After purchasing a vehicle, the last thing your members want to think about is what may happen a few years down the road—or even just on the way home. But the reality is that as soon as they drive off the lot, there’s no telling what’s around the corner.
Aside from the routine maintenance and wear and tear they may already be factoring into the cost of ownership, unexpected costs like a major engine repair or air conditioning replacement (and the labor that goes along with it) can really add up.
Comprehensive Vehicle Coverage (CVC) is a great investment to save your members from unexpected, and often hefty, repair bills for common repairs like the ones featured here. Here are some talking points to help you cover what the cost of ownership can add up to, beyond their monthly payment.
1. Manufacturer Warranty vs. Expected Length of Ownership
The average buyer keeps a car for close to six years, but with both time and mileage limitations, a manufacturer’s warranty can run out much sooner. Make sure you compare the warranty’s expiration date with the amount of time the buyer expects to be in the vehicle to show the value of layering on additional protection.
2. Tires & Wheels
Prices for new tires keep increasing, averaging $525 to $750 to replace all four tires. And it’s a problem no one is immune to, no matter how strictly they follow suggested maintenance schedules. Road hazards like glass, potholes, and nails can’t always be avoided, but making buyers aware of this expense and offering a tire and wheel repair and replacement plan can help them dodge a major setback for their wallet.
It’s something everyone can relate to—keys rank as the third most commonly misplaced item, and sometimes they’re never found. But with advances in key technology, the price to replace and reprogram “smart” keys can be $500. Adding a key replacement and lock-out protection plan can be a low-cost solution to this highly probable predicament.
4. Cosmetic & Safety
Your customers want their cars to look new and fresh for as long as possible. But accidents happen, and fixes for chipped windshields, dents and dings, and scratched wheel rims can range from $50 to over $1,500. To highlight the value of your appearance protection plans, make sure your buyers know the average cost of body repairs and that just one or two dents can make a huge difference in what they’re offered when it’s time to trade their vehicle in. Plus, in the event their car is stolen and not recovered, they could be out of pocket more than $500. Etch makes their vehicle less desirable to thieves and reimburses for incidentals like insurance deductibles.
Click here to download our handy infographic on these Four Costs of Vehicle Ownership you need to be prepared to discuss with every buyer in the F&I office to help them understand the value of the protection products you’re offering.