle).