Amid high new car prices, high car insurance prices, and high interest rates, Americans are doing a wise and predictable thing – keeping their cars on the road longer than ever. More of us are driving cars out of warranty.
Related: Car Warranty Guide – Everything You Need to Know
The average car on American roads is now pushing 13 years old. No original equipment manufacturer (OEM) covers repairs on these middle schoolers.
Experian tracks the number of cars Americans register every year. That gives the credit reporting agency a helpful view into the 288.5 million vehicles currently in use somewhere in the country.
Experian reports that 82.7% of trucks, 85.1% of cars, and 67.1% of sport utility vehicles are past their manufacturer’s warranties, including the powertrain coverage that is typically longer than bumper-to-bumper plans.
Car repairs, as you likely know, if you drive an out-of-warranty car, keep growing more expensive.
This situation creates fertile ground for scammers.
Some reputable companies offer reliable warranties that can protect you from the cost of unexpected repairs. But at least as many, if not more, scammers seek to sell you a virtually useless extended warranty.
The FCC recommends that Americans take a few simple steps to protect themselves from scams:
- Do not answer calls from unknown numbers. If you do so by mistake, hang up immediately.
- Never give out personal or financial information to someone who calls you.
- Always use caution if you are being pressured for information or money immediately.
