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It’s true! People, like me, are keeping their cars longer. Some people are keeping their cars longer because of extended loan terms, over 60 months, and up to 84 months. Many keep their vehicles longer to avoid having to pay a car payment on their quest to be debt-free.
“1 in 3 Americans keep their vehicles for at least seven years.” – Toco Warranty Survey
Although we are choosing to keep our vehicles longer, the industry standard for vehicle factory warranties is 36 months or 36,000 miles, whichever comes first. The older our cars get, the more likely car breakdowns become.
My friend recently experienced a car breakdown. The repair cost her over $1,000 because she did not want to pay for an expensive extended warranty with years of commitment. What makes her situation more painful is that it happened right when holiday shopping is about to begin. Not to mention the fact that 60% of Americans don’t have emergency savings.
In fact, “a $1,000 emergency would push many Americans into debt.” – Annie Nova, CNBC
If you don’t want to commit to or pay thousands of dollars upfront for an extended warranty contract, Toco Warranty is a great option. Toco’s vehicle repair coverage is an affordable pay as you go, month to month service that you can cancel at any time. Great for people like my friend and me who have commitment issues.
Click here to learn more about Toco Warranty to see if this budget-friendly vehicle service option is right for you and your car! Also, for 50% off your first month, use code BOSS.
