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The Bottom Line in Extended Warranty Purchases

Ultimately, as with everything else in this world, the purchase of an extended warranty means that you get what you pay for. This does not necessarily mean that the most expensive extended warranties are the best. Many of both the inexpensive and expensive variety do not have the necessary cover that is required. It is all a matter of reading the fine print, understanding what needs to be covered and making your selection based on an educated opinion.

The consumer has to be confident that an extended warranty product will cover as many eventualities as is possible.  It is important to remember that it is less expensive to purchase an extended warranty while the vehicle is still covered by the manufacturers guarantee. The Manufacturers guarantee generally encompasses a 3 year or 36 000 mile bumper to bumper protection. In most cases these offer sufficient protection, however if you are planning to keep the vehicle for longer than three years and know that you travel more than 12 000 miles in a year, an extended warranty product will offer extra security.

Thinking of the extended warranty as a security blanket to avoid paying for a large repair bill in the future some time is a good way of thinking. And this is particularly true for the owners of foreign cars. The parts for foreign cars are twice as expensive as those manufactured domestically. However with domestically manufactured vehicles, it is also important to consider that upwards of 30% of vehicle owners are investing in extended warranty products.

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