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How much should I spend on an extended auto warranty?
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There is no right or wrong answer. You must determine the amount, if at all, on an extended warranty. To help reach a decision, consider the following:
- How reliable is the make and model of your used car? If it has a good track record (high resale value is a good indicator) think twice about investing in an extensive coverage package. On the other hand, if you find your model has a low reliability rating, maximum coverage may be the way to go.
- How long is the current auto warranty? If it extends for three years and you plan on driving the car for as long as it holds up, a comprehensive extended auto warranty should be considered. Conversely, if you intend on driving it no longer than three years, you probably won't need an extended warranty.
- How do you plan on driving the vehicle? If you hope to use if for off-road driving, an extended warranty may be a wise investment.
- Know what the warranty covers. If it covers for both wear-and-tear and breakdown, it's a warranty worth considering.
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