Are Extended Warranties Worth It?

Couple looking over paperwork in a dealership

 

Whether you’re interested in purchasing a new or pre-owned vehicle in Farragut, you’ll likely come across the option for purchasing an extended warranty. In the end, are extended warranties with the cost? Learn more about extended warranties and if they’re worth the money with our finance team at Ole Ben Franklin Motors in Knoxville. We can also offer car-buying tips and tricks when you need them.

What is an Extended Warranty?

An extended warranty is an optional plan that you can add onto your vehicle when you’re financing a new or used model. This coverage provides additional maintenance coverage after the factory warranty expires. In short, this is a safety net in the event that your vehicle’s major powertrain warranty has ended, and a major repair is needed for your vehicle.

What Else do Extended Warranties Cover?

Depending on the dealer you buy your vehicle from, these plans can vary. However, many extended warranties include coverage options for the following:

  • Towing
  • Roadside assistance
  • And more

Extended Warranties for New & Used Vehicles

There are extended warranties for both new and used models, but keep in mind that they work differently depending on the condition of the vehicle. Here are a few tips for both:

New Vehicles

If you’re thinking about opting for an extended warranty with a new vehicle, you’ll want to consider a few factors:

  • Do you plan on swapping out your vehicle in the next 10 years? If so, then you may not need an extended warranty, as vehicles are built to be more reliable than they were in the past. 
  • If you’re planning on keeping your vehicle for more than 10 years, then an extended warranty can definitely be worth the investment. 
  • It’s also worth checking to see what the insurance coverage is included with your new vehicle purchase. 

Used Vehicles

Interested in a used vehicle extended warranty? Consider the following before you get this coverage:

  • Have the vehicle inspected, and get an estimate for repairing any issues. 
  • Decide how long you plan to keep the vehicle. 

Do I Need an Extended Warranty?

In short, no. However, if you’re worried about breaking your budget with expensive repairs should a major issue arise, then an extended warranty is a good idea. This is simply an extra precaution to give you added peace of mind while cruising off to Seymour and beyond.

Discuss All of Your Financing Options at Ole Ben Franklin Motors

Not completely sure about choosing an extended warranty? No problem. Our finance team is here to help you find the coverage you need in Sevierville. Learn more with our finance team when you contact us with any questions.

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