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Do I need to purchase a prepaid maintenance plan for my vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering financial calculators and interactive tools that provide objective and original content. We also allow users to conduct studies and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you. SHARE Westend61/Getty Images

3 min read Published 13 March 2023

Writer: 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 ways and pitfalls of borrowing money to buy a car. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since late 2022. He is a firm believer in transparent reports that help readers easily find deals and make the best decisions for their financials. He is a specialist in small and auto loans. The Bankrate guarantee

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There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the best financial decisions. The content created by our editorial team is factual, objective, and not influenced from our advertising. We’re open about how we are able to bring quality content, competitive rates and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or when you click on specific links on our site. This compensation could influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether or not a product is offered in your region or within your personal credit score may also influence the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Dealerships can offer prepaid car maintenance plans such as extended warranties, credit insurance, and anti-theft tools. These aren’t necessarily an excellent deal. However, the most effective way to determine whether a pre-paid maintenance plan is the best option is to study the expected maintenance costs — then compare these with the price you’re being offered. If you’re looking to include the prepaid maintenance plan your auto loan, it may make more sense to instead keep the savings account to earn you earn, and not pay, interest. What is a prepay car maintenance plan? Car maintenance programs that are prepaid are contracts that cover scheduled and expected maintenance. Unlike , they only cover preventative maintenance such as tire rotations and . The warranty of the manufacturer or extended warranty can provide for unexpected repairs. A maintenance plan that is prepaid could be considered when you purchase an automobile that does not include scheduled maintenance for cars built into the retail price or when that the manufacturer doesn’t cover. Whatever the case, you should be sure to inquire whether the plan you are offered can be utilized by an independent mechanic’s workshop or if it is limited to servicing in the dealer. A lot of these plans will only permit service at the dealer selling the plan and limit the options you have for future maintenance. Based on the prepaid maintenance plan that you are considering, maintenance might be limited to specific intervals (for instance, oil changes are only covered once each 10,000 mile). Some prepaid plans only cover services once a calendar year or once every six months, which means that based on the amount you travel, you could require additional maintenance that is paid for the vehicle. A variety of manufacturers — including Jaguar, Toyota, BMW, Volvo, MINI and Land Rover — offer Prepaid maintenance plans. Some of these factory plans also cover wear and tear items, such as windshield wiper blades and brake pads, however others don’t. Therefore, it’s critical to research before heading to the dealership. Do these plans that are prepaid for maintenance worth the price? As with most aspects of the car-buying process making the calculations prior to going to the dealer is essential to making savings. Check the cost of the insurance plan against the estimated cost of cost of the scheduled or out-of-pocket expenses within the time frame covered. The owner’s manual should detail the maintenance you’ll need and when you’ll need it. Contact the service manager of your dealer and ask for details of maintenance expenses. Also, you can consider the cost of maintenance, insurance and other expenses. If the estimate of scheduled maintenance of your new vehicle for the first 30000 miles is $400, and you are paying an amount of $800, a prepaid maintenance plan for your car is not worth the cost. If you’re willing to pay 250 for the program, you’ll can save money. You could find a balance, but remember when you add the prepaid maintenance plan part of the loan then calculate the amount you’ll have to pay in interest in addition to the flat maintenance cost to estimate the total cost. Pros and cons of pre-paid car maintenance plans Don’t just agree to the prepaid maintenance plan. Before you set foot in a dealer, be aware of the expected maintenance costs for the vehicles you’re considering. Be sure to keep the pros and cons as you make a deal. Pros Costs for covered services are set and are not changed by inflation. It is possible to transfer the plan when you sell the vehicle. The value of the residual on vehicles leased might increase with a prepay maintenance plan. The cost of prepaid maintenance may be reduced when compared to the normal maintenance cost. Manufacturer-backed plans are usually provided by affiliated dealerships regardless of the location. Cons Service intervals may not match those listed in the owner’s manual. Prepaid maintenance plans can be more expensive than the actual cost of maintenance. In most instances, you will need to get fixed at the place that you bought your car from. Most wear-and-tear issues are not covered. It is possible to include coverage that is redundant or already included with extended warranties. The bottom line is that prepaid maintenance plans are a matter of negotiationdo not just sign up to the cost that is offered by the finance office of the dealership. If you’re aware of the cost of regular maintenance, you’ll be able to plan ahead and avoid the hassle of deciding when and where to take your vehicle. However, it’s not the ideal choice when you already have a reliable mechanic or body shop , or don’t plan to stay in the area where you purchased your car. Also, if you include a prepaid maintenance plan into your auto loan, you could pay more in interest than what the maintenance will be worth. Be mindful of your loan’s rate of interest and do not hesitate to . To determine if a prepaid maintenance plan is beneficial to you, you should take the time to study the expected cost and then compare them to the plans the dealership has to offer.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase a car. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate since the end of 2022. He values clear reporting that helps readers confidently land deals and make the most informed decisions regarding their finances. He specializes in auto and small business loans. Related Articles Auto Loans 5 min read Mar 03 2023 Auto 6 minutes read on Mar 02, 2023 Auto Loans 3 minutes read Oct 13, 2022. Auto Loans 4 minutes read Aug 22, 2022

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