Victor Chernetsky, assistant professor of marketing in Opus College of Business at the University of St. Thomas, was highlighted as an expert in WalletHub on extended car warranties.
From the Q&A:
What are the biggest mistakes that people make when it comes to extended car warranties?
Some customers purchase extended car warranties without fully understanding what they entail or whether they actually need them. Before committing to such warranties, it is essential for customers to acquaint themselves with the coverage, restrictions, and other conditions outlined in the fine print. However, salespeople often apply pressure tactics, such as offering extended warranties while customers are finalizing paperwork for a new vehicle. The cost of the warranty may seem insignificant compared to the total cost of the vehicle, serving as a reference point. Additionally, sales tactics may involve presenting the warranty cost as just a few dollars per day, rather than considering its annual cost, which would be more relevant.
