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What is you opinion about extended warranties or service contracts for used cars? Thank You

Answers from the Automotive Experts

Patricia Algier , Owner at Valley Dealer Exchange Inc Warranties are complex and each company has different terms. If you can get an extended warranty that is "inclusive" it means it is an extension of the factory warranty and is the best warranty to purchase. Usually it it only available on newer cars with lower miles like 2004 and newer with under 50 K miles. Prices can range from 1000-2500 depending on length of warranty and type of vehicle. If you have a high line car like BMW or Mercedes it will be more. Those are great warranties and well worth the investment. There are other warranties called "Stated coverage" which lists the items that will be covered and those are limited warranties. Depending on the cost and coverage it may still be worth it but it is so important to READ THE FINE PRINT!! All warranties are different. You also want to make sure you can take the car to the mechanic of your choice and that the warranty company pays the mechanic directly rather than you paying for the repair and trying to collect from the warranty company later.

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) Extended Service Contracts can be good if they are backed by a reputable company. it is always best to opt for a Manufacturer Sponsored contract as this is definitely accepted where you get your car serviced. If you are going to keep your vehicle for a long time and there is little warranty left on the used vehicle than consider an ESC. If you trade every 2 to 3 years than you don*t need an ESC. Remember that the price of any ESC is negotiable and you should always try to get the best price you can. You need to think of this as health insurance for your vehicle. If you encounter major repairs you will be glad you have it, if you don*t...well then you are lucky. A transmission or engine repair can quickly get into the 1 or 2 thousand dollar range... The purchase of this type of insurance is very individual, based on the vehicle, the owner, miles driven annually, remainder of original warranty, etc.

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