For James and Anne, life as a middle class, mid-30’s couple is relatively easy. All they have to do is keep their finances in check without really having to run a tight ship. They execute every financial plan flawlessly, whether the projects at hands involve remodeling or buying a new car. However, the end of their car’s warranty is coming up fast and they need to fix things. James has his ideas, but Anne wants to proceed with caution. They kick ideas around and at the end agree that an extended car warranty is the easiest way to handle this conundrum. Three months later, the warranty goes through. It is all incredibly easy, much easier than they thought it would be.
This couple’s situation resonates with those of millions others across the country. Your factory warranty expiry date is coming up real quick, the car is huffing and straining, and the only thing you keep thinking about is how the mechanic is going to murder your budget. And all the time, the only idea running through your mind has something to do with just how nice an extended warranty would be in the coming months.
Repairs costs are hitting the roof
Over the years, vehicles have morphed. They are not the simple, handy devices that needed 5 years before initial repairs could be made. The modern car comes with all kind of fancy functionalities and impressive gizmos. With these technologies comes the challenge of maintenance. Statistics show that the average American will spend over $300 0 annually on vehicle repair and maintenance. For most of us, this is a rude awakening, and it brings home the weight of and cost of keeping a car. This situation is further worsened by the fact that the average car requires repairs and maintenance before it even provides three years of service.
You have a way out
The best way out of this quagmire is to extend your car’s warranty provision through a third party. With this type of cover, you can always keep the repair costs checked .The problem with your manufacture’s policy is that it will cover you only for a specific period of time, and for the types of risks that are very unlikely to occur. When it gets to the end, you are left without a foothold.
Extended warranties are highly flexible, allowing the vehicle owner to make a renewal even if their car has been uncovered for years. The normal practice involves you signing up for a specific duration of time or calculated number of miles. When all the paperwork is done, you receive a list of places where your car will be services for free within the specified time. You do not have to worry how much these places charge because it won’t cost you a dime.
Ideally, extended car warranties are your cushion against escalating repair costs. However, you need to keep in mind that not all policies are the same. You will need to go over the fine print very carefully, ensuring that you understand what you have been offered and what privileges you will have to pass on.