Should I Buy Extended Warranty On Used Car Reddit

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Should I Buy Extended Warranty On Used Car Reddit

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Is Extended Warranty On Cars Worth The Money?

Used cars can be a lot cheaper than new vehicles, but because of their age, they tend to run into problems more quickly, sometimes requiring repairs and towing. As a result, used car warranties are a hot ticket item at dealerships. But what is the law on buying a used car from a dealer? Many revolve around what the seller has to tell you, what your rights are as a consumer and how you can react if you think something is unfair.

Federal laws governing the purchase of a used car depend on whether the seller is a dealer. The Federal Trade Commission (FTC) defines a car dealer as a person or company that sells at least six cars per year. If you buy a used car from a private seller and not a dealer, the dealer is not required by federal law to disclose the same information to the seller.

Federal law states that all used vehicles sold by dealers must display a buyer’s manual. A buyer’s guide is usually posted on the car window. Two states, Maine and Wisconsin, can use their own forms instead of the FTC.

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A buyer’s guide can have one of two first pages. If the car is out of warranty and as is, this option will be marked on the first page. If a car comes with an implied warranty, that option will be listed and marked on it. Both versions include:

The buyer’s guide will also have a separate or back page providing consumer educational information, including the main problems that can occur with a used car and dealer contact numbers.

One version of the Federal Buyer’s Guide includes an “as is – no dealer warranty” option. If this box is checked, it means buyer beware – the seller is not responsible for anything after you buy the car.

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But 14 states and Washington don’t allow many used cars to be sold “as is” without a warranty.

If you live in one of these states, the buyer’s guide may contain an “implied warranty” option: Connecticut, Hawaii, Kansas, Maine, Maryland, Massachusetts, Minnesota, Mississippi, New Jersey, New Mexico, New York, Rhode Island, Vermont, and West Virginia.

The implied car warranty protects the buyer by meeting reasonable expectations. The idea is that if you buy something, it will work. Both of these warranty laws are federal, which means you’ll be covered even if your state’s laws don’t offer coverage for a Lemon car.

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If the car is in good enough condition to be sold as a freight vehicle and not, for example, for scrap metal or spare parts, then the car should be used as a vehicle.

For example, if you buy a used car from a dealer and as soon as an axle comes off, the engine blows up, or a wheel comes off, the car is not in good enough condition to be sold as a vehicle.

This applies if you tell the seller that you need a vehicle for a specific purpose and trust that the seller will recommend the vehicle or confirm that it can do the job.

How To Cancel An Extended Car Warranty — And Why You Might Want To

For example, imagine you bought a pickup truck because you wanted to tow a 4,000-pound recreational vehicle (RV), and the salesperson assures you that it can tow the RV without a problem. Then, after it was bought, it turned out that it could only tow 1,000 pounds. In this case, warranties of fitness for a particular purpose may apply.

This is a written guarantee from the seller or manufacturer. The Magnuson Moss Guarantee Act requires that each warranty must clearly state what is covered and for how long it is covered.

The seller can provide a full or limited warranty on the car. The full warranty covers the car from fender to fender, tires to sunroof and everything in between (unless the seller specifically excludes something), promising to cover all parts and labor costs. The limited warranty may only cover certain parts of the vehicle and/or part of the cost of parts and labor.

How To Cancel An Extended Car Warranty

A full warranty on a used car is rare unless you buy or get a certified used car (CPO). Limited warranties are more common: Carvana, for example, offers a limited warranty that lasts 100 days or 4,189 miles (whichever comes first) from the time you buy the car.

Car manufacturers offer warranties for a certain amount of time and distance, whichever comes first. The warranty period starts from the day the car was purchased or rented by the first owner and follows the car, not the owner. So whether you’re a second or fifth owner, if the car is out of warranty and mileage limits, yes.

The time and distance covered by the car warranty depends on the car manufacturer. Each manufacturer offers its own policy, which may depend on the year and model of the car. You can search online to see if the used car you want is still available.

Everything You Need To Know About Auto Warranty In Canada.

There are no federal vehicle mandates that allow you to return any used car to the dealer, which can make buyer’s remorse very difficult. However, some states require that dealers offer the right to void the contract, and dealers may voluntarily offer return policies.

For example, CarMax and Carvana offer a seven-day money-back guarantee. If the dealer you bought from has a return policy or chooses to offer it to you when you ask, get it in writing.

Federal and state laws may apply to extended auto warranties, which are technically called vehicle service contracts. They get into your car when the manufacturer’s or dealer’s warranty expires. Sellers often try to sell them as extras that you can finance with your car loan.

Is That Extended Car Warranty Offer A Scam? Here’s What You Need To Know

Be careful with them and research the price, the company and whether you can take your car to another dealer for warranty service. Here’s more on how to find the best extended car warranties.

If you want to reduce your risk of bad surprises (eg car repair bills), you can get an extended warranty and pay in full or finance it.

However, if you do some homework on the car, including having it checked by an independent mechanic, the risk of failure can be low enough that you can save money on extended warranty and rainy days only. funds if something happens. It depends on your trust in the car and your comfort level.

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All vehicle service contracts must be canceled and prorated based on time and mileage. For example, if you get a three year 36,000 mile extended warranty and cancel after one year 12,000 miles, then you should get two-thirds of your money back. If the seller refuses to void the extended warranty, contact the warranty company directly or contact your local consumer protection agent.

Please note that extended warranty funds will only be refunded if your car is free and clean. If you finance the car, the funds will be returned to the lender and will be added to the principal amount of the loan.

State and local laws regarding used cars and vehicles can vary from detailed to non-existent. For example, New York allows a 48-hour period during which you can cancel a car sale, while Colorado and Alaska do not offer consumer protections to used car buyers. You can search the internet for your state’s lemon laws.

Selling My Car, What Do I Do With My Extended Warranty?

Here’s a short version so you can quickly learn how to buy a used car. For more information, you can learn how to not buy a Lemon car.

In short, it might be worth buying a used car from a dealer. Buying from a dealer offers more consumer protection than buying from a private seller. It’s also generally more convenient for buyers as they don’t have to search for the right car on Craigslist and make an appointment with the seller. Dealers have regular business hours and keep vehicles in stock.

And in general, buying used is also worth it. A new car can depreciate by 23.5% in the first year of use, and by 60% in five years. For example, Americans spend an average of $32,480 on a new car.

Extended Warranty On Used Cars: Is It Worth It?

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