Maybe you purchased a new (to you) car because your last one died. Maybe you’ve inherited a used car from a family member or friend. Maybe you declined the used car warranty when you bought it, and are now having second thoughts.
Regardless of the reason, you can definitely get an aftermarket warranty to cover you in case of your worst-case scenario.
But how do you know if you should purchase an aftermarket warranty? How do you know which one is right for you? How do you know if you’re getting a good deal?
Read on for answers to all your burning questions, and for advice on finding the best used car warranty out there.
How to Find the Right Used Car Warranty for You
This depends heavily on your situation. Which sounds like you?
Extending a CPO Warranty
If you’ve purchased a Certified Pre-Owned (or CPO) car, there’s likely already a warranty offer on the table for you. It’s usually in the form of extending a CPO warranty, and this is pretty easy to do.
CPO warranty extensions are easy to get because the cars are checked and double checked to be in great working order. That means the dealer has every confidence you won’t use your warranty too much, so they make extending your CPO warranty easy. It’s cash in the bank for them.
For you, make sure you make an informed choice before pulling the trigger. Many extended CPO warranties won’t make sense due to limitations. For instance, an extended warranty might cover up to six years but end at 80,000 miles. If your used car already has 70,000 miles on it, that’s not a great investment for you.
Say you purchased your used car in an extenuating situation. Maybe you bought it from a friend or inherited it from a grandparent. What options are out there for you to cover your vehicle with a warranty after this sort of purchase?
Aftermarket warranties are a great option for you. Most will require that show records of regular maintenance according to the carmaker’s specifications, but as long as you do that, they’ll cover the rest. Cars Protection Plus is a perfect example of this sort of aftermarket warranty, and their deductible is only $100 per incident.
Is It Worth It?
That depends on how secure you like to feel in your day-to-day.
Many used car owners are scared away by the idea of aftermarket warranties since they believe only factory warranties are legitimate. This couldn’t be further from the truth.
In reality, most of the same companies that service factory warranties sell aftermarket warranties, too. Insurance is insurance. As long as you read the fine print and make sure your warranty makes sense for you, there’s no reason why an aftermarket warranty is going to be any less valuable for you than a factory warranty is to a new car buyer.
Your Used Car
Purchasing a used car is a great way to save some dough since cars depreciate the minute they leave the lot. Don’t shy away from purchasing a used car just because the world of used car warranties is unknown to you.
Now that you’ve read up on how to find the right used car warranty for you, hopefully, you can go forth and cover your car confidently!
Want to learn more about car ownership? Check out our other blog articles for the best tips, tricks, and advice!