The original warranty on your Mirage is probably expired. So, what to do? You can consider an extended warranty and perhaps save yourself money, hassle and worry.
Extended warranties come in three different versions: bumper-to-bumper, stated component and drive train.
Bumper-to-bumper extended warranties are usually only available for vehicles with some of the original warranty remaining. (Extended warranty companies consider any vehicle with some of the original warranty remaining a "new" vehicle.) Since the last new Mirage rolled off the assembly line in 2002, chances are your Mirage will not be eligible for a bumper-to-bumper extended warranty.
A stated component extended warranty protects specific components. This means that whatever parts are listed in the policy, those and only those will be covered. Extended warranty companies usually suggest this type of warranty for cars, trucks, vans, and SUVs with more than 100,000 miles on them. A stated-component warranty covers components like your transmission, engine, radiator, alternator, and water pump. It may also cover seals, gaskets, and electronic apparatus, like video and stereo equipment, a navigation or security system. There are also "smart" versions of this type of warranty. This means you specify the components you would like covered; this is in contrast to a "fixed" list of components.
A drive train extended warranty covers only your Mitsubishi Mirage's drivetrain, which is defined as engine, transmission, drive shaft and drive axles. You can get "enhanced coverage" drivetrain warranties that will protect a few additional components on your Mirage, such as video and stereo systems.
When you research extended warranties, remember that price is just one of the areas you need to cover. You also need to compare which parts are covered and for how long they are covered. Tip: also ask about added benefits such as towing and rental car services.
A lot of people add extended-warranty coverage to their Mitsubishi Mirage used car loan payment. This is OK, but be aware: purchasing directly from a company that specializes in extended warranties, as opposed to companies that "partner" with vehicle finance companies, will probably give you a better rate.
Most extended warranties are transferable. This means that for a small charge, you can transfer the policy to the person who buys your Mitsubishi Mirage. So that is an additional selling point.
Extended warranties also protect you against inflation. How? Think about this: the cost of parts and labor will most likely go up, but when you buy a Mitsubishi Mirage extended warranty, it provides coverage at the rate for which you signed up.
One last item: remember that wherever you travel (with a few exceptions), your extended warranty covers your Mitsubishi Mirage.
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