More Bang For Your Buck: Used vehicle warranties - NBC12 - WWBT - Richmond, VA News On Your Side

More Bang For Your Buck: Used vehicle warranties

RICHMOND, VA (WWBT) -

A used car warranty is supposed to give you peace of mind in case you need a repair when your car breaks down. How do you know if it's worth the money and if you are getting the coverage you need?
 
It can come as a mixed bag of coverage that oftentimes is hard to understand. You may find yourself asking is it worth it? Here are some options that may help you make the best possible decision.
 
Types of Used Car Warranties:

 
Basic used -  It could be a warranty offered just to help sell a vehicle. You may get a percentage off of parts and labor, but coverage may only last a short amount of time.

Extended length - These service contracts can protect used vehicles up to 100,000 miles. Pay attention to what it covers because some are better than others.

Certified pre-owned - This coverage can also be used on vehicles for up to 100,000 miles. It is for certified pre-owned vehicles and sometimes comes with extras like roadside assistance.
 
No matter what option you consider, make sure you read the fine print.

"Bumper to bumper" coverage may come with so many loopholes that it's almost impossible to get anything fixed!

Here's one more thing to remember: The warranty on paper is only as good as its company, so have it checked out.
 
Executive Director Randy Jones suggests you look for one that is a member of the Alabama Independent Auto Dealers Association.
 
"We look for a warranty company that finds ways to cover the part, not look for ways to not cover it," said Jones.
 
You could consider buying the manufacturer's own extended warranty.

Last but not least, try setting aside money in a savings account for repairs.
 
According to a survey by Consumer Reports, 55 percent of people who bought an extended warranty never used it.
 
If you keep up the maintenance on your vehicle, you may not have to make a lot of costly repairs.

Copyright 2014 WBRC. All rights reserved.

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