Used car buyers overlook warranty terms
New research has found that more than half of used car buyers only skim read extended warranty terms.
The study of 500 UK drivers was commissioned by the Motor Ombudsman and carried out by YouGov.
It found that 51% only skim through warranty terms and conditions to get a basic understanding of the components that may be claimed for in the event of failure, while just 42% review them in their entirety to fully understand the contents of the agreement before signing it.
Bill Fennell, Chief Ombudsman and managing director of the Motor Ombudsman, said: “Terms and conditions accompanying any kind of agreement are a vital piece of information, and a less than thorough read raises the risk of consumers missing crucial details, and ultimately accepting a product that may not meet their expectations. Motorists not fully understanding their policy and the level of cover provided, may find that, when they come to make a claim, some items are not covered under the warranty, leading to additional expense.
“As with any purchase, we urge consumers to spend the time reading the small print and to ask any questions to the provider of the policy before agreeing to proceed with the agreement, and signing the contract.”
