The primary differences between a guarantee and a warranty are:

1. Based on meaning
   When a manufacturer promises a buyer that if there is any fault in the goods and services they can be replaced or can be repaired or there would be a refund of the money which is deposited. That is known as a guarantee.
   
   When there is written assurance about the goods that it is true, but there is one condition that the product would not be replaced or repaired.
    
2. Based on what it is
   A guarantee is a commitment and a warranty is considered as the assurance to the customer
    
3. Based on applicability
   Guarantee applies not only to the product but also to services and warranty applies only to the product.
    
4. Based on involvement of sale
   In guarantee, the sale may or may not be involved. In warranty involvement of sale is considered as a subsidiary condition which can be either expressed or implied.
    
5. Based on validity
   The guarantee can be oral as well as written whereas the warranty is in written form.
    
6. Based on money back
   When a manufacturer gives a guarantee to any product it means a refund can be done if there is some problem. In the case of a warranty, a refund against the product is not granted.
    
7. Based on cost
   A warranty can be extended by paying an extra amount whereas a Guarantee is free of cost.
    
8. Based on liability
   A warranty has limited liability whereas guarantees make sure that it has its covering on all aspects of the product.
    

Advantages of Warranty:

1. The benefit of getting the product repaired and replace
2. No payment for repairing or any services
3. Replacement of the product can be done in case the manufacturer fails to repair the product
4. By paying extra amounts warranty period can be extended
5. Proof of warranty is given to the customer

Advantages of Guarantee:

1. Replacement, repairing or refund options are available to the customer if it's in the guarantee period
2. In the guarantee period, no payment is given for repair or replacement
3. In case the product is repaired or replaced then the customer cannot ask for a refund
4. By paying some extra amount guarantee and warranty of a product can be clubbed. The offer varies from product to product.

Conclusion
At some length guarantee and warranty are the two sides of the same coin as they both are concerned about the performance of the product, but they both are different