When you purchase a new car, it’s common to expect that it will have some minor issues and malfunctions along the way. Even the best manufactured products experience problems after some time and are not free from maintenance issues. In fact, according to a study by Piedmont Capital, the average car warranty lasts about 8 years. For most vehicle manufacturers, the warranty period is about 12 months from the date of purchase.However, these numbers vary depending on several factors like make, model and purchase date. For example, a luxury vehicle like a Lexus may have a longer warranty than a compact one like a Ford Focus. The brand matters most but so does the type of car. There is a wide range of warranty terms offered by different car manufacturers. Some offer a 12-month or 36-month warranty while others offer unlimited mileage and lifetime warranties. However, the average length of an extended automobile warranty is about 8 years or 10,000 miles – depending on the make and model of the car.
What is an extended car warranty?
An extended warranty is a type of service contract that covers repairs or replacements on specific components of a vehicle in the event that they become defective. The coverage period of an extended car warranty usually lasts between 12 and 36 months from the date of purchase. Most extended car warranties cover the engine, transmission, exhaust system, air conditioning unit and other major components of the vehicle. The coverage also extends to the manufacturing defects of these specific parts. For example, an extended car warranty may cover repairs for a faulty engine that’s caused by manufacturing defects.The main goal of an extended car warranty is to protect buyers from unexpected repair costs. With an extended warranty, car owners can avoid unexpected repair costs and focus on enjoying their vehicle. It’s important to note that there are different types of warranties offered by vehicle manufacturers that don’t necessarily fall under the category of an extended warranty. The coverage period of each type of warranty varies depending on the manufacturer.
Which parts are usually included in an extended car warranty?
The main components that are covered by an extended car warranty include the engine, transmission, exhaust system, air conditioning unit, and other major components of the vehicle. The coverage period of each part varies from manufacturer to manufacturer. Some extended car warranties cover repairs for the entire year. Other brands offer a 36-month coverage period. For example, Hyundai offers a 36-month coverage period for the engine while most other car manufacturers offer a 12-month coverage period. The coverage period for the transmission and exhaust system usually varies depending on the make of the vehicle.
Why do we need an extended car warranty?
The average cost of repairs for major components of a vehicle can be very high. If you live in a region with harsh weather and road conditions, your vehicle is likely to get hit with a lot of wear and tear. Moreover, the average car owner drives their vehicle about 12,000 miles per year. This makes it even more likely that your vehicle will experience problems and malfunctions. An extended car warranty can help minimize the financial impact of these problems. If your car requires repairs, an extended warranty can help you save money if you decide to fix the problems yourself. This is because the insurance company will cover the cost of the repairs while the warranty covers the cost of the deductible.
How much does an extended car warranty cost?
The cost of an extended car warranty varies from brand to brand and region to region. The cost of an extended car warranty varies from $900 to $5,000. The cost of an extended car warranty also depends on the make and model of the vehicle as well as the coverage period. The brand with the cheapest extended car warranty is Hyundai. It offers a 36-month coverage period for the engine for only $900. Some extended car warranty providers offer discounts for annual payments. For example, Hyundai offers a free oil change for the first year if you purchase an extended warranty.
Benefits of Having an Extended Car Warranty
An extended car warranty can help you save money on repairs. In the event that your car requires repairs, you can save money by taking it to a repair shop of your choice. The repairs will likely be covered by the warranty, and you don’t have to pay for them. If you decide to repair the vehicle yourself, an extended warranty can help you save money. Since the warranty covers the deductible, you don’t have to pay for the repairs entirely. An extended car warranty can also help you avoid stress during the stressful car-buying process. If you don’t find out about potential problems with the car before you’ve made the purchase, it can be a stressful experience. An extended car warranty can help you avoid this problem by letting you know about potential problems before you make the purchase.
Drawbacks of Having an Extended Car Warranty
An extended car warranty is not a substitute for regular maintenance. It’s important to perform regular maintenance on your car so that it lasts for as long as possible. An extended car warranty will not cover repairs for problems that are due to negligence or lack of maintenance. If you don’t perform regular maintenance, you may end up paying more for repairs in the future.
An extended car warranty is an optional service contract that provides coverage for repairs and replacements on specific components of a vehicle. The coverage period of an extended car warranty varies from brand to brand and region to region. The coverage period of each part varies depending on the make of the vehicle. Extended car warranties help minimize the financial impact of unexpected repair costs by covering repairs and providing protection against the risk of loss.