Planning on purchasing a new car soon? You might want to rethink that choice!
A recent study conducted by Endurance found that the majority of drivers are keeping their vehicles on the road for a longer period of time than in previous years. In fact, the average lifespan of a vehicle is much longer than it was less than a decade ago.
While there are many reasons that people are keeping their cars for a longer period of time, it all boils down to the fact that vehicles are becoming too expensive to replace in a handful of years. Did you know that the average cost of a new vehicle in the United States in the year 2013 was over $31,500? Shockingly enough, this was actually up over $1,000 from the year 2012, so we can only imagine how much it will sky rocket during 2014.
It goes without saying, that most drivers today plan to keep driving their automobile until the wheels fall off. But in addition to the increase of price for new vehicles, the cost of repairs has also risen sharply in recent years, leaving most of us in between a rock and hard place.
Of course, vehicle repairs can become much more affordable with extended vehicle protection, also known as an car warranty, from Endurance.
We surveyed over 1,000 randomly selected drivers to participate in our study about the lifespan of their vehicle. What we found was that most people are deciding to keep their car as long as they possibly can, but as a result are being faced with increasingly high repair bills. Check out our full infographic below to review all of our research findings.
*A Vehicle Service Contract (VSC) is often referred to as an “extended warranty”, but is not a warranty. A VSC does, however, provide repair coverage for your vehicle after the manufacturer’s warranty expires. A VSC is a contract between you and a VSC provider or administrator that states what is a covered repair and what is not. Endurance is an administrator of VSCs and does not sell warranties.*