Have you already parked a newly acquired car in your home or are you making plans to buy one? If so, you probably already evaluated the pros and cons of buying one. But have you thought about the problems you would probably encounter with the warranty? With a pre-owned car, your biggest worry should be the cover left on the vehicle because making a mistake in this area could be financially costly. When there is remaining coverage on the warranty of a used car, you are already covered during that time, all the repairs will be taken care of should the worst happen. Below are some of the things to avoid with used car warranties.
Today, car manufacturers include basic warranty coverage with every make. The details may vary depending on various factors, but they all have a certain window of distance and time allowance. The coverage begins once the vehicle is registered to the first buyer. Understand that the dealership is not the first owner. The warranty covers the replacement and repair costs of almost all components of the vehicle that fail as a result of manufacturer defects. But, how does this apply to used vehicles? First, it is necessary to note that warranties are transferable between owners. It means that if you were to buy a two-year-old vehicle from a private sale or a dealership, you would own the remaining months of basic coverage on the term of the warranty. You would also own minor warranties such as safety restraint and corrosion warranty. When it comes to manufacturer warranty, many buyers do not make this consideration and in the end, spend too much money on repairs and replacements.
Did you know that the manufacturer is not the only source of warranty coverage? If you are buying a used car from a licensed dealership, the dealer must include a warranty as an extra sales incentive. Ensure you get a written guide of any negotiated changes in warranty coverage. If you are offered a vehicle “as is”, ensure the buyer’s guide is checked. If you notice the box is checked, and the dealer promises to repair the car, be sure the promise is clearly written on the guide; otherwise, you may have to finance everything once you walk away without this assurance. With a written warranty, dealers cannot delete the protection.
Never assume that all coverages are the same when buying a used car. Some contracts are very expensive while others are affordable. You must consider the likelihood of repairs, how much they cost, and decide if it all makes sense to you. Depending on what is covered, including the length of the contract, deductibles and prices can vary. In addition to getting a free car while yours is being repaired, some dealers offer free towing services in events of a breakdown.Ignoring the Reliability Record
If the used car you plan to buy does not have a reliability record, you may want to consider a warranty if the following two conditions are met. One, you should at least get an exclusion warranty. This will allow for a more comprehensive cover and lower chances for a claim to be denied. Two, the cost of the warranty should not be prohibitive. This will help you avoid spending too much protecting yourself from problems that may never arise.
A warranty is very important when buying a used car. Understanding what to look out for helps you avoid a warranty that may be unnecessary or one that may not stand behind your car in the event of major problems.