According to Trading Standards (in the UK) most products could be covered for up to 7 years against faulty workmanship, there was quite a debate on some radio stations just a few weeks back. But the question then arises just what is faulty workmanship and wear/tear or misuse after a few years.
In the TV industry some manufacturer's would pay for a repair/replacement parts long after their guarantee had expired, others wouldn't give a week over the time stated. Now TV, video & audio equipment is so cheap (compared to say in the 70's when a CTV would cost the equivalent of two/three months wages) it's not worth the cost of the repair in many cases. Sadly the motor trade has not kept pace.