I would like to know if it's worthwhile to buy the extended warranty for $3000 which covers 2 additional years after the manufacturer warranty. Covers years 5 & 6 of the vehicle. Would it be cheaper just to pay out of pocket should there be a problem? Not sure which is the best choice. Thank you .
My car has an automatic transmission.
Hi Jennifer. Thanks for writing in today. When it comes to extended warranties, it really is a hit or miss proposition. If you are going to be driving your vehicle frequently - especially in city stop and go driving, then paying for the extended is a wise investment. Frequent starts and stops, along with potholes and speed bumps tend to wear expensive suspension components and create additional strain on transmission components. Those tend to be the most expensive repairs, so as long as this warranty covers ALL transmission and drive-line component repairs, it is worth the investment. One other thing you need to consider is how long you plan to keep this vehicle. if you’re going to trade it in within the five year period, then it’s likely not a smart financial decision. I would clarify everything that is covered by this warranty with the provider so you can make an informed decision.
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