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Consider An Extended Warranty For Your Used Car
One disadvantage of buying a used car is that its original warranties are likely to be expired. Then, if the car needs significant repairs after you finalize the sale, you will have to fork over the cash yourself. One reason new cars cost so much is that the dealer is offering a guarantee to the buyer that major repairs needed with in a certain time frame will be covered by the manufacturer.
But, one option used car buyers have is the purchase of an extended warranty. These guarantees cover a used car against certain defects and major repairs that extend beyond the original warranty. A car is likely the second largest purchase you'll make--after buying a home. Also, a car is something you use every single day. The money you pay in exended warranty costs will protect the investment you made in a used car.
When you buy an extended used car warranty follow these guidelines: Read the fine print so you know what is covered and what is not; pick a warranty company that allows you to choose your own repair facility; buy the warrranty when you purchase the car as the longer you wait the more you'll pay; buy a warranty that's transferable; and buy a warranty that allows a 0%-interest payment plan.
Now that used cars are readily available online, many sites like CARCHEX.com also allow you to buy extended warranties over the Internet.
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