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Should You Go For The Extra's?

So many people get ripped off after they have already closed the deal. They get you on the extras and the warranties at that point.

The extras are things like rust proofing, scotch guarding etc. It seems pretty straight forward but you would be surprised at how many people get taken on these.

The trickiest closing cost scam is the extended warranty because the language used is so confusing. This is not the warranty that the factory gives you for the car.

It is a warranty that covers the cost of fixing the car should it break down on you. To get around this, you have to know the dealer’s language.

Extended warranties often do cover any repairs that you require during your coverage period, but there is often some information that you are not told about.

For example, the extended warranty is usually effective only up to a certain amount of mileage or term period; whichever happens first.

They might also only cover certain types of problems. If your extended warranty doesn’t cover every part of your car, why bother?

Some extended warranties don’t cover the larger problems, but just the smaller ones. If your engine conks out, you may be left in the lurch.

You shouldn’t even consider buying an extended warranty if you are only leasing the car for a small time period like 36 months. Perhaps it is better only for longer periods of leasing like 60 months.

Many extended warranties don’t cover everyday wear and tear policies, only breakdown problems. If you do insist on getting an extended warranty, get one that covers both instances.

You will only really want to get a warranty on a more dependable car like a Lexus, Honda, or Toyota because extended warranties rarely cover the costs incurred in cars that are present at the time of purchase.

You will also want to get a warranty that is effective immediately. You will also want to get a warranty with a well established finance company and not one that go belly up in a year.

Don’t purchase an extended warranty directly from the dealer. Instead look at sites on http://www.LendingTree.com for an online warranty because being online gives you all the time to asses your warranty properly.

Watch out for deductibles because you don’t want to get stuck paying for deductibles that you thought were covered by the warranty.

Now let’s look at some of the extras that dealers get you on at closing. This can be very irritating how they try to weasel even more money out of you in the end on stuff that you really don’t need at all.

Of course, when you hear it, they will all sound dire. It’s bad enough that they will throw them up at you but look at this table to show how much they are really ripping you off by.

Most Common Extras at Closing

Description Your price Dealers costs
Rust proofing $800 $40
Extended warranty $1200 $300
Scotch guard $300 $5
Car alarm $400 $100
Paint sealant $300 $10
Credit/insurance costs $200 $30
Detailing and pin striping $299 $30
Total of extras $3499 $515
Extra monthly payment total $97 $0

As you can see, these extras will get you in the end. If you can, you should avoid them all together. They are worth far more to the dealer than they are to you.



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