Last Updated on May 30, 2023 by Rose Morah
Is the Tesla extended warranty worth it?
Well, the answer to this question cannot be a simple yes or no.
This is because the decision of whether or not to purchase an extended warranty depends on an individual or the condition of the car.
It will be absolutely worth it for some people. But it will also not be worth it for others.
We are going to go into details about when it will be worth getting an extended warranty and when not, based on both our experiences and other Tesla owners.
Note: This article does not aim to promote any third-party extended warranty, it contains an unbiased opinion to help Tesla owners.
When is a third-party extended warranty worth it?
1. If your Tesla is unreliable
There are Tesla owners who have had a history of repairing their Tesla more times than others.
Additionally, if you have just received your new Tesla, you will notice that some cars tend to have issues from the first month of owning them.
This is because some Teslas are notorious for developing small issues.
For instance, people who own the older model Teslas have spent so much on repairs because the first models had so many problems.
If this has been the case for you, then purchasing an extended warranty makes a lot of sense.
I have seen people who have spent over $5000 on post-warranty repairs because their car had so many small issues that needed repairs.
See also: Should You Buy Or Lease A Tesla?
You are in a better position to figure out whether your Tesla is reliable or not.
For instance, during the past months or years of owning your Tesla, how many times have you taken it to the repair shop?
Some of the examples of common small issues that some Tesla owners get include;
- Problems with the coolant heaters.
- HVAC duct issues.
- Problems with the center console.
- Tesla door handles not retracting.
- Odd creaks e.t.c.
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2. Tesla repairs can be expensive
The good thing about Tesla is that it has very few maintenance costs. However, when something breaks, it may end up hurting your wallet due to the repair costs.
This is because Tesla repairs can be extremely expensive.
Therefore, if you are worried about the high repair costs, purchasing the Tesla extended warranty will be worth it.
Having an extended warranty gives you peace of mind and removes any anxiety that comes whenever something in the car breaks or if the car develops issues since you know that you are covered.
3. If you are planning to keep the Tesla for the long-term
If you are planning to keep the Tesla for more years, it would make sense to get the extended warranty. However, this will also be determined by how reliable your Tesla has been.
When is the Tesla extended warranty not worth it?
If your Tesla has been reliable, purchasing an extended warranty might not make sense.
I have seen Tesla owners who have gone over 50,000 miles but have done only one or two small repairs on their Tesla.
I have also seen others who have gone for years with very few repairs on their Tesla.
So, as mentioned earlier, knowing whether or not your Tesla is reliable could help save you the money spent on buying an extended warranty.
This means that if it is a reliable car, then you could use the money that you would have spent on an extended warranty to self-insure the car by putting that money into a savings account for any future small repairs.