Extended Warranty

Hey Everyone,

I'm new to the forums but have been coming to them to find answers for questions I had in the past. But I have a question that I could not find an answer for.

I have a 2010 4X4 SR5 Double Cab with 32,300 miles on it. The warranty is set to expire next month and I have been throwing around the idea of purchasing an extended warranty. So I went to one of the local Toyota dealerships here in south Florida to ask about the price. For the "Platinum" extended warranty they said I could get 6 years and 72,000 miles for $2,600-$2,700. I was wondering if anyone else has bought one recently and what price they paid. I am also wondering what everyones opinion on the usefulness of the warranty.

Thanks in advance

 

I too have a 2010 but mine has 12,000 miles. I purchased the platinum a few months ago at the dealer I bought the truck from but I paid $1500 for 7 years 75,000.

In regards of the usefulness of the warranty, I figured if something should happen in the amount of years and miles, it's going to add up to more than $1500. And at least I know it will be worked on by the dealer, will be on the truck's records in the system and I won't have to worry about taking it to Joe Schmoe and wondering if his work is good or warrantied.

 

This dealer appears to be offering 6 yr/75k for $660...
http://www.tacomaworld.com/forum/2nd-gen-tacomas/32027-discounted-toyota-platinum-warranty.html

If you look at the fine print for almost all extended warranties, they are underwritten by some financial- or insurance company. You are effectively buying repair insurance, which means on average you will lose out (i.e. spend less on repairs than what you paid for the warranty).

 

I was expecting something in the $1400-$1800 range, but was not sure. Maybe the higher mileage adds an extra $1100 but that seems kind of excessive to me

 

Call Jerry Johnson at Midwest Toyota in Hutchinson KS. I purchased a 72mo 72,000 Platinum no deductible warranty from him. Paid $659.00 two years ago. He's still selling for the best price around. It is a full-bore TOYOTA warranty-not third party.

 

I got the full platinum when I bought my '11 at the dealer for $ 695. I did not have to haggle, that is what they offered.

 

I was quoted as high as you were at first - but to be honest, I sat and chatted with the guy for a while and explained in a nice way how I thought it was too expensive, how there was one place out of state that is offering it for such and such amount. And that I've been taking my truck in faithfully on time for maintenance (which showed that there should be less issues later one).... He said something to the effect that no dealership can offer it BELOW a set price - forgot what price point that was - unless you are NOT getting the Toyota warranty, you are getting one that is subcontracted and has stipulations in small print.

Long story short, after about half hour, he offered me his "employee discount" but had to have it approved by his manager.

 

How many years/miles?

 

Read this and take a look at 3rd party companies ... you do not have to buy from the dealer.

https://www.usaa.com/inet/pages/advice-auto-extendedcarwarranty?akredirect=true

 

Bought it new. Its the 8 yr warranty (forget miles-not important as this is not my DD). In addition, the dealer offers his own free 100k "drive train" warranty to original owner (basically a tranny/engine big time failure deal). The only reason I took the extended warranty was because of A/C parts. I have had to replace condenser/evaporator on other cars and it was crazy expensive, even using rebuilds.

 

I'll tell you, I'm glad I bought mine.

6 months after my warranty was up the A/C compressor, blower fan, and climate controls all went out in a 3 month period. Cost of platinum care: $1600. Cost to repair the parts: $4500

If you get the true Toyota Platinum Warranty your experience at the dealer is no different than if you had the bumper to bumper. The only true difference is that the part has to actually be bad and you can't just complain of a noise or rattle.

 

It's kind of a gamble. It worked out for you but most so called money gurus advise against purchasing an etended warranty for anything. I used to think that way too but now I am beginning to think it may be a good idea as everything these days is made so cheap.

 

I didn't buy one for the Tacoma, however I did buy one when I bought my wife's Civic. I bought a 6 year 120k, but I can't remember what I paid off the top of my head. My intention was simple. I didn't want my wife to be taken by the stealership for stupid things while I'm on the other size of the globe hunting to Ahchmed. However it's been 6 years next month and the car only has 95K. I say it was worth it for piece of mind.

 

Get the Platinum extended warranty from Toyota if you want to get longer coverage. Don't mess around with third party extended plans. You can get a better price online as stated above.

 

You did good! Great price on the warranty!

This is the way I think too.

I agree!

 

I have definitely been leaning towards purchasing the warranty but I'm not sure if I want to for 2700 dollars. I guess I'll have to see if I can find a better price at another dealer

 

No sure what I paid for mine, ill have to look. But I got the extended 125,000 mile plus the paint and interior. I'm not rough on my vehicles on purpose but I'm not afraid to use them either so i figured it might help me. Only time and mileage will tell.

 

My wife and I are avid followers of Dave Ramsey and I know what his take on new cars and warranties are. However we're a one vehicle family and I'm in a profession where I can't afford to have a vehicle down and in the shop for even a day.

 

If it breaks you'll be without it for more than a day even with an extended warranty.

At that point you would just need to rent a vehicle to get by.

 

I personally have never purchased an extended warranty on any vehicle I've ever owned (quite a few). I haven't needed major repairs on this vehicle (knocking on wood) and I'm 78K currently. YMMV.