With the price of new cars, auto insurance, and interest rates becoming unaffordable for many Americans, they’re holding onto their cars longer and aging out of warranties.
A recent report from Kelley Blue Book looks at data from Experian which has compiled each of the 288.5 million cars registered annually to get an idea of how many are still under warranty, and the results are a landslide.
According to Experian, 82.7% of trucks, 85.1% of cars, and 67.1% of SUVs are past manufacturer warranties, including powertrain coverage. With the average age of vehicles on U.S. roads climbing to 13 years old, that translates into fewer being covered by original equipment manufacturers.
While the FCC is cautioning drivers to be weary of scammers selling void warranties, it creates an opportunity for automotive shops to reach out to drivers who may have recently fallen out of warranty and are looking for somewhere other than a dealership to have their vehicle serviced.
