Warrantywise warnsed that many UK motorists are not covered by a valid warranty, and could be facing big bills in 2022 amidst the increase in demand for second-hand vehicles.
As new car production delays continue and consumer decision making over internal combustion versus hybrid or pure electric wavers, the rise in used car demand continues to grow.
As such, UK car owners could be facing large repair bills in 2022 and beyond, as research suggests Britons are keeping cars for longer – a recent study showed that a fifth of all cars on the road in Britain are over 13 years old.
However, 85 per cent of used car owners are estimated to be driving without an extended warranty once their OEM cover runs out and average cover is five years.
Data published by the SMMT in November 2021 showed that the used car market is up 16.4 per cent on 2020 levels. Warrantywise believes there are multiple factors that influence why people are keeping cars for longer.
The company’s data shows a larger number of motorists are taking lease extensions due to lack of new car availability while they wait for up to 12 months for a replacement. Added to this is the impending ban of combustion engines by 2030 in the UK, which has led to consumer uncertainty about the next type of vehicle to purchase.
Warrantywise urges motorists to check they are protected against potential large bills in the future, and if they are out of warranty, to consider an aftermarket warranty option for their cars.
Lawrence Whittaker, CEO at Warrantywise UK said, “Unprecedented times has brought the situation to light that as used car demand gathers pace, the same can’t be said for owners checking cover or taking up extended warranties to protect their vehicles.
“Our research shows that the average new car warranty lasts for just five years, meaning that there is a significant percentage of the UK population driving used cars that are not protected by warranty cover and therefore presenting a significant financial liability to their owners. We would encourage all owners of cars over three years of age to check warranty cover, this way they can avoid any costly repair bills by purchasing a quality used car warranty.”