Over half of used car owners risk costly repairs
According to an exclusive online poll, created by What Car? magazine, 57 per cent of used car owners have not invested in an extended warranty for their vehicle.
Furthermore, only a third of warranty-holders had actually researched the market to find the right policy for their wants and needs. The other two thirds of warranty-holders could find a costly failure on their car and not be covered by their policy- and they wouldn't know it until it happens.
Chas Hallet, What Car? magazine's editor-in-chief, commented: The average cost of a visit to the garage for used car owners is approximately £350, which is similar to the cost of an extended warranty.'
Hallet continued: 'That's why we'd urge everyone to get a warranty included in any used car deal, to future proof themselves against any nasty surprises.'
What Car? magazine also warns potential warranty-purchasers that not all extended warranties offer the same protection. For this reason, it is imperative that people read the small print of the policy before signing up to it.
Generally, used car warranties do not cover 'wear and tear' claims, such as tyres, wiper blades, water and oil pumps, bulbs, brake pads, electric window motors, drive belts and fuel injectors.
Hallet remarked: 'The onus is very much on the buyer to study the policy small print before purchasing a warranty. In general, extended warranties can save the motorist a lot of money if the car has a problem but only if the right warranty has been selected.'
He further added: 'We advise buyers not to accept the first warranty the car dealer offers and not to select on price alone.'
What Car? magazine compiled a top ten checklist for drivers choosing a warranty. The list is as follows:
-Can you choose different levels of cover?
-How does the age and mileage of the car affect the cost?
-Is wear and tear included?
-Which parts are designated as wear and tear?
-Are failures at an MoT test and service covered?
-Are extras such as accommodation, car hire and emergency travel included?
-What percentage of parts and labour are paid for?
-Is consequential damage covered?
-Can you transfer your policy with the car to its next owner?
-Do betterment charges apply?