Pros & cons of buying an extended warranty

Pros & cons of buying an extended warranty

Over time, vehicles are becoming more complex due to technological advancement. Therefore, the demand for extended warranties is increasing day by day. More people are getting aware of the importance of this coverage these days.  An extended, which is also known as a service contract or maintenance agreement starts after the expiration of the original warranty by manufacturers. This warranty protects you from sudden vehicle breakdowns and saves a significant amount on repairs. In this article, we will talk about the pros and cons of opting for Lexus extended warranty plans.

Pros of an extended warranty

You can keep your car for longer:

Various luxury cars require expensive repair and parts for running smoothly on the road. Therefore, most people avoid buying luxury vehicles as they cannot bear their expenses. However, an extended warranty is a cost-effective solution for people with expensive cars. By regular servicing and repairing, you can increase the lifespan of vehicles and keep them for longer.

Coverage options:

There are plenty of car dealers that offer an extended warranty right after the expiry of the original warranty. This is a great option for you as you have trust in these dealers. They offer you better coverage at an economical price and save you valuable time & money. Moreover, you are independent to choose the right extended warranty according to your needs.

Customer satisfaction:

Having an extended warranty gives peace of mind to customers. As a car owner, you feel safer and secure on the road as an extended warranty takes care of your needs while traveling. If something happens on the road, they facilitate you with a rental car and help you financially with hotel reservations and meals.

Cons of an extended warranty

An extended warranty doesn’t cover all repairs:

One of the biggest disappointments of an extended warranty is it doesn’t cover all repairs. Many vehicle components are not included in extended warranty coverage. However, before you buy an extended warranty, make sure to read the exclusion list of the coverage. This helps you make a better decision.

Extended warranties are much expensive:

Another disadvantage of an extended warranty is it is much expensive than other options. The majority of people cannot afford the cost of an extended warranty. That’s why people avoid buying an extended warranty. This also holds true for electronic warranties.