CHARLOTTE, N.C. — With the cost of new and used cars reaching record highs, studies show people are holding onto their vehicles for longer before trading them in.

A new report from Consumer Affairs says people are not wanting to spend more on new cars. this means they’re holding onto their vehicles longer. Research firm ISeeCars.com says on average, people are keeping their vehicles 14 to 35% longer.

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This might sound great, but experts warn the longer you drive your car, the more it’s going to cost you to keep it on the road. This is why it’s so important to take a look at the extended warranty.

A new car usually comes with a three to seven-year warranty that normally covers some repairs and part replacements. When it expires, owners can sometimes extend the warranty for a monthly or annual fee

Consumer Affairs says owners can expect to pay, on average, anywhere from $2,000 to $5,000 for their extended warranty

In the past, people would buy coverage for peace of mind. But today with the high cost of vehicle repairs, they could prevent the owner from going deeper into debt.

WCNC Charlotte is always asking “where’s the money?” If you need help, reach out to WCNC Charlotte by emailing [email protected].

WCNC Charlotte’s Where’s The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn’t want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.