Are Extended Warranties Worth It?

If you’re looking to bring home an exciting new Hyundai or are considering a budget-friendly used model, you have likely asked, “Should I buy extended warranties?” or “Are extended warranties worth it?” The answer to this question depends on a number of factors, including your lifestyle and budget. If you’re planning to keep your vehicle running on the Chicago streets for many years to come, an extended warranty is a strong investment. 

What is an Extended Warranty?

If you’re wondering if additional coverage is right for you, perhaps it is best to learn what an extended warranty is first. An extended warranty is an optional coverage plan you can select when financing a new or used vehicle. Each plan will vary in terms of what is covered, but they all will offer protections after your factory warranty has expired. Some extended warranties will even cover towing and roadside assistance if you’re ever in need of help during your Arlington Heights commute. 

An extended warranty works like a safety net after your major powertrain warranty has run its course. Should any major repairs arise, an extended warranty can help cover the costs and get you back on the Elk Grove Village streets quickly. 

Extended Warranties for New & Used Vehicles

Asking if an extended warranty is worth it is a valid concern for new-car shoppers and pre-owned buyers. Extended warranties are available on both new and used cars, but they work differently depending on the state of the vehicle. Tips to keep in mind if you’re considering adding an extended warranty to your coverage plan:

New Vehicles

The first thing to consider is how long you plan to keep your car on the road. If you anticipate driving your next vehicle for a significant amount of time (10+ years) an extended warranty is highly recommended. If you prefer to switch things up more frequently when it comes to your ride, an extended warranty may not be a strong investment. Also, be sure to check out the coverage offered with your new vehicle before you opt for any additional warranties. 

Used Vehicles

When it comes to determining if an extended warranty is worth it, used car shoppers will have to consider many of the same things as those buying new. Think realistically about how long you plan to drive the car you’re attempting to buy and have the vehicle inspected to estimate any maintenance needs. Based on those factors, you can choose to opt for an extended warranty if you’re looking for added peace of mind. 

Should I Buy Extended Warranties? 

Still discerning the answer to your concern, “Should I buy extended warranties?” You will have to carefully consider important factors like, how long you anticipate driving the vehicle, your lifestyle, and financial situation before you decide. If you would like to navigate without worrying about the unexpected costs of major automotive repair, you would do well to opt for an extended warranty. This can be a smart investment for drivers who plan to drive their vehicles long term and who desire a financial safety net. 

Discuss All of Your Financing Options at Patrick Hyundai

If you’re still asking, “Are extended warranties worth it?” Contact us today! We can help you calculate your monthly payments and arrange a budget that allows for an extended warranty plan if you decide that you desire one. Feel free to visit our dealership in Schaumburg if you prefer to sit down and discuss your finances in person. We’d be happy to help!