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Research When Is an Extended Car Warranty Worth It?

21:52  07 january  2018
21:52  07 january  2018 Source:   consumerreports.org

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Is it worth it ? "You might be tempted to roll the cost of an extended warranty into your new car purchase, but that means you're paying up front—including interest—for a service you won't use for years," says CR auto analyst Mel Yu.

Consumer Reports has discouraged consumers from purchasing an extended warranty for a number of products, including cars . Why? It ’s rare that the premium you pay will equal the amount of a paid repair claim down the line.

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My car salesman was pushing me to buy an extended warranty because I put a lot of miles on my car per year. Is it worth it?

"You might be tempted to roll the cost of an extended warranty into your new car purchase, but that means you're paying up front—including interest—for a service you won't use for years," says CR auto analyst Mel Yu.

Yu recommends waiting until your car is near the end of its original warranty and then shopping around for a factory-backed extended warranty if you still want one. By then, you'll know how reliable the car is and how much repairs cost. (Check our new-car reliability ratings.) In our 2013 survey, many car owners told us that they wound up spending more on the extended warranty than they would have to fix it during the coverage period. Get quotes from several dealers, not just the one you bought your car from, and don't be afraid to haggle.

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When you buy a new or used car you're often given the option to purchase an extended warranty . Is this extended warranty for your car worth it ? The Auto Man

My car salesman was pushing me to buy an extended warranty because I put a lot of miles on my car per year. Is it worth it ? "You might be tempted to roll the cost of an extended warranty into

For more, watch our video below, and check "Extended Car Warranties: An Expensive Gamble."

Editors Note: This article also appeared in the February 2018 issue of Consumer Reports magazine.

Consumer Reports is an independent, nonprofit organization that works side by side with consumers to create a fairer, safer, and healthier world. CR does not endorse products or services, and does not accept advertising. Copyright © 2017, Consumer Reports, Inc.

Here Is Why You Shouldn’t Expect A Big Discount On A Used Car .
The internet has changed the way cars are bought and sold. It’s now a lot easier to figure out who has the best deal on a new car, but used cars are more complex. A lot of buyers get frustrated when they run into walls asking for large discounts on used cars. Here’s why that happens. I’ve mentioned in several previous articles that used car shopping is more about finding the best overall value on the market rather than focusing on the largest discount off the asking price.

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