All about extended warranties

Arrange your car loan before you purchase your car, this way you should get a better deal because there is a lot more competition and anyway who wants to talk to the guy in finance?! Also it’s a good idea to get an extended car warranty quote before the garage or car dealer tells you their price, this way you will know what is fair and what isn’t.  A good rule of thumb is that the actual cost on the best warranties (5-6 years and 100,000 miles is only between $900 and $1200) so when the dealer shows you a sheet stating that they charge $2350 you know you are getting taken for an over $1000 profit.  Ask yourself this – “Does the dealer really deserve $1250 or so for just offering the warranty to you?  Maybe $5, but certainly not $1250 (which is the average nationwide car dealer profit on an extended warranty).  How long does it take you to earn an extra $1250?  Think about that next time the dealer wants to rip you off and tries to tell you they are your friend!

Ask the finance manager to see the other sheet (the actual cost sheet where it is $989 – all finance managers have 2 sheets, one with actual dealer costs and one printed with retail prices for the dealers customers). They will actually lie to you and say that the $2350 is their cost and that there is no other sheet.  Tip - If you want a free car here’s where you have either brought a tape recorder with you (good idea for proof of what you agreed to and should be a must and don’t think the dealer isn’t tape recording or video recording you at the same time – according to a recent survey in an automotive finance magazine, over 85% of car dealers are now using some form of recorded surveillance to keep track of all business office transactions.  This is solely to help and protect the dealer, not you – so there is no reason you can’t do it to protect yourself too) or get the finance manager to put that in writing (watch them say they can’t do that).

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It is a major business tort and violation in all states to lie to the customer about pricing, payments, financing, warranties, etc…  If you get either of these two (either tape recorded or in writing), then get an attorney and they will most likely get you your car for free and maybe more through a settlement for unethical business practices (this actually happens quite often as car dealers are not the most ethically operated businesses – again you can look this up on Google under car dealer settlements and lawsuits – again, don’t be surprised if you find your local car dealer listed for packing payments with highly overpriced extended warranties and aftermarket add ons).

I’m not saying extended guarantees for your car are a bad thing, however you should be very cautious and make sure you don’t overpay for it. It is likely the ones offered at your dealer are very expensive, overpriced and will barely offer you any extra coverage that’s worth the price. Work out how many miles you expect to do in a year, the dealer could offer you a warranty lasting 10 years with 1000 miles which isn’t really any good for many people!  And you will always beat the car dealers price by researching and buying the warranty through the internet (you can even finance them too).

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Ten years sounds impressive, but you have to realize that once you reach the mileage limit your warranty is over. Look at all details carefully.  Nobody likes getting conned or ripped off, especially when they’re buying a new car which should be a very enjoyable experience!  Don’t get duped by your local car dealer on an extended warranty!