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Cars today are better built and with good maintenance can last beyond 12 years and 300,000 kilometres. Many consumers are happy with their present cars but fret over not having warranty coverage once the new car warranty expires. As of January 2010, there is a new option available: Subject to a mandatory vehicle inspection in Toronto, you can purchase through an APA approved source an aftermarket warranty without having to buy a car (see below for details). There are various plans available, from basic power train to a comprehensive coverage.
If you have invested in good mechanical and body maintenance, it may make sense to hold on to your vehicle for several years more thus simply avoiding depreciation costs, taxes, and extra fees inherent in both new and used transactions. By managing your repair costs through a prepaid plan you will avoid financial uncertainty. Also you can time the eventual sale of your vehicle with the expiration of the warranty thus avoiding the “throwing good money after the bad” dilemma.
Keep in mind you are expected to keep maintenance records in order to retain warranty coverage and do it yourself oil changes are generally not allowed.
To arrange for a no charge consultation and inspection call John at Autolinks (416) 661-3444.
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