Posted on May 23, 2017
Used Car Warranty in Mississauga, Ontario: What’s Best For You?
Many consumers in our Mississauga customer base might be under the impression that buying a used vehicle means driving around without a warranty. You may or may not be familiar with the terms CPO, aftermarket, or extended warranty. These are warranty options for used car purchasers. Just as with new car warranties, certain rules of thumb apply: shop around, and always read the fine print. It’s important to be sure about what you’re getting where coverage, deductibles and extensions are concerned. All used car warranties are simply not created equal.
CPO refers to a Certified Pre-Owned program offered by most car makers. In plain terms, a CPO extends service contracts when you buy a used vehicle. Repairs on the vehicle are tracked the same way that a warranty for a new car. Another bonus: CPO cars have to pass rigorous examinations in order to qualify for this certification. A CPO car must be in good shape. The fine print on a CPO is important. There’s a lot of information that needs to be covered for any potential buyer. For example: can you finance a CPO car? Can you lease one? Is roadside assistance included in the package? Knowing your own deal-breakers, and where you can afford to be more flexible helps determine what is best for you. Probably the biggest question is the most obvious one: just how much coverage are you getting, and for how long?
Determine the warranty of a CPO car. More and more buyers are looking at warranty extensions, especially for higher-end cars, which can be costly to repair as time goes on. Vehicles are becoming more complex, and a warranty extension might not be a bad idea. Just trouble-shooting a vehicle problem these days can ring up a pretty hefty labour bill. And yet not all extended warranties are necessarily worth the extra bucks. Example: some extensions promise coverage for say, up to five years, but the coverage is capped at 74,000 miles. If the car you’re buying already has 65,000 miles under her belt, an extended warranty isn't going to be worthwhile.
Buyers aren’t always able to buy a CPO. Sometimes we inherit a car or receive it as a gift. For those folks, there’s always the option of a factory extended warranty from a dealer, or an aftermarket warranty. Many people are nervous about aftermarket warranties, believing that a factory warranty is somehow better. If you feel anxious about this, know that the bulk of factory warranties are serviced by the very same companies that sell aftermarket warranties. Insurance is insurance. Car makers want to focus on making cars, not vending insurance.
Here’s something important to note: if you're doing any major performance modifications on your used car, you might find yourself voiding your base, CPO, or extended coverage. Find out what basic service repairs and modifications you can do on your own car without compromising the warranty. While your car might be revved and ready for a drag race, you might also find yourself without full warranty coverage.
The basic summary is: if you choose not to drive a new car, do try to buy a CPO. These cars tend to be in better-than-good condition after thorough inspections for certification. And, if you can’t or choose not to go with a CPO, purchase an aftermarket warranty from a researched, legitimate company with a track record for quality.
Contact us for more information on the used cars Warranty Options we offer.