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:
- You may get a percentage off of parts and labor, but coverage may only last a short amount of time.
- These service contracts can protect used vehicles up to 100,000 miles.
- 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.