When was the last time you visited a retail store? Be whatever the time or season, you must have encountered a salesperson trying to market you a service plan. It is the job of the officials at OEM dealerships to try and sell extended warranties to the buyers of durable goods. Having extended warranty for used cars is not a mandate but acts as a shield for used car owners to protect their car parts. You must have felt tempted, mainly because an extended warranty for the car covers most parts of the vehicle for far longer than the standard warranty cover does. However, even in such a case, you should prefer to double check and ensure that the invested amount is completely justified.
It makes sense to buy an extended warranty for used cars only after weighing the pros and cons properly. Extended warranty, as the name suggests, increases the period of standard warranty covers.
Do you need an extended warranty for used cars?
The answer to this question is YES. While the law doesn’t mandate you to purchase an extended warranty for used cars, it is a wise practice to opt for one. However, it’s necessary to exercise some caution before buying an extended warranty.
Know the brand – Not all brands or companies offer good service. Therefore, enquire about the company before buying an extended warranty from the OEM
Duplication check – Ensure that you are not buying an extended warranty for hard-wearing parts that are already covered in the insurance policy.
Extensive coverage – Extended warranty is helpful only if they cover pricey repairs. Buying an extended warranty package for small wear and tear is useless.
Service evaluation – Consider evaluating the services of the company. It is necessary to check whether or not they have a company-authorised technician, home pick up facility, a helpline number, etc.
Hidden costs – Check for hidden costs like travelling or home pickup charges. They might seem to be small but once they accumulate they become a pain in the long run.
Exclusions – Read the terms and conditions. Bear in mind your usage of the used car. If you travel frequently, then going for an extended warranty makes absolute sense.
Customer feedback – Before investing money on buying an extended warranty for your used car, it’s recommended to invest some time going through customer feedback of the present customers. This will give you an idea about the service of the concerned company, you are thinking of buying an extended warranty from.
Don’t confuse Insurance with Extended warranty for Used Cars
If a car radiator is being insured or has an extended warranty, insurance would play a negligible role here. However, if due to an accident your car’s radiator gets damaged, then it’s the insurance would cover this up. Extended warranty would not be of any help in this case. However, buying an extended car warranty brings along prolonged peace of mind. The key benefit of having an extended warranty for used cars is that it gives you good protection against major failure of expensive parts.
How does extended warranty for used cars affect its resale value
Selling a used car is not an easy task. It involves an array of paperwork and hassles that you need to undertake. The biggest task is finalising the price at which you would like to sell your car. You would have to read the buyer’s mind to gauge the premium he might be willing to pay. Anybody interested to trade-in his or her car should keep its extended warranty in mind. Extended warranty for used cars is not mandatory but buyers always prefer getting something for free. Extended warranty would be one of those ‘free’ services that would help you lure buyers for your used car.
We are aware of the fact that cars made in the present era are technologically advanced. They are expected to last for more than a decade. However, if you are unlucky or unable to take proper care of your vehicle, it is bound to break down unexpectedly, anytime.
- Having an extended warranty positions you as a credible consumer. It implies that you have invested efforts and money to take care of your car that you are planning to sell at present.
- Having your car under extended warranty shows your awareness in terms of the adverse circumstances that a car owner or rider might face.
Thus, when you set out to sell your car, your prospective buyer will get a good impression, and the chances of him buying the car will upsurge.
Standard warranties provided by carmakers vary with regards to factors like mileage and time limits. An extended warranty gives buyers the luxury to get the car repairs carried out as and when required. Buyers tend to feel empowered, and the chances of them buying your car increase manifold.
Selling used cars at CARS24
Are you planning to sell your used car? If there is any problem that you are facing, contact CARS24. CARS24 is on a mission to make the life of used car sellers in India better. CARS24 is on a mission to streamline the used car selling market in India. Till date, CARS24 has accomplished more than 7 lakh transactions and bought 70 thousand plus cars.
To sell your used car, any model and any make, call us at 1800 258 56546 or visit CARS24
To read more about used cars, you may like to read: CARS24 BLOG