In PE, what should I know about rust-proofing for car loans?

In Prince Edward Island, the harsh coastal climate and extensive use of road salt make rust a significant concern for vehicle longevity. While most new vehicles come with manufacturer corrosion warranties, typically covering perforation for 5-7 years, these often have specific conditions and may not prevent surface rust or protect critical undercarriage components like brake lines and suspension. When considering rust-proofing for a car loan in PE, it's crucial to weigh the upfront cost, especially if financed, against the potential long-term benefits. Adding rust-proofing to your loan increases the principal amount, leading to higher interest payments over the loan term, which is particularly relevant in the current Canadian market with higher interest rates. However, a well-maintained, rust-free vehicle will undeniably hold its value better, which can be advantageous when it's time to trade in or sell, and also extends the usable life of your investment well beyond the loan period. Always research independent rust-proofing options, such as annual oil-based sprays, which are often more effective and cost-efficient than dealer-sold electronic modules or rubberized undercoatings that can trap moisture. This matters because you want to protect your asset effectively without overpaying or unnecessarily inflating your car loan.