People who are driving older cars may think it’s a good idea to purchase an extended warranty. While there may be advantages to having an extended warranty, such as enjoying continuing coverage on your vehicle, the ability to choose your own plan and saving money on costly repairs, there are drawbacks as well, according to Automoblog.
Many people find leasing as a better alternative to financing a new car. Because lessees pay for only the depreciation of the vehicle and not the full value, their monthly payments may be lower. With leases lasting 24 to 36 months, they are not stuck in a long-term payment plan. In addition, the warranty covers the vehicle for the length of the lease.
Experts from the automotive research firm IHS Markits say the average lifespan of a car or truck is eleven years old. Cars dating back to 2009 and older are considered to be outdated. Driving an older vehicle with over 100,000 miles can lead to various mechanical issues, such as engine failure. Fixing these issues can become quite costly and hurt your finances in the long run.
The Auburn Citizen reported that New York State Governor Andrew Cuomo signed an executive order pushing back the deadline for vehicle inspections and registration renewals until November 3. This applies to those documents that have lapsed over the past five months.