We’ve all rolled our eyes when we buy a new toaster and the hopeful assistant brings up an extended warranty at the counter. It’s long been a way for retailers to boost their profits and it’s one of those things we’ve just got used to refusing. With a used car, though, purchasing a warranty can be one of the most astute moves you’ll ever make.
Some dealers offer a warranty on used cars up to a certain age, beyond that many are starting to offer package price warranties that can cover your costs up to three years beyond the price of purchase. Considering some people will only buy new as they feel it gives them the cover they need, this is a way to reap the benefits of used car prices while keeping the new car service. It’s the best of both worlds.
Policies can cost less than £400 for three years cover on a typical used car and as the warranty is often arranged through a national provider, rather than direct with the garage, you have the peace of mind of knowing you’re properly covered. You can claim the cost of parts and labour for repairs or replacements and can even make an unlimited number of claims, up to the price of the vehicle.
Any reputable dealer will do their utmost to ensure that a car leaves their forecourt in tiptop condition with no impending mechanical failures. Cars are complex machines, though, and any Formula One race will show you that even the best cars can fail without any warning if a part gives way. Of course there are exclusions, but it's the best way to protect yourself against unforeseen problems.
So it’s simply good business to organise an extended warranty when you buy a used car, as you never know what's waiting for you down the road.