Why An Extended Factory Car Warranty Can Be A Sign Of Confidence, And What This Means For You

Factory car warranty coverage has been getting plenty of press in recent times, as we have witnessed a quantum leap in the confidence manufacturers display in their vehicles. Although the standard one and three year warranties are still the industry standard, we are now seeing the start of the brave new world in which manufacturers are prepared to back their reliability record with a five year warranty. As you can imagine, this is doing their sales figures no harm at all. If you are considering buying a new vehicle, then these five year warranty offers should be given very serious consideration indeed.

Not every plan, however obvious, will suit everyone, and there are still valid reasons why you may feel that you should stick with the standard one or three year warranty. One of the most obvious examples of this is someone who likes to change their car every year without fail. Although is an expensive way to maintain your motoring life, as depreciation straight out of the showroom will account for much of the loss you have to take on each vehicle, there are those for whom this is well worth it. If you buy a five year warranty vehicle, you will obviously be paying some kind of premium for the warranty.

Having said that, the companies offering the five year warranties are still keeping the prices extremely competitive, which is why they are enjoying such success. Nevertheless, you will still be paying more to cover the warranty which you will never use. This is offset to some degree by the fact that the warranty can be passed on to the new owner, but it will still make more sense to buy a vehicle with less warranty if you know you are going to sell it again in one years time. The other option is the three year warranty, which will still give you something to pass on after one or two years, but which will give you a far greater range of models to choose from.

A factory extended warranty is offered by a dealer, either when you buy your vehicle, or as part of an after sales package. These extended warranties are well worth considering if you are the type of person who likes to buy a car and keep it for a few years, getting comfortable with it. This will be especially so if you use your car as part of your work, or if it is critical in getting you to and from work. The same will apply if there is some special circumstance in your life which will have the same effect, such as a family member who regularly needs to be taken for medical treatment.

When considering a factory extended warranty, you will need to compare it with the equivalent product on offer from competing third party companies. The fact that this is a competitive industry works in the buyer's favor, provided you are prepared to put in your due diligence and necessary research. The major consideration is to decide exactly how much coverage you need, and whether you are prepared to underwrite some of the risk yourself. You will get more flexibility on this with the third party than the factory car warranty.

 

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