How Purchasing a Vehicle Protection Plan Saves You Money
The purchase of a car is one of the most important financial investments you will make. The body style, performance, gas mileage, comfort and safety are deciding factors in your choice of a car, truck or sport utility vehicle. You also want a vehicle that you expect will last you a long time.
A factory warranty will cover repairs for a limited length of time. The out-of-pocket costs to repair a mechanical or electrical issue can be substantial, especially when your vehicle’s warranty expires. One option that can save you money in the long run is an extended vehicle protection plan.
Warranties typically are from third-party providers that market their products to owners of vehicles well past their warranty date who are looking for some extra coverage. Choosing the best extended vehicle protection plan means doing some research to determine which best fits your needs. Here are a couple of reasons why extended vehicle protection plans are worth the money.
Closing the Repair Gap
Many dealerships offer extended vehicle protection plans as an option to be included in the purchase price of a pre-owned, late-model vehicle. Many buyers are unaware of how close the vehicle factory warranty is to its expiration date. The extended vehicle protection plan closes the gap in repair coverage created by an expired factory warranty.
Even with access to vehicle history reports, the more miles a car has, the more likely a part or electronic system will fail. An extended vehicle protection plan covers your vehicle for tens of thousands of additional miles and months of driving, which means less money in repair costs and peace of mind for the owner during the coverage period.
Is It Worth It?
You may ask yourself at the dealership if an extended vehicle protection plan is worth the money. Cars, trucks and sport utility vehicles are built better and last longer, and some new car warranties cover powertrain repairs for up to 100,000 miles. On the other hand, you can expect to pay more in repairs as your car ages.
Your choice of the best extended vehicle protection plan will depend on your situation. It helps to research your vehicle’s reliability record, and take into consideration your driving habits and annual mileage. You should also research the estimated maintenance cost for your vehicle over time. In the end, your choice of the best extended vehicle protection plan will come down to how it can save your money in future repair costs. Contact Freedom Warranty to learn more!