Vehicle repairs can be pricy, and unexpected repairs can be difficult to budget for, especially if you’re making payments on a car loan. Many Canadian drivers who used to be able to take care of repairs themselves or with the help of car savvy friends and family find that with modern vehicles are becoming more and more automated options like these are often out of their depth.
When you purchase a new vehicle, expensive repairs like these are covered by your factory warranty, but what happens when that warranty expires, or you chose a pre-owned vehicle? That’s why extended warranty is an excellent option to consider when you’re shopping for your next new or used ride. Below we’ll highlight some of the benefits of purchasing an extended warranty for your vehicle.
1. Huge Potential For Savings
While many people claim that car warranties are overpriced, there is no denying that if you run into a serious mechanical problem, a warranty can save you thousands of dollars- Especially on vehicle’s with expensive parts. For example- the average cost of a cylinder head on a 3 Series BMW costs more than $10,000 costing way more than any warranty, where vehicles which are cheaper to repair- the costs add up and make a warranty more than pay for itself.
2. Peace of Mind
The second benefit to opting for a car warranty is that you’re able to have peace of mind. Without a car warranty, it’s always stressful seeing the engine light go on and knowing that this could potentially cost you hundreds, if not thousands of dollars to repair. When you have coverage, you don’t need to stress about seeing an engine light go on or an occasional visit to the mechanic shop.
3. The Extra Perks
Not only are car warranties great for peace of mind and savings, but they commonly also have hidden perks. While this is dependent on the car warranty you buy, many of them come with roadside assistance, rental car reimbursement and towing. This adds a ton of value as you don’t need to pay an additional monthly or annual fee for a roadside assistance company like BCAA. The second perk to car warranties is that unless you buy an extended warranty from the manufacturer, you’re able to get your vehicle repaired at most mechanic shops.
4. Higher Resale Value
The last benefit of opting for a car warranty is that if you decide to sell the car within its warranty period, you’ll be able to get more money for the vehicle. Most car warranties are transferable for a small fee and now the new owner has peace of mind that the car they just bought is covered in case of any potential issues.
In the end, whether or not you decide to buy a car warranty is up to you, but we think these four benefits are well worth the extra cash- especially if it means only a couple extra dollars on your car payment.
Every New and Pre-Owned Vehicle from VI Drives has extended warranty options available.
