Is an extended car warranty worth the cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies who pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other products for home loans. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not cover the universe of companies or financial deals that might be available to you. Aaron Greene/Getty Images

3 minutes read. Published November 28th, 2022.

Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances through providing concise, well-studied information that breaks down complex subjects into bite-sized pieces. The Bankrate guarantee

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You have money questions. Bankrate has the answers. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools needed to make it through life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and precise. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial decisions. The content created by our editorial staff is truthful, impartial and uninfluenced by our advertisers. We're transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. So, this compensation can affect the way, location and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own website rules and whether a product is available in your region or within your self-selected credit score range can also impact the way and place products are listed on this site. We strive to offer an array of offers, Bankrate does not include information about every credit or financial product or service. A longer-term car warranty could protect you from financial stress if your car requires emergency repairs. However, is an extended car warranty worth the cost? This largely depends on the specifics of the warranty and your needs. How much does an extended car warranty cost? When it comes to extended warranties for cars price is the primary aspect. Extended warranties vary in cost in a range of $0 to $1000 every year. The cost is contingent on several factors like: The supplier. What's covered under your current warranty. The make, model and year of your car. The mileage of your car. Where you live and how much you travel. The cost of replacing parts and labor. Discounts that you qualify for. Other aspects that affect the price of an extended car warranty include the extent and coverage offered, level of coverage and the deductible. The higher your deductible, the lower the coverage's cost. However less your deductible is, the greater your premium. Keep in mind that if you purchase your extended warranty through an auto loan it will mean that you are paying for not just the warranty but also for interest on that amount. What exactly does an extended warranty include? An extended warranty on your vehicle usually covers unexpected costly repairs to important systems in the vehicle, including heating/air, engine, and brakes. Your exact coverage will depend on the warranty you purchase and could include either labor or parts. Some extended warranties offer optional coverage for roadside assistance, tires , and any other costs related to the vehicle that you could experience. The drawbacks of extended car warranties While the extended warranty of your car could possibly help you save the cost of costly repairs but let's look at the negatives you might encounter when purchasing one. Some repairs are not covered. because an extended warranty typically matches the new car's warranty. It also reflects the limitations including mileage, and the repairs that are covered. Check the fine print and the exclusions list when determining if the coverage offered is worth the price. There's a limit on time. warranty on cars are only valid for the period in the extension of warranty. For instance, it might extend your original warranty by the amount of two years, 24,000 miles. If you began with the warranty being one year and 36,000 miles, it will mean that the entire warranty lasts five years and 60,000 miles. You might not use it In the case of those who did sign on an extended warranty only 45 percent of them tapped onto their warranty extension, as per an . The other 55 percent didn't. The people who bought one and used it suffered an overall cost of over $375. You might not need it at all. Know the track record of the vehicle you want to buy by conducting your own research, which includes reading reviews of cars, recommends Renee Valdes, senior advice editor at Kelley Blue Book. "If the car is marketed as having a look at it carefully before signing on for an extended warranties," says Valdes. This money could be used instead for. Savings for emergencies can be used to pay for any car repair, not just repairs which are covered under the extended warranty -- and there's no expiration date. When it makes sense to buy an extended car warranty, an extended warranty can only be used in very specific circumstances. Extended warranties can be useful for those who intend to use their cars for many years beyond bumper-to-bumper and powertrain warranty, Valdes adds. "There's nothing more frustrating than being stuck with a big bill for a damaged or broken part on your car that there's no warranty that covers the item," says Valdes. If you're and the manufacturer's warranty is over, it might be beneficial to sign onto an extended warranty for your car. Manufacturer warranting information is on the sticker tag on the car's windows. If you're able to buy a warranty, it can help with the cost of covered repairs. It is helpful to know what is covered in the initial years of ownership. And to reduce instances of expensive repairs, be on top of your car's maintenance. "It's always recommended to be on top of maintenance on your car so that overall repair costs are low for the duration of your ownership of your car," says Valdes. The bottom line: An extended warranty for your vehicle isn't an option for every person. To see whether an extended warranty is worth it make sure you do your research and get some quotes. Learn about the repairs your vehicle may require in the coming years and make sure they're covered under a particular warranty.

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Written by the writer who contributes to the project. Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched and informative information that breaks down otherwise complex topics into manageable bites.

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