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Should I purchase the extended warranty?

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Old 09-03-2013, 09:28 PM   #41
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Quote:
Originally Posted by Scarlett4x4 View Post
I bought my 08 with 15k and a lift installed. I took the warranty and im glad I did. So far ive had a new hub assembly installed and a new rack and tie rods. Both jobs took the dealer 2 days and my ext warranty covered everything but a 100$ dedectable and I was given a rental.
My AC compressor is starting to make noise now and ill be going to get that looked at once it gets worse.
Im glad I took that warranty, it has paid for itself in 2 years.
Or you could have done the work yourself for a fraction of the cost, or even taken it to a non-dealer shop and still be ahead.
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Old 09-03-2013, 09:29 PM   #42
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Do it...
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Old 09-03-2013, 09:41 PM   #43
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Quote:
Originally Posted by BamaToy1997 View Post
I am sorry, but you are wrong. One could claim that insurance companies are a "scam" if we were to use your logic, but time has proven that to HAVE insurance is the better option. I have paid thousands upon thousands of dollars over the years for my insurance, and have never needed it. Doesn't mean that it was a bad idea to have it. It is simple numbers. The CHANCE that you will have a major failure or malfunction is low. Therefore the extended warranty companies are playing a gamble, just like every insurance company does. They take a gamble that they will have a larger group of people that will never need to file a claim than they have that WILL file a claim. How is that a scam?

Obviously they make a profit off it. Just like your insurance company makes a profit as well. NO company does things out of the goodness of their heart. They do it to make a profit. Not a scam, just a means of making a profit like every other business. I have worked with extended warranty companies (Both as a repair facility, as well as a purchaser of the warranty on my own vehicles) for over 20 years. What is your experience based on? I will give you a perfect example.

I bought a 2005 Town and Country van for my family that had 65k miles on it. The factory warranty had expired. I paid $2500 for the extended warranty policy. We had a $100 deductible. 1 year after we bought it the passenger window regulator failed. replaced at dealership with brand new regulator and motor. Invoice cost of repair was $350. My cost? $100. So at this point I could TECHNICALLY say I was only out $2250 at this point. 6 months later the AC compressor failed. Invoice cost was $1400 due to metal in lines and other parts being replaced. My cost? $100. So now I have spent $2700 and have covered $1750 in repairs. About 2 and a half years after initial purchase the transmission fragmented. Invoice cost? $4500, my cost? $100. This was the last claim I had to make and we drove the van for an additional 6 years. So my total out of pocket expense was $2800. Total repairs on claim: $6250. Yeah, I really got scammed there huh?
You bought a Chrysler, and you had work done at the stealership. What the fuck did you expect.

They took your money and laughed at you as soon as you left.
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Old 09-03-2013, 09:49 PM   #44
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Quote:
Originally Posted by KB Voodoo View Post
Or you could have done the work yourself for a fraction of the cost, or even taken it to a non-dealer shop and still be ahead.
Not everyone has the luxury of tools, garage, know how and time to do these things. I admit, the first two things I listed couldve been done cheaper and in a day. Not all fixes will be that easy and are better done by a shop that warrantys their work.
In my opinion (cause that what we do here on tw) is take it if you dont have the friends, tools or know how to fix shit.
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Old 09-03-2013, 09:57 PM   #45
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Enhance your calm.

