Should I buy a warranty for my used car?
At Ron’s Garage, we are not big fans of used car warranties. Speaking from experience, and mostly bad experiences at that, with many used car warranty companies, we can honestly say no one is ever happy in the end. The warranty companies do not cover diagnoses charges, tear down charges, fluids, hoses, or most gaskets. Most policies say they cover internally lubricated parts only. Period. You have to authorize and pay for the tear down, so an inspector can come and inspect it. You also have to pay for the inspections. The warranty company will only pay a set labor rate, which they set, and you have to cover the difference. On major engine and transmission issues, they will often only patch it, rather than replace it. These warranties usually cost between $1500 and $4000.00 dollars, which are usually rolled into the purchase price of the car and financed, so you will be paying interest on it as well. Putting $20.00 dollars a week in your savings account will net you a little over $1000.00 dollars and that will cover your repairs and maintenance for the year. We don’t recommend “used car warranties”. However, we do recommend a “used car inspection” or a “pre-purchase inspection” by a reputable repair shop. It’s also important to purchase from a reputable dealer. All in all, keep your money and go on vacation, as chances are you will not need the warranty.
Bottom line: used car warranties SUCK. If you’re still unsure, Google it or YouTube “used car warranty complaints” and see for yourself. If you have any other questions, call us and I’ll tell you our horror stories. A little research on the make and model of your car of choice and a “pre-purchase inspection” will go a long way and most likely reveal any issues with the vehicle.