Warranties give a buyer added protection and peace of mind following a sale, knowing that if anything goes wrong, they have a solution. There has been a trend towards customers taking out longer term warranties recently. Indeed, the number of extended warranty purchases is increasing year on year, and according to Allianz Partners, the motor industry saw a healthy 6% rise over 2017.
Longer warranties becoming more popular
Over the past year, there has been a 10% decrease in sales of shorter three-month warranties, with the market shifting toward longer warranties as motorists feel that their finances are less secure. They are turning to products which offer more for their money over a longer term.
The trend towards taking out longer standard warranties is set to continue well into 2019. With annual sales of around eight million used cars, drivers are becoming more tuned into the advantages of having