Are Bumper-to-Bumper Warranties Worth it?
A bumper-to-bumper warranty sounds pretty fantastic. When you buy a new car, you’ll be told about all the great deals, trade-in options, and various packages or trims that are available. They’ll also do their best to convince you that a bumper-to-bumper warranty is the best thing ever. It may sound great, but the reality is that factory warranties come standard and often cover the basics well enough. A bumper-to-bumper warranty is provided by the dealership and is designed to be truly comprehensive. This is definitely a step beyond the factory warranty, but it might not be the golden promise you imagined it to be. The reality is that they don’t last forever. Fortunately, extended vehicle protection plans can pick up the slack and offer the security you need when dealership and factory warranties fall short.
The truth is that a bumper-to-bumper warranty is certainly nice to have while it lasts, but that’s the catch. A shiny new car is only new for so long, and miles do pile up eventually. Time and mileage are inevitable, and this is worth remembering as your vehicle ages or simply gets driven.
Cost and Catch
The cost should be relatively obvious. You only get new-car deals with new vehicles. Otherwise, you’re going to have to consider an aftermarket service contract. While a new car or truck is lovely and wonderful to have, it doesn’t stay new forever. The depreciation is rather rapid, and repair bills actually become more common as your vehicle ages and accrues mileage.
This is perhaps the biggest catch when it comes to a bumper-to-bumper warranty. You have it when you least need it. These warranties typically have severe limitations when it comes to age and mileage. The warranty will likely expire before you pay off the vehicle. If treated well and given the regular maintenance it needs, most vehicles can last well beyond the 100-thousand-mile mark.
If you’re running a business, putting mileage on a work car or truck is easy enough to do. When you want to resell a vehicle, it’s a good idea to have some sort of protection plan in place. This gives you a bonus, since it’s something you can pass on to the next customer. Perhaps even better, protection plans help take care of the expense when a vehicle in your fleet needs repairs. This cuts down on your overhead, and every business leader appreciates that.
A bumper-to-bumper warranty sounds awesome, but it’s not without its limitations and eventual expiration. For older or higher mileage vehicles, protection plans become the new gold standard, especially if they’re offered by a reputable company with an excellent reputation. After all, a protection plan is only as good as the people who back it.
Luckily, there are a variety of protection plans. There’s no one-size-fits-all approach, so you have some options when it comes to choosing what works best for you and your business. Do you have a lot of vehicles with high mileage? There are protection plans that cover up to 150-thousand miles, and other plans that go as high as 200-thousand. Are you trying to secure your older models? A classic protection plan is specifically designed to accommodate vehicles that are over 20 years old.
There’s bound to be a protection plan that suits your specific needs. Contact Freedom Warranty LLC at (877) 249-4186 if you have any questions or need additional details. There’s nothing wrong with bumper-to-bumper warranties, while you have them, but extended vehicle protection plans do more to keep your vehicles running.