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Life Span for a Catalog item - Independent of Warranty
Some machines might be covered by a warranty (say 3 years) and after this time the Hardware Asset reports to be "Out Of Warranty" however, within some businesses a machine might have a longer lifespan even though it is out of warranty (say 4 years).
Adding a property to the Catalog Item to show the projected lifespan of the type of device would allow the workflows to look at both the Warranty and the Lifespan and allow reports to show not only the devices that are out of warranty but those who have reached the end of their useful life regardless of warranty.
The workflow could then update the status to a set value of something like "End Of Life" etc.