The average new-vehicle loan is for six years, according to data from Experian, longer than the typical manufacturer’s warranty, and many people hang on to their vehicles far longer than that. Once the warranty expires, the cost of all repairs comes out of the pockets of owners, and nervousness about that prospect has made buying an extended warranty a popular option. Nearly half of consumers who buy a new or used vehicle from a franchised dealer opt for an extended warranty, according to the National Automobile Dealers Association.