Posted on May 23, 2017
Used Car Warranty in Toronto, Ontario: What's best for you?
Buying a used vehicle in Toronto or the GTA doesn’t mean you’ll have to drive around without a warranty. Are you familiar with the terms CPO, aftermarket, or extended warranty? As with new car warranties, the golden rules apply: shop around, and always read the fine print. It pays to be very sure of what you’re getting in terms of coverage, deductibles and extensions. As with new car warranties, all used car warranties are not created equal.
CPO refers to a Certified Pre-Owned program offered by most car makers to extend service contracts when you buy a used vehicle. Repairs are tracked in the same way that a warranty on a new car works. The advantage of CPO cars is that they have to pass rigorous examinations in order to qualify for certification. A CPO car is in good shape when you find it on the lot. The fine print on a CPO is super-important, because there’s a lot of information that needs to be covered for a potential buyer. Can you finance a CPO car? Can you lease a CPO car? Is roadside assistance included in the package? Know your own deal-breakers, and where you can afford to be more flexible. Probably the biggest question is the super-obvious one: how much coverage are you getting, and for how long?
It’s a wise idea to determine the warranty of a CPO car. Increasing numbers of buyers are looking at warranty extensions, especially for luxury cars, which can be costly to repair as they age. And with the ever-evolving complexity of all vehicles, a warranty extension might not be a bad idea at all. Trouble-shooting alone for a vehicle these days can ring up a pretty hefty bill. But not all extended warranties are necessarily worth the extra cash. Some extensions promise coverage for up to five years, but end at 74,000 miles. If the car you’re buying already has 60,000 miles her, an extended warranty isn't going to do too much good.
Not able to buy a CPO? There’s always the option of a factory extended warranty from a dealer, or an aftermarket warranty. Many people believe that a factory warranty is somehow better but keep in mind that the bulk of factory warranties are serviced by the very same companies that sell aftermarket warranties. Insurance is insurance, in other words. Car makers want to make cars, not get tangled up selling insurance.
One important thing to note: if you're doing any major performance modifications on your used car, you’re likely voiding your base, CPO, or extended coverage. Find out what basic service you can do on your own car without compromising the finer points of the warranty. While your car might be ready for the drag strip, you might find yourself without warranty coverage.
If you can’t drive new, try to drive a CPO car. They tend to be in the best possible condition after thorough inspections for certification. And, if you can’t go CPO, don't be afraid of an aftermarket warranty purchased from a legitimate company with a top-notch track record.
Want to discuss this further? Come see us at Ontario Chrysler today.