“Would you like to take a warranty?” It’s a question that anyone buying a pre-loved vehicle has heard before – what does it mean and what it will cost, are usually the concerns that come to mind. Generally, when we don’t understand something too well, we get uncomfortable with purchasing it and then don’t, or, we worry and buy whatever is on offer. So what is a motor warranty?
A motor warranty is a promise from the vehicle manufacturer to rectify faults (parts and labour) that may occur during a fixed period (the warranty period). Basically, the motor vehicle and some accessories fitted at the time of sale are covered by the warranty. If a defect occurs during the warranty period, the dealer is obliged to fix the defect at no cost to the customer so that the vehicle is in reasonable condition for its age.
But for some of us, it’s all about affordability. With a motor warranty, you are guaranteed approved dealerships, original manufacturer-approved equipment, approved parts, state-of-the-art technology and trained technicians.
However, it’s important to note that different warranty plans, give you different amounts of cover. Typically, a more expensive plan will pay out more for the cost of repairs. Make sure you read the fine print in your warranty agreement to understand your cover. A car in the garage is already a stressful time and arguing over what constitutes wear and tear with your warranty provider to try and get your garage costs reimbursed is an extra headache you could do without.
There are also Extended Warranties. These protect your car against mechanical and electrical failures affecting parts such as your gearbox and engine management system after your manufacturer’s warranty has expired.
We break down the five reasons to get motor warranty and what you need to do to ensure you reap those benefits:
|REASONS TO GET A MOTOR WARRANTY||WHAT YOU NEED TO DO|
|Total peace of mind knowing that you are covered||Read the fine print on your warranty contract to find out exactly what you are covered for so you can have that peace of mind.|
|Your warranty is backed by an established company||When selecting an organisation to cover your warranty – make sure they are underwritten by a successful and long-standing organisation. This means that if that company goes ‘under’ you don’t lose out.|
|Your warranty can pay for itself after one major repair||Research what the costs of repairing various parts of your car will be alone and then compare the warranty costs.|
|Keep your car longer and save money||Make sure the money you would be spending on repairing your car goes into a savings account or is used to pay off your car so that your warranty makes it worthwhile.|
|Protect your resale value||Keep your car in order – you have a warranty, so make it work for you. Don’t put off non-critical repairs that may lead to bigger problems down the line. Keeping your car in great condition means a great resale value later on.|
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