What you need to know about used car warranties - NBC12 - WWBT - Richmond, VA News On Your Side

What you need to know about used car warranties

Used car warranties can come as a mixed bag of coverage that oftentimes is hard to understand. Used car warranties can come as a mixed bag of coverage that oftentimes is hard to understand.
RICHMOND, VA (WWBT) - Used car warranties can come as a mixed bag of coverage that oftentimes is hard to understand. You may find yourself asking, is it worth it?

Here's the breakdown on the most common types warranties:

Basic used - 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.

Certified pre-owned - This coverage 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.

"If I buy a warranty, if the company is not any good, not going to fix it, then that warranty is not any good," said Randy Jones, executive director for the Alabama Independent Automobile Dealers Association.

Auto industry experts suggest you look for one that is a member of the Virginia 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. The reality? 55 percent of people who bought an extended warranty never used it, according to a survey by Consumer Reports.

Keep in mind, the better you are about routine maintenance, the less your car will need these costly repairs. Even a certified car could have issues, so it's always worth the money to pay your mechanic to inspect it before you buy - which the dealership should be able to fix.

Copyright 2014 WWBT NBC12. All rights reserved

  • More Bang for Your BuckMore Bang for Your BuckMore>>

  • Post-holiday deals: What's on sale in January

    Post-holiday deals: What's on sale in January

    Friday, January 5 2018 4:36 PM EST2018-01-05 21:36:28 GMT
    Source: NBC12Source: NBC12

    The holidays are behind us, but the sales are not. These products will have the biggest price drop during the month of January.

    More >>

    The holidays are behind us, but the sales are not. These products will have the biggest price drop during the month of January.

    More >>
  • Are you a 'yo-yo debtor'?

    Are you a 'yo-yo debtor'?

    Friday, December 1 2017 2:30 PM EST2017-12-01 19:30:39 GMT
    Source: NBC12Source: NBC12

    You’ve heard of yo-yo dieters, people who lose weight just to gain it back, then start the dieting cycle again. Experts now warn the same type of up and down cycles are happening with too many people’s credit cards.

    More >>

    You’ve heard of yo-yo dieters, people who lose weight just to gain it back, then start the dieting cycle again. Experts now warn the same type of up and down cycles are happening with too many people’s credit cards.

    More >>
  • Deal Diva: How to master online discounts

    Deal Diva: How to master online discounts

    Wednesday, November 29 2017 11:26 AM EST2017-11-29 16:26:12 GMT
    Learn how to master online shopping discounts.Learn how to master online shopping discounts.

    Just because Black Friday has come and gone, doesn't mean the online deals are over just yet.  You really don't have settle for full price when shopping online, there are a few tricks and hacks to help you save online, not just during the holidays, but year-round.  

    More >>

    Just because Black Friday has come and gone, doesn't mean the online deals are over just yet.  You really don't have settle for full price when shopping online, there are a few tricks and hacks to help you save online, not just during the holidays, but year-round.  

    More >>
Powered by Frankly