Difference Between Warranty and Guarantee
We can assure you with 100% certainty that this doesn’t go on about in the brains of a lot of people. What is the difference between warranty and guarantee? This question doesn’t even pop in our heads when we’re out shopping for a cool new gadget for our home. Now you must be confused at this point, thinking about whether there really is a difference or not.
Well let us start by confirming your doubts about this question. These two may be the most thrown around words in the market especially at electronic stores. Well, obviously, who wouldn’t be concerned about their brand new 1000$ refrigerator that they are about to acquire.
Now even though we intend to highlight the difference between warranty and guarantee. We will provide one similarity. Both of these terms are intended for assurance purposes.
Definition of Warranty
Warranty is defined as a formal assurance given by a manufacturer to their customers promising to repair or replace a product should it malfunction based on specified terms and conditions.
It is usually in a written form and states the exceptions that limit the conditions where a manufacturer has to oblige. For instance, a customer who bought a product with a 10-year warranty does not enjoy this benefit if her product stopped working after 10 years.
This practice is applied in a wide variety of business situations, mostly as a marketing tactic. According to marketing data, people are more inclined to purchase a product that comes with this formal assurance than one that does not, which is understandable.
This formal assurance could be in any of the following types.
This is a spoken or written pledge stating that a product will meet a certain level of quality and reliability.
In this case, it may not be spoken or written, but the product in question is expected to meet a certain standard.
Interestingly, this practice can only apply to physical products, and customers who are entitled to this benefit cannot get their money back. In some cases, the customer is expected to pay some amount of money.
Definition of Guarantee
A guarantee is defined as a manufacturer’s promise attesting to the standard of a product or service. It is a commitment regarding the intention of the manufacturer to either repair or replace the product or return the money should the product not live up to expectations based on certain terms and conditions.
The first thing we wish to point out concerning warranty vs guarantee is that the former is under the latter. Also, the former covers physical products while the latter covers both physical products and services. They are both also used as a marketing tactic employed by producers to serve as a collateral condition for purchase.
In the eye of the law, guarantee vs warranty both add to the rights of the consumer. A guarantee may be written or oral depending on the business arrangement. Generally, this practice helps business owners to boost sales.
Because this plan offers a money-back guarantee in most cases, some customers may take advantage of this. They might purchase a product, use it for a number of days, and then return it to get their complete money back.
Warranty vs Guarantee Comparison Table
|Basis of Comparison||Warranty||Guarantee|
|Definition||A formal assurance given by a manufacturer to their customers promising to repair or replace a product should it malfunction based on specified terms and conditions||A manufacturer’s promise attesting to the standard of a product or service|
|Interpretation||An assurance||A commitment|
|Form||Usually in a written form||May or may not be in a written form|
|Applied to||Physical products only||Both physical products and services|
|Period||Usually long-term||May or may not be long-term|
|In case of default||Repair or replace||Repair, replace, or money back|
|Limitation range||Not so wide||Quite wide|
Conclusion of the Main Difference Between Warranty vs Guarantee
Now this question of what is the difference between guarantee and warranty bobbing inside your head should be sufficiently answered. We would like to end this discussion by informing you that the difference is not that matters, but what matters is your ease and satisfaction.
It’s not necessary which of the two terms provide you with comfort during your purchase of an intended item. You may be given either of the two or both, but don’t proceed with the transaction until complete satisfaction is achieved.