The shortage of new cars, caused in part by the global semiconductor shortage coupled with a downturn in the economy, has resulted in an increased demand for used and reconditioned cars in Malaysia over the past 2 years.
While this is a boon for the used car industry, buying used cars is still rather troublesome. Faulty parts, hidden costs, defects, maintenance, and a slew of other factors come into play. Insurance for second hand vehicles is also not as comprehensive. Combined with the lack of warranty if the car is bought outside the warranty period, this may dissuade people from buying a car that is more affordable.
This is where Guard My Ride, an extended warranty and insurance provider, comes in to offer warranty solutions for used cars. Now their new partnership with myTukar, the used car sales platform, aims to further address the lack of proper insurance for used cars to ease consumer minds and encourage the purchase of used vehicles.
Extended warranty for cars are cumbersome, require lots of documentation, with unclear terms and conditions, and coverage that isn’t as extensive as the customer would like. Guard My Ride is offering extended warranties for cars with a higher mileage than their usual amount, exclusively to cars being sold on myTukar’s platform.
Guard My Ride was founded in 2015 by Jonathan Tham, who has over a decade of experience in the automotive industry.