Can I Buy A Warranty For My Used Car [WORK]
The warranty should give specifics on the vehicle service contract and explain who is legally responsible for the repairs. Look over the fine print to get all the details and make sure all of your questions are answered before you buy your vehicle.
can i buy a warranty for my used car
When you purchase a used vehicle, you may have the option to purchase a service contract, also known as an extended warranty. With a service contract, the dealer agrees to perform or pay for certain repairs or services on the car. You can buy the coverage for an extra cost.
Lease a car. If you go this route, your leased car may come with a warranty that covers repairs. In turn, you may not have to worry about being hit with a major unexpected expense. There are pros and cons to leasing a car, but it can be a cost-effective alternative to buying.
There are only six states in the country (New Jersey, New York, New Mexico, Minnesota, Massachusetts, and Connecticut) that have used car lemon laws. These laws provide a required used car warranty that is based on the condition of the car. The dealer will have to repair any problems from the vehicle for a certain amount of time. If the dealer keeps trying to fix problems and nothing is improving, the dealer is required to give you a new vehicle or refund you.
If you are covered by a used car warranty and your vehicle breaks down, you can take it to a licensed repair shop for diagnosis. Your plan provider or administrator will pay the repair shop directly minus your deductible, if repairs are covered under warranty.
An extended used car warranty prolongs your factory warranty to protect your vehicle against covered mechanical breakdowns for a period that lasts longer than the new car limited warranty. While true manufacturer-backed used car warranties can be purchased from the automaker that built your vehicle in many cases or come with the purchase of a CPO used car, most used car extended warranties are vehicle service contracts.
The first thing that needs to be done when transferring a warranty on a used car is to contact either the dealership or warranty company. You need to let them know about the sale of the car or the transfer of the warranty within the first 30 days of owning the vehicle.
The buyer of the car will need to give contact information and documentation, such as receipts, to the dealership or warranty company. Lastly, try to get all the information about the type of warranty that you are transferring. You will want to know the coverage, price, and length of the warranty that is being transferred.
Used car warranty costs vary depending on the provider. While these prices provide an estimate of how much the best coverage could cost, your used car warranty quotes will still vary. Extended car warranty costs depend heavily on factors such as:
Our 2022 extended car warranty survey that polled 1,000 respondents found that about half paid between $1,615 and $3,208 for an extended car warranty. Some providers require you to pay the costs upfront, while others allow you to pay monthly.
To give you a better idea of used car warranty cost, we collected cost information from the five best used car warranty companies. The following chart shows the quotes we received for powertrain plans on a Subaru Outback with 88,000 miles. All plans include a $100 deductible.
Used car warranties can be pricier than vehicle protection plans for new cars. This is because third-party warranty companies weigh age and mileage as factors when providing extended car warranty quotes, which tend to be higher in used cars than new ones.
Many third-party extended warranty providers offer coverage if your factory warranty has already ended. The best used car warranty companies are Endurance, ForeverCar, Olive, CarShield, and CARCHEX based on our analysis of over 50 providers.
Endurance is a direct warranty provider, meaning it handles all claims itself without any middleman involved. The company offers a Select Premier plan specifically designed for drivers with up to 150,000 miles on their car. It provides protection for all vital vehicle components in addition to select air conditioning and electrical components. Plans are available in all states except California.
CarShield plans are some of the longest-lasting in the industry. We found that certain plans will provide coverage up to 300,000 miles. The Platinum plan is the best option for used cars with higher mileage, as 15 major systems are covered including the air conditioning, steering, fuel pump, suspension, brakes, and engine.
CARCHEX is one of the most reputable extended car warranty providers in the industry. The company is one of the best options for older vehicles since it can cover cars up to 250,000 miles. The Gold Plan was designed for used vehicles with over 60,000 miles and covers the powertrain systems (engine and transmission) and items like the brakes, suspension, and steering.
When you buy a used car, make sure to compare all of your warranty options to find the best deal for your situation. Read through each vehicle service contract carefully to understand what type of warranty coverage is offered and what vehicle repairs are excluded.
According to our research, the best car warranty companies for used cars are Endurance, ForeverCar, Olive, CarShield, and CARCHEX. All of these companies offer multiple levels of coverage and have excellent customer service. However, the provider and plan that are best for you will depend on your vehicle, coverage needs, and budget.
The typical new car factory limited warranty lasts 3 years/36,000 miles, meaning the warranty covers repairs related to factory defects for the first three years after purchase or the first 36,000 miles that you drive it, whichever comes first. You can purchase an extended warranty for a used car, which can last for up to 7 years/200,000 miles with some providers.
Expect to pay anywhere from $1,500 to $4,000 for an extended auto warranty depending on your vehicle, coverage level, and contract term. Older vehicles are generally more expensive to cover, since they may have more routine maintenance issues.
The top used car warranty companies offer multiple coverage options. In general, vehicle service contracts cover parts and labor costs should your vehicle experience a mechanical breakdown. Powertrain coverage is the most basic option, while a bumper-to-bumper warranty offers the most extensive auto protection.
Our review process aims to deliver consistent and unbiased assessments of extended auto warranty providers. While there are multiple qualities that make a warranty company successful, our review team focuses on those we believe are the most important for consumers:
One risk of buying a used car is that it may lack some of the warranty protection manufacturers include with new cars. If coverage from the carmaker has expired, you might be looking for the best used car warranty to handle repairs in the event of a breakdown.
A used car warranty offers covered repair and replacement services for a list of parts until the vehicle reaches a certain age or mileage. Items covered under a used car warranty plan depend on the level of coverage you purchase and what level of protection the car already has.
Finding the best used car warranty depends on the needs of the car owner, but there are several types of warranties that service different parts of the vehicle. Here are some common coverage levels offered by independent providers:
To give you a better idea of used car warranty costs, we collected information from the best used car warranty companies. The following table shows quotes we received for powertrain plans for a 2016 Chevrolet Equinox with 90,000 miles. All plans include a $100 deductible.
With over 20 years in the industry, Carchex tops our list as the most reputable extended car warranty company for used cars. It brokers vehicle service contracts from providers and has highly customizable coverage for vehicles of varying ages.
CarShield has a reputation for keeping car warranty costs low. We received an estimate of $89 per month after discounts for Gold plan coverage for a 2016 Chevrolet Equinox. For comparison, we received quotes for monthly payments of over $100 for similar coverage from some other brands.
Before you begin your search for the best coverage, check to see if your vehicle has any pre-existing coverage. When a new car leaves the dealership, it comes with an original warranty that provides bumper-to-bumper and powertrain coverage for a predetermined amount of time or number of miles.
Many automakers also operate certified pre-owned (CPO) programs for cars that meet certain criteria and quality specifications. These usually add more time to the factory warranty or provide similar coverage up to a certain limit.
A used car warranty may not be a good financial choice, depending on a few factors. If the cost of the warranty coverage is more than what it costs to maintain your vehicle, a used car warranty may not be worth it. Also, you may already have warranty coverage if you bought your car from a dealership. Instead, you might want to look into mechanical breakdown insurance, which may be available from your insurance company.
Most dealerships will provide a 30-day factory warranty on a used car. After that initial warranty expires, drivers can purchase a used car warranty through the dealer or an aftermarket warranty from a third-party provider.
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best extended car warranty companies. We collected data on dozens of auto warranty providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list. 041b061a72