Are Extended Warranties Worth It?

2019 Chevrolet Equinox

No matter if you’re currently shopping for a new Chevy Equinox or you’re interested in a reliable pre-owned Chevy Cruze, you’re bound to come across the option to purchase an extended warranty. But are extended warranties worth the extra cost? This depends on your lifestyle and budget. Extended warranties are a great choice for drivers that plan to keep their vehicle for many years and want the extra coverage just in case, but for those who plan to upgrade their vehicle within a few years, this might not be the best option. Learn more about extended warranties, how they work, and what they cover with the help of the financial experts at Cornerstone Chevrolet.

 

What is an Extended Warranty?

An extended warranty is additional coverage you can opt for when financing your new or used vehicle. This plan provides additional maintenance coverage once the factory warranty has expired. Each plan varies, but if applicable, you can tack on extra coverage such as for towing or roadside assistance. Think of an extended warranty as an additional safety net; in the event that your major powertrain warranty has ended and a major repair crops up, an extended warranty will help cover the cost to have that repaired.

Extended Warranties for New & Used Vehicles

New Vehicles

When it comes to new vehicles and extended warranties, you should consider how long you plan on keeping the vehicle. If you are thinking about swapping vehicles in under 10 years, then an extended warranty may not be right for you, since many modern vehicles are highly reliable. If you do plan on keeping the vehicle for 10+ years, then an extended warranty is certainly recommended. 

Additionally, be sure to check what the warranty coverage is for the new vehicle you plan on financing.

Used Vehicles

With used vehicles, it all comes down to the reliability of the vehicle. Be sure to have the vehicle inspected and possible issues estimated. From there, you can decide whether or not you would like to opt in for an extended warranty. Similar to new vehicles, also consider how long you plan on having that used vehicle for before you decide. 

Do I Need an Extended Warranty?

In short, no. This type of warranty is optional. As mentioned earlier, whether you need this coverage or not depends on your driving needs and budget. Extended warranties are perfect for those worried about breaking the bank due to unexpected repairs after the manufacturer warranty expires. If you are someone who would like that extra safety net for the health of your vehicle that won’t break the bank, then an extended warranty is worth it.

Discuss All of Your Financing Options at Cornerstone Chevrolet!

Not sure if you should choose an extended warranty? Our team can help! No matter if you’d like to calculate your monthly car payments or you have financial questions, Cornerstone Chevrolet has the answers you need! Simply contact us today to learn more about your financing options, warranty coverage, new vehicle specials, and more!

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