One of the perks you get when buying a new car is that wonderful warranty. That tiny piece of paper that covers just about every part on the car in case something goes wrong. For the most part they last 3 years or 36 thousand miles with the option to extend it if you so choose. I was recently speaking with a buddy who was asking me my advice about purchasing an extended warranty as he wanted to know if it made sense. To find out I simply asked him a few questions which you should ask yourself if you’re ever in this position:
1. Is the car currently in good working order?
2. How many problems (if any) have you had since new?
3. How many miles are on the car?
4. How long do you plan to keep it?
5. Do you regularly maintain it?
6. Do you really want to keep this particular vehicle?
After hearing his answers my advice was simple – buy it. You see most extended warranties will cover you’re car for up to 7 years from the purchase date of the vehicle or 100,000 miles depending on the package you choose. They’ll generally run between $900-$2000 and can save you thousands of dollars if something major (engine, transmission) goes wrong. Some people will tell you these warranties are bullshit, but having utilized them I can assure you they’re worth every penny. So, with that being said, what do you guys think? Yes or no to an extended warranty?