If you intend to keep your vehicle for a long time, a CarMax extended warranty can be a wise choice to protect yourself against unexpected expenses.
Is CarMax a Good Company?
CarMax is a reputable company that sells used vehicles. CarMax vehicles come with a 90-day or 4,000-mile limited warranty. This company was established in 1993 in Richmond, Virginia, and has expanded to over 200 retail locations throughout 41 states.
The Better Business Bureau (BBB) has awarded CarMax with an A+ rating, and you can find positive comments on the internet about the company’s procedure for purchasing used automobiles. Besides selling pre-owned vehicles, CarMax also provides an extended warranty through MaxCare. Since they have centers all over the United States, there is a good chance that one is close to you.
CarMax Extended Warranty
When shopping for a new car, it’s important to consider different factors that will influence your buying decision. While many buyers focus on the cost of the car, reliability, and mileage per gallon, not everyone considers whether the vehicle has an extended warranty.
Many people shy away from an extended warranty because they are afraid of being ripped off by dealers and auto manufacturers who sell them. However, an extended warranty can be a great way for you to protect your investment, and one of the best companies that offer an extended warranty is CarMax.
The CarMax extended warranty covers the cost of repairing or replacing your car’s mechanical or electrical systems. This warranty is a good option if you’re concerned about the resale value of your vehicle decreasing or if you have a vehicle with a high mileage rating. It’s also a good idea to get a CarMax extended warranty if you have a vehicle that has a high maintenance cost. Below are some things you should know about getting a CarMax extended warranty.
CarMax Extended Warranty Deductible
If you have a CarMax extended warranty, you can take your vehicle to any repair shop. However, if you choose to have your vehicle repaired at a licensed CarMax service center or RepairPal shop, your deductible is reduced by $50. RepairPal is a CarMax partner with locations across the country, and each RepairPal location has been thoroughly vetted to ensure the quality of its staff, parts, and services.
CarMax Extended Warranty Refunds
All CarMax contracts include a 30-day money-back guarantee. If you cancel your contract within the first 30 days of purchase, you will receive a full refund. The 30-day money-back guarantee can help you decide whether a CarMax extended warranty is ideal for you.
CarMax Extended Warranty Cost
The CarMax extended warranty cost is entirely determined by your vehicle, its mileage, and any risk factors that CarMax considers to be associated with your vehicle. You should contact CarMax directly to get an accurate estimate. Even if the repairs are covered, CarMax’s higher deductibles lead to extra costs if you require multiple repairs in a short period of time.
CarMax Extended Warranty Benefits
CarMax offers emergency roadside help 24/7, 365 days a year, from the day your plan is activated. You are also protected across the United States and Canada. CarMax covers rental reimbursement of up to $40 per day for a maximum of seven days if you must leave your vehicle overnight for covered overnight repairs. You can also cancel your CarMax coverage at any time.
What’s Covered by the CarMax Extended Warranty?
A CarMax extended warranty covers some of the most expensive parts of your vehicle and lasts for five years or 150,000 miles. As a result, you don’t have to worry about high repair expenses. The parts that are covered include:
- Cooling System
- Climate Control
- Electrical Systems
What’s Not Covered by the CarMax Extended Warranty?
A CarMax extended warranty is a great option for many car owners, but it does not cover every possible problem with your vehicle. There are some instances listed below where you won’t be covered:
- Damage caused by a lack of maintenance or by improper usage
- Damage caused by environmental events or incidents
- Damage caused by racing
- Cosmetic damage such as dents and dings
- Damage caused by polluted fluids
- Damage caused by natural disasters such as fire, hail, flooding, and more
- Damage related to collisions
- Damage caused by a shortage of fluids, the use of inappropriate fluids, or irresponsible fluid usage
- Damage caused by unauthorized maintenance and repairs
Ensure that you properly maintain your vehicle by sticking to the maintenance plan outlined in the vehicle’s owner’s manual. To comply with the terms of your CarMax extended warranty, you must preserve receipts that list the services done. These repair orders should include the VIN and mileage of your vehicle. Failure to adhere to this routine may prevent your repair fee from being approved.
What Causes a CarMax Extended Warranty to Become Invalid?
The CarMax extended warranty includes a number of exclusions that can invalidate your coverage and leave your vehicle unprotected. Your CarMax extended warranty can be invalid in the cases listed below:
- If you default on payment
- If you break your contract and don’t have any claims within 30 days
- If your vehicle is deemed a complete loss, a salvage vehicle, or a trash vehicle
- If you fail to pay attention to the automatic warnings that are shown on your vehicle, or you fail to pay attention to the written warnings that are provided by the mechanic that you are seeing
- If you alter your odometer
How To Know If Your Vehicle Is Eligible for a CarMax Extended Warranty
Firstly, you must buy a vehicle from CarMax to qualify for its warranty. CarMax guarantees that every vehicle it sells is eligible for an extended warranty, with the qualification based on how the customer intends to use the vehicle. However, if you are unable to purchase an extended warranty from CarMax, you can choose other reputable companies.
The CarMax extended warranty is worth it, and you can transfer your warranty if you plan to sell your vehicle. Even though you have to pay for a CarMax extended warranty, the peace of mind it provides is rewarding in the long run.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.