GITNUX MARKETDATA REPORT 2024

Statistics About The Average Car Warranty Cost

The average car warranty cost per year typically falls within the range of $300 to $700.

Last Updated: June 23, 2024

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In the following post, we will explore the intricacies of average car warranty costs, shedding light on various statistics surrounding this topic. From the differences in pricing between hybrid and gasoline vehicles to the average monthly and extended warranty costs, along with insights on coverage details and market trends, this overview will provide a comprehensive understanding of the financial aspects related to car warranties.

Statistic 1

"Extended warranties on hybrid and electric vehicles can be up to 30% higher than for standard gasoline vehicles."

Statistic 2

"The average monthly cost of a car warranty is about $80."

Statistic 3

"The average cost of an extended car warranty ranges from $1,000 to $3,000."

Statistic 4

"Manufacturer warranties typically cover between 3 to 5 years or 36,000 to 60,000 miles."

Statistic 5

"Approximately 60% of new car buyers purchase an extended warranty."

Statistic 6

"42% of extended car warranties sold are never used by consumers."

Statistic 7

"High-mileage vehicles may have higher warranty costs, often ranging from $2,000 to $4,000."

Statistic 8

"The highest rates for extended warranties are found in states with higher living costs, like California and New York."

Statistic 9

"The average labor cost covered by warranties is around $100 per hour."

Statistic 10

"Luxury cars tend to have higher warranty costs compared to non-luxury vehicles."

Statistic 11

"Car warranty prices can vary significantly based on the make, model, and age of the vehicle."

Statistic 12

"On average, a 5-year warranty for a new car typically costs between $1,500 and $2,500."

Statistic 13

"Extended warranties typically require a deductible ranging from $0 to $200."

Statistic 14

"Admin fees for warranties can add an extra $100 to $300 to the overall cost."

Statistic 15

"The length of warranties varies extensively, with some lasting up to 10 years or 100,000 miles."

Statistic 16

"Many extended warranties do not cover wear-and-tear parts like brakes and tires."

Statistic 17

"Dealerships typically offer extended warranties with a 20%-50% markup over third-party providers."

Statistic 18

"The market for extended auto warranties in the United States is valued at approximately $34 billion."

Statistic 19

"Repairs covered by warranties can save on average $500 to $1,000 per major repair."

Statistic 20

"The most expensive extended warranties can reach up to $5,000."

In conclusion, the cost of car warranties can vary significantly depending on various factors such as the type of vehicle, location, and coverage details. The statistics reveal that extended warranties for hybrid and electric vehicles are typically higher, with high-mileage and luxury vehicles also incurring higher costs. While the average monthly cost of a car warranty is around $80, the average cost of an extended warranty ranges from $1,000 to $3,000. It’s interesting to note that many extended warranties go unused by consumers, highlighting the importance of carefully considering the terms and conditions before purchasing. Overall, understanding the intricacies of car warranty costs can help consumers make informed decisions that align with their needs and budget.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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