The Implications Of The 5 Year Extended Warranty, And How They Should Affect Your Buying Habits

A 5 year extended warranty was a dream for far too long, but manufacturers have now woken up to the fact that this is one of the absolute best ways to gain an advantage over the competition. Although people love the freedom of driving cars, they don't love the lack of freedom involved in having to maintain them. When car trouble occurs at a most inopportune time, it can have other consequences besides simply resulting in high bills. Many people use their vehicles as part of their work, and even those who don't often rely on them as a means of getting to and from their work.

Still other people need them for important family reasons. If you have children, you must necessarily be concerned about their safety on the streets. If you have disabled, elderly, or infirm parents or other family members, you will also feel that a car is necessary to transport them. There is no substitute for having the peace of mind that an official warranty gives you. Although it is possible to extend a warranty, either through the dealer or a third party, the coverage will never be as comprehensive as the original coverage you get with the manufacturer's policy.

If you are looking to buy a new car at any time in the near future, you would be well advised to choose a model which will come with a five year extended warranty. Although the initial reaction may be that you will pay a high premium in price for this, it has not really worked out this way. The critical factor, of course, is the reliability of the make itself. Certainly, a manufacturer without a first class record in producing reliable vehicles would be committing financial suicide if they were to offer five year warranties. Because of the high reliability rate of the models which are covered, especially in the years between three and five years old, the manufacturer can take the financial risk of the extended warranty.

As you would expect, the vehicles which are covered by such a warranty have proven extremely popular. This is another reason why the price has been kept low. If you are selling a higher volume of vehicles, you can afford to take a smaller profit per unit sold. In this case, it is more important to make a huge impact on the market, gaining recognition and prestige at the expense of the manufacturers who are unable or unwilling to match you, and putting your brand at the forefront of the industry.

If you are not in the market for a new vehicle, maybe because you have just bought one, you may be wondering whether you can achieve the same effect by adding insurance cover to what you already have. The answer in most, if not all, cases will be no. Although it is perfectly possible to extend a warranty, or to take out a service contract after a warranty, the amount of coverage you enjoy will never be the same as if you were still under the terms of the original warranty. This is one of the major reasons why it is hoped that other manufacturers will begin offering their own five year extended warranty.

 

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