Do I need to purchase a prepaid car maintenance plan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity, and also other home loan products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not include the universe of companies or financial deals that might be open to you. SHARE Westend61/Getty Images

3 min read Read Published March 13, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to buy a car. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since the end of 2022. He values clear reports that help readers confidently land deals and make the most appropriate choices regarding their finances. He specializes in small and auto loans. The Bankrate guarantee

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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors concentrate on the things that consumers care about the most — different kinds of loans available as well as the best rates, the best lenders, the best ways to repay debt, and more . This means you’ll be able to feel secure when making a decision about your investment. Editorial integrity

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So, this compensation can influence the manner, place and in what order products are listed in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, such as our own website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include details about each financial or credit item or service. Dealerships will offer prepaid car maintenance plans like extra warranties and credit insurance, and anti-theft devices. They’re not always a bad deal. The most effective way to determine whether a prepaid maintenance program is the right option is to study the expected maintenance costs — then examine them against the cost you’re given. If you’re planning to apply the plan for prepaid maintenance to your auto loan It may be more sense to instead keep an account in savings where you earn, rather than pay, interest. What is a prepay car maintenance plan? Car maintenance programs that are prepaid cover scheduled and expected maintenance. In contrast to other plans, they provide preventative maintenance like tire rotations and . The manufacturer warranty or extended warranty will still provide for unexpected repairs. A maintenance plan that is prepaid could be considered when you purchase new vehicles that don’t include scheduled car maintenance into the retail price or in the event that the manufacturer no longer covers. In either case, make sure to ask whether the plan offered is able to be utilized by an independent mechanic’s shop , or if it is limited to service from the dealers. A lot of these plans will only permit service at the selling dealership which limits your options for future maintenance. In the case of the plan for prepaid maintenance you are considering, maintenance might be restricted to certain intervals (for instance, oil change only being covered each 10,000 mile). Some prepaid plans only provide services once per calendar year or every six months. Depending on the amount you drive, you may need additional paid maintenance on the car. Many manufacturers, such as Jaguar, Toyota, BMW, Volvo, MINI and Land Rover — offer prepaid maintenance plans. Certain of these plans also include wear-and-tear items like windshield wiper blades or brake pads, however certain plans don’t. It’s critical to research before heading to the showroom. Are prepaid maintenance plans worth the cost? Similar to many other aspects of buying a car taking the time to calculate the cost prior to going to the dealer is essential to saving money. Check the cost of the plan with the estimated cost of scheduled or out-of-pocket costs for the period covered. Your owner’s manual should list the types of maintenance you’ll need as well as when you’ll need it. Contact the dealer’s service manager and ask for a breakdown of scheduled maintenance expenses. Also, you can consider the costs of maintenance, insurance, and other expenses. If the cost estimate for regular maintenance of your new car for its first 30,000 miles is $400 and you’re paying an amount of $800, a prepay maintenance plan for your car is not worth it. If you’re willing to pay $25 for the service you’ll will save money. You can make a deal, but keep in mind when you add the prepaid maintenance plan part of the loan consider the amount you’ll pay in interest alongside the flat maintenance cost to figure out the full cost. Pros and cons of plan to maintain your car prepaid Do not just sign up for an prepaid maintenance program. Before you set foot in an auto dealership, you should know the expected maintenance costs for the cars you’re looking at. Keep these pros and cons in mind when you negotiate. Pros Prices for covered services are fixed and cannot be increased by inflation. You may be able to transfer the plan when you sell the vehicle. Residual value on leased vehicles might increase with a prepay maintenance plan. Prepaid costs may be discounted compared to normal maintenance costs. Plans that are backed by the manufacturer are typically offered by dealerships that are affiliated, regardless of the location. Cons Service intervals may not be as specified in the owner’s manual. Prepaid maintenance plans can be more expensive than the actual cost of maintaining. In many cases, you must get fixed at the place which you bought the vehicle from. The most common wear and tear items are not covered. It is possible to include coverage that is unnecessary or is already part of an an extended warranty. The bottom line is that prepaid maintenance plans can be negotiated — so don’t just agree to the cost offered by the finance office of the dealership. If you are aware of the expense of regular maintenance you can plan ahead and avoid the stress of making a decision about when and where you will drive your vehicle. But, it’s not the best choice when you already have a reliable mechanic or body shop or are not planning to remain within the region where you purchased your car. Also, if you include an prepaid maintenance plan in your auto loan it could cost you more in interest than what the maintenance is worth. Be aware of the loan’s rate of interest and do not hesitate to . To determine if a prepaid maintenance plan is beneficial to you, make the effort to study the expected cost and then compare them to the plans the dealership provides.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase a car. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate from late 2022. He values the clarity of reporting that can help readers easily get deals and make most appropriate choices regarding their money. He is a specialist in small and auto loans. Related articles: Auto Loans 5 min read Mar 03, 2023 Auto 6 min read Mar 02, 2023 Auto Loans 3 min read Oct 13 2022 Auto Loans 4 min read Aug 22 2022

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