If you are looking to purchase or already have a newly purchased luxury car, you will need to make sure you have the right coverage to protect it down the line. While luxury cars can be prized possessions, they can also be painful headaches when it comes time to repair. Thankfully, that headache can be avoided with the right coverage and warranty.
But are you a luxury car owner who would actually benefit from having an extended warranty? The answer really varies with what type of car owner you are.
Is your luxury vehicle your daily driver? Does it sit in the garage as your Sunday car? Or is it just for car shows and nothing else? Regardless of the purpose, those who do purchase an extended warranty for their luxury car, can have great coverage for their vehicle and many other benefits.
Table of Contents
Are Extended Warranties Available for Luxury Cars?
Luxury cars like other automobiles can be covered through extended warranties. Purchasing an extended warranty may be an option to consider for luxury car owners who want to protect and maintain their vehicle as it ages and runs past its manufacturer’s warranty.
Finding an extended warranty coverage for a luxury car is a balancing act where you want to find the best combination of price and coverage. While, yes, there can be a premium for luxury extended car warranties, it’s fairly easy to shop around for a happy medium that won’t sell more than you need.
Reliability Plays a Part
Most luxury cars are built to be comfortable and aesthetically pleasing, but leave much desired in how reliable they are. Some luxury car brands are known to be unreliable and repair heavy. So, regardless whether you treat your luxury vehicle like your own child, you still may find challenges finding competitive extended warranty coverage.
If you are considering an extended warranty for your luxury car you will need to evaluate the brand of your car to determine how reliable it is. Also you will need to consider other factors such as the model, mileage, everyday use, and more.
An Extended Warranty Can Cover You Longer
Luxury cars are known to have short factory warranties. A factory warranty is coverage from an automotive dealership/maker that promises to cover unforeseen and unexpected repair costs for new vehicles. This may be great initially, but for many luxury car owners it does not last long. The average factory warranty for a new vehicle is 3 years/36,000 miles or 5 years/60,000 miles. In the automotive world, this can feel pretty short with regular wear and tear on your vehicle. That means your luxury vehicle is unprotected in no time at all. An extended warranty can ensure that your luxury vehicle is well protected long after your factory warranty expires.
Luxury Car Extended Warranty Plans Vary
Each extended warranty is different. Instead of writing them off altogether, it is a better idea to shop around and get quotes on extended warranties from various providers. Depending on factors mentioned above like car make, model, mileage, and more you could potentially have a great deal that allows you to have the peace of mind in protection without breaking the bank.
It’s important to keep in mind what extended warranties cover that typical factory warranties will not. Sometimes it’s an extension of powertrain or drivetrain warranties. It can even be coverage on electronic components or systems that aren’t normally covered.
An Extended Warranty Can Help Lower Costs
No matter what brand and class your car is, repairs can be expensive. For luxury car owners these repairs can be double and sometimes triple the costs due to factors such as specialized parts and dealers required for luxury repairs.
Extended warranties can help you pay for these costs through coverage and not out of pocket, thus saving your money. Additionally, some extended warranty plans provide coverage that is not included in the manufacturer warranty as well.
Ultimately, it’s up to you to decide whether an extended warranty is right for your luxury vehicle. If your car is strictly for auto shows and special occasions, maybe not, but if you’re taking it on the streets every day, it’s something to heavily consider.
