When you purchase a car, you may be offered an extended warranty from the manufacturer or a third-party vendor. This type of warranty can increase the resale value of the vehicle, as long as it is transferable. It is important to make sure that the plan you purchase allows you to transfer it to a new owner. Ford's extended premium maintenance warranty covers all repairs and maintenance of your vehicle, including oil changes and tire rotations.
The transfer process does not usually require much effort, since the warranty is associated with the vehicle's VIN. This means that when you sell your car during the warranty period, you do not have to do anything to transfer it. Other vehicle coverages include restraint system warranties, corrosion, emissions, hybrid components and electric vehicle components. Olive and Endurance are some of the best third-party guarantee providers that offer the option to transfer ownership. If you buy or sell a car that still has the balance or the rest of the warranty from a new car manufacturer, very little is required to transfer the warranty to the buyer.
Hyundai's 10-year 100,000 mile warranty only applies to the powertrain; only Hyundai's five- or 60,000 mile warranty is transferred to the vehicle's second owner. It is important for buyers to carefully read warranties and extended service contracts before signing any contracts for the sale of a car or truck. For conventional vehicle owners, keeping an emergency repair fund set aside for auto repairs may make more financial sense than paying for an extended warranty. You need an extended warranty if you think the cost of maintaining your vehicle will exceed the cost of the extended warranty or extended service contract. The amount charged to transfer a warranty can be determined by a fixed amount or percentage included in the terms of the warranty contract, or it can take the form of a nominal amount of service charge that is determined at the time of the transfer.
Car warrantiesdo not cover damage caused by accidents, theft, weather, or similar factors that have nothing to do with the quality of the car. Extended dealer warranties allow you to return to the dealer even for routine maintenance of your vehicle.
When considering an extended warranty for your car, make sure that it is transferable so that you can get maximum value out of it when selling your car.