Why extended warranties are the smart option for car owners

I am the owner of a 2015 Chevy Impala. I was surprised to find out that when I had a problem with my vehicle in 2017 it wasn’t covered under the warranty. But how is this possible? I didn’t even have the vehicle for a complete 3 year term, and had about 10k miles less than what the mileage is to run out on my warranty. I then learned what the “IN SERVICE” date on your vehicle means.

New model vehicles are typically released in the fall months (Sep/Oct). So if you own a 2015, it is a chance that it was released in 2014. If a dealership puts the vehicle as “In Service”, that is the date the car warranty will actually start. So while my vehicle had less than 1K miles on it due to previous owner trading it in shortly after making the purchase. Me thinking I’m buying a 2015 in that year its still brand new, April to be exact. My warranty actually started in September 2014 when the vehicle was put “In Service”, not when I purchased the vehicle.

So when I had to take my vehicle in for a fuel pump in December of 2017, I thought I was dodging a bullet because my 3 year anniversary would be in April of 2018. I was in shock to find out that indeed was not the case and ended up paying a little north of $1500 to have this replaced. I was furious.

All in all I ended up doing my own research and this information is in my contract. Its just one of those things that gets looked over. So I cant say that the dealership lied to me because they were 100% correct in telling me at the time my vehicle is under warranty. I just didn’t read enough of the fine print to see when the time on my warranty actually started.

This is why I believe in extended warranties now. Its truly not a lot of money to invest in your vehicle for peace of mind knowing that you only have a small deductible to pay. I cant speak for the rest, but I surely am not looking to spend $1500 or more at the drop of a dime on my vehicle.