Are you planning on buying a used car, but don't know how to secure a warranty? We've got you covered. Click here for how to get a used car warranty.
Buying a pre-owned vehicle has a lot of upsides, the biggest being the major savings compared to buying a new model.
But the process of buying a used car can be difficult to navigate. How do you know if you're getting a fair deal? Are you walking off the lot with a lemon?
Don't worry. We're breaking all it down for you so you can be equipped with all the knowledge you need to get a used car warranty you can be happy with.
How to Secure a Used Car Warranty
One of the best ways to protect yourself is with a thorough warranty that protects your purchase. It should also guarantee replacement or the repair of specific parts of the vehicle for a certain period of time.
To start, here's the top three things you should look for in a good used car warranty.
Protect the Powertrain
First things first: when it comes to warranties, always read the fine print.
Beware of the loopholes in your warranty -- especially when it comes to the powertrain.
The powertrain refers to the parts of your vehicle that make it go. These are parts like the engine and the transmission. These pieces are usually very expensive to repair. Of course, the car can't run without them.
Length of Warranty
You may come across some warranties that offer 30 days, 1000, miles, or other extremely short term options.
Especially steer clear of 50/50 warranties, which leave your responsible for half of the cost of repairs.
Good warranties start at 12 months or 12,000 miles. This means you'll be protected for up to a year or 12,000 miles -- whichever comes first.
Longer warranties are better. Remember that you can always opt for an extended warranty when your used car warranty ends.
The best type of warranty for a used car is a certified warranty from when the car was bought new. If the warranty has not yet expired, it will still accompany the car. This is true even though you aren't the original owner.
If you trade the car in, that warranty follows the car. This increases its trade-in value.
Get only what you think you'll need as far as the length of the warranty. For example, if you only plan to use this car for a year, there's no need to get a three-year warranty.
Be aware that many warranty companies will refund unused portions of the warranty if you trade in the car before the length of the warranty is up.
Your deductible is a very important factor of your warranty.
It's the portion of your repair costs that you are responsible for should something go wrong with your car.
Don't sign up for a deductible you can't handle. It could put you in a very sticky financial situation if you are all of a sudden hit with an extra couple thousand dollars to pay for.
Make sure that your deductible will be charged only once per each visit to the repair shop.
Now You Know!
Want more? Check out our fact or faction list to answer many of your common questions about warranties.
If you want to purchase a warranty, find the plan you need by clicking here.