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Can car warranties reduce repair costs

Buying a new car is an exciting time for everyone involved. The dealer makes a sale, you drive away in something to be proud of and your family can experience the thrill of new seats, big windows and, these days, even in-car entertainment. However, a new car is not only an expensive purchase, it’s also a high-tech one. Plenty of things can go wrong. Therefore it’s worth being prepared should your vehicle breakdown, and warranty policies are designed for exactly that. But is a warranty the right way to go?

What is a warranty?

Warranties exist to help car owners when the unexpected happens. It could be a chink in the car’s computer system, but damage and failure however serious will inevitably cost. Often warranties come with new vehicles and last for a good number of years, but they don’t always cover everything. Taking out a warranty policy on your car will mean you’re entitled to financial help when repaired by professionals, which will ultimately give you the peace of mind that it won’t leave a hole in your bank account.

Why would I get one?

To put it simply, you just can’t predict when things will go wrong. Like owning the latest smart phone or a washing machine which wouldn’t be out of place on a space ship, high tech means things can - and at some point will - go wrong. Unfortunately it’s often when you least expect it and it’s often something you can’t explain. Unlike your phone or your washer, your car can become an essential part of life and one that’s difficult to replace short term. Having a warranty means tackling the issue right away, with financial help covering repairs to electrics or mechanics.

Why not just pay for repair instead?

Of course, taking the risk and just settling for repair when the worst happens is fine, if this plan suits you financially. However, another reason to choose warranty is maintenance. In a way, a warranty agreement essentially extends the life of the vehicle by adhering to an agreement to look after it and carry out servicing at regular intervals. Warranties can also be transferred to new owners for a small fee, so it will also make your car an even more attractive prospect to buyers. 

How to decide

The decision ultimately comes from weighing up the potential cost of repairs, against the cost of a warranty on your vehicle. This will depend on the spec of the vehicle and how much individual parts would cost to repair. It also depends on the chosen warranty provider, so it’s worth shopping around. Warranty policies often come with additional extras that could help in a number of ways, so it’s also worth considering if you can afford to cover the cost of repairs in the future, or if a payment plan is a better way to go. 

published: 27/02/2015 09:06:53

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