Tesco Personal Finance commissioned top polling organisation YouGov to interview a representative sample of almost 2,500 drivers across Britain, to mark the launch of Tesco Car Warranty Plans.
The plans help motorists keep costs down by paying for most major mechanical and electrical repairs, which tend to increase the older cars become.
Over half (56 per cent) of the drivers questioned in East Anglia said they now intended to keep their vehicles for longer than first planned. Forty per cent indicated they would hang on for more than two years longer; 10 per cent for one to two years more; and six per cent for up to an additional year.
Less than a third (30 per cent) of people in the region said the economic climate would have no effect on the length of time they would keep their cars and a mere six per cent that they planned to dispense with their current vehicles earlier than originally intended.
Allan Burns, head of insurance at Tesco Personal Finance, said: “Our survey clearly indicates most motorists in East Anglia plan to make holding on to their vehicles part of their overall belt-tightening during the economic slowdown.
“Figures from the Society of Motor Manufacturers and Traders suggest the average age of the 24 million licensed cars on UK roads is already 6.8 years and if, as our survey suggests, that’s likely to increase, the number of repairs needed is also set to rise.
“We can therefore foresee great demand for our car warranty plans, which cover part and labour costs, and take effect after a motor manufacturer or dealer’s warranty, usually covering the first three years of a car’s life, has ended.”
Three Tesco Car Warranty Plans are available, offering different levels of protection - Value, Standard and Finest. These cost from just £99 a year, and customers can pay in 10 monthly, interest fee instalments or a lump sum.
The plans can be taken out for almost any car up to 10 years old with less than 100,000 miles on the clock, even if it has been out of warranty for years, as long as it has been serviced in accordance with manufacturer’s guidelines.
Protection starts from day one and, after that, there are no limits on the mileage a car can do or number of claims a driver can make. Customers can choose where to have cars repaired, including main dealers, and Tesco then settles the bills directly for them.
The plans provide peace of mind during the current holiday season too, as they apply throughout the EU at no extra cost.
A Tesco Car Warranty Plan’s cost depends on the one selected and the vehicle. The table shows the annual cost of cover.
Cover level Value Standard Finest
Maximum vehicle age / mileage 10 years / 100,000 8 years / 80,000 6 years / 60,000
Up to 1400cc £99 £149 £199
1401 – 1800cc £149 £199 £259
Over 1801cc £199 £259 £339
Prestige £259 £339 £419
Tesco Car Warranty Plans are available online, via www.tesco.com/carwarranty and over the telephone, on 0800 997 8248, which customers can also call for assistance in selecting the right policy. They are administered by Car Care Plan, the UK-based market leader in warranty programmes.
Find out more on Tesco’s car insurance and car warranty offered.