“My car is running fine so I don’t need a vehicle protection plan.”
That’s the exact time to sign up for an extended warranty. When your car breaks down or starts acting up it is too late and you will not be able to get coverage until the car has been repaired. By getting an auto warranty while your car still runs great you can protect yourself against future breakdowns and mechanical problems that are almost sure to happen.
“I will just wait until next year to get an extended warranty since my
car is only a few years old.”
If you really think an extended warranty is for you the time to buy is now. Think about it. You aren’t doing yourself any favors by waiting. You are only increasing the chances that something will break down while you don’t have protection. Plus, the sooner you buy a warranty the better rate you will get since car’s with higher miles generally cost more to protect. If you buy a 5 year plan now, the cost is locked in and you can start using your protection right away.
“My manufacturer’s warranty just expired and I don’t need another
warranty.”
It’s really your call here, but consider this. Your vehicle is MORE likely to break down after the warranty expires because it has more miles on it and is closer to some kind of mechanical breakdown. If you buy a vehicle protection plan so you can get coverage right after the manufacturer’s warranty expires you will not have to worry about breaking down and having a huge 4 digit amount to pay a mechanic.
“I will be better off by just saving money for car repairs with a
savings account.”
Many people mean well by trying to save a little extra money for car repairs, but the truth is that it rarely ever happens. That money gets used for other things because life happens. But by buying a used car warranty you can protect yourself from the rising cost of car repairs. Since you pay for vehicle protection for the next 5 years or more you can actually save money if you have any car trouble. After all, mechanic’s prices are only going up, and a savings account will not pay enough interest to make up for this.
“All extended car warranties are just scams.”
Yes, there have been some scam companies in the past that have tried to sell car warranty plans, but this does not mean that every company that sells auto warranties is a scam. You can read our article on how to avoid car warranty scams to make sure you are dealing with a reputable company and avoid getting ripped off.
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