Your vehicle dreams have come true. You are now the proud owner of a brand new Ford Mustang, but as you sign the last remaining forms, the car salesman asks you if you are interested in purchasing an extended warranty for your vehicle. Initially, you think that the cost is a little too high for you, and that you will never need it. Your vehicle is brand new, and the technological and engineering marvel of the market today. What could possibly go wrong?
Unfortunately, your lofty ideas of vehicle invulnerability are flawed. There is more risk to owning a vehicle than you think. Somewhere out there in that world of automobile chaos, is a vehicle door waiting to ding your vehicle in a parking lot. You should consider buying the extended warranty, because the cost of the warranty now is considerably less than the cost of a whole new transmission, should it decide to malfunction.
Before you make a final decision regarding the extended warranty, you should consider whether or not you will have the money in the future to pay for any eventuality that isn't covered by the manufacturer's warranty. Not having a warranty for your vehicle is like being a stuntman without health insurance, it isn't a smart move. In order to get a grasp of the severity of your need for a warranty, take a gander at the list of parts that your vehicle needs to function. Thousands! If any one of them fails, the system that particular part is a part of can fail and leave you high and dry. That extended warranty is looking a little better now, isn't it?
Part Repair is Cheaper than Vehicle Replacement
Take my advice; I'm the CEO of a small business with a fleet of vehicles. I have personally bought over 18 vehicles in the past 2 years. With all the vehicle buying I do, I realize that buying the extended warranty is a good deal, so I do. It doesn't matter if the vehicle is new or used; I know that the cost of the warranty is substantially cheaper than replacing a vital part when it breaks. Consider, not only the cost of the repair, but also the time needed to do it. This means that your vehicle is out of service for weeks, and you have to go through the hassle of bumming a ride everywhere.
I was lucky. Purchasing extended warranties on my vehicles has saved me tons of money. Fortunately, I haven't had to use my warranty for more than a few repairs, but those are repairs that I didn't have to pay for out of pocket. In the long run, the extended warranties have saved my company from capital loss, over and over again. I can tell you, it's nice to know that my vehicles are covered if the unfortunate should happen.
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