There is no correct answer, just a range of comfort levels for the owner and risk factors for the vehicle. As was mentioned earlier, risk is at the heart of the decision. If you never leave pavement, drive conservatively, never tow, never carry a load, perform regular maintenance yourself, etc., an extended warranty makes less sense than for the owner that regularly carries a load, tows, drives aggressively, off-roads, and has all of their work performed by a shop. The price and coverage of the service contract/warranty are other important variables. I don't want an extended warranty, but I believe it can make sense for others.
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Old 09-04-2013, 04:39 AM   #46
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Quote:
Originally Posted by Beavis0076 View Post
opinionated persistant little bugger aren't ya? whatever.. thats why we can all make our own decisions.
and my point too. Why buy a product if you think you need to buy a extended warranty on it?
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Old 09-04-2013, 07:19 AM   #47
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Please buy it if you use your truck anything like I do on rough muddy roads. Your power steering pump will fail on you. What happened with mine in the last 2 weeks is both inner tie rod ends have gone on me. The little rubber covering on the inner tie rod end gets tiny holes in them, fills up with mud and water working its way into your steering rack contaminating your fluid and taking out your power steering pump. Truck would not even move or start. Toyota power steering pump was $829. Got reman for 225. Inner tie rod end was 105. Not covered under the basic warranty when I called. I am at 98,000 kms. Very unreliable truck.
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Old 09-04-2013, 07:28 AM   #48
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You are worried about the suspension right? Is the suspension considered a wear and tear item? If it is then the warranty doesnt cover it anyways
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Old 09-04-2013, 08:00 AM   #49
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My simple answer to this question is, "no".
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Old 09-04-2013, 08:56 AM   #50
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OP, there is no simple answer to this question as there are many factors that go into it. Best bet, as mentioned, is to consider it insurance. That doesn't mean it's a simple "yes". Personally, I don't buy them as I consider myself "self-insured", in other words, I have enough savings and $$$ backing me up that I can handle a major issue if it comes up. But you have to decide if this insurance is worth it or not to you.

Lots of points to consider in this thread, but you have to pull the parts that makes sense to you and add it into your assessment. Do you have the $$$ to absorb a major issue, do you have the capability and means to fix things yourself, do you want to fix issues yourself, etc., etc., etc.

Like I said, there is no one right answer to your question. For me, the answer is no, as I have the capability, means and $$$ backing me up. For you,,,, pull the important aspects and figure out the right answer for you.
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Old 09-04-2013, 09:54 AM   #51
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If you do get a warranty read it very carefully and make sure it covers what you want and what you expect it to cover before signing. That's my best advice for those that do get a warranty.
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Old 09-04-2013, 03:24 PM   #52
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Quote:
Originally Posted by Swamp Donkey View Post
Please buy it if you use your truck anything like I do on rough muddy roads. Your power steering pump will fail on you. What happened with mine in the last 2 weeks is both inner tie rod ends have gone on me. The little rubber covering on the inner tie rod end gets tiny holes in them, fills up with mud and water working its way into your steering rack contaminating your fluid and taking out your power steering pump. Truck would not even move or start. Toyota power steering pump was $829. Got reman for 225. Inner tie rod end was 105. Not covered under the basic warranty when I called. I am at 98,000 kms. Very unreliable truck.
Well if you'd purchased the Off Road I'm sure they would have covered it.
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Old 09-04-2013, 05:20 PM   #53
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Last week I traded in my 2011 Tacoma for a new Tundra. When I bought the Taco new I also purchased the extended 8-year/100K warranty from Toyota (plan at the time was to keep the truck long-term). As the Tundra was from a different dealer, they were unwilling to figure my warranty into the new truck deal. No biggie as I could simply request the refund from Toyota.

This morning I called Toyota's warranty folks and learned that I would be receiving a refund of $1714. That's all well and good except that I paid $2495 for the warranty and my truck only had 30,120 miles on it when traded. By my figuring, since I hadn't reached the end of the factory bumper-to-bumper yet, I was due a full refund minus perhaps some sort of reasonable handling fee.

Their explanation was that I was indeed being covered by the extended warranty concurrently with the factory warranty. That, plus the extended covered things like rental car coverage during warranty repairs which the factory doesn't. By figuring it this way, they said I've used up over 30% of my 100,000 miles so am only going to be pro-rated back 69~% of my original purchase price. Wonderful.

Long story short, I just got cocked out of nearly $800 for rental car coverage that I'm already paying for via my car insurance policy. As such, as soon as everything's set up with my new rig, I'll be contacting Toyota's warranty folks again and cancelling the $3200 extended warranty I just purchased with the Tundra. And since it'll be within the 30-day window of purchase, I won't lose a dime and get screwed again.

This new truck is my 26th vehicle and I've purchased many extended warranties over the years. I've only had occasion to use one once and it immediately paid for itself with that one incident. Blah, blah, blah...

Anyhoo, my stance is this: if buying a used, but still high-cost vehicle then yes--buy the warranty. Buying new?--ABSOLUTELY NOT. Not after the sweet deal I just got from Toyota. Particularly when I'll be getting inundated with extended warranty offers when I get close to the factory plan petering out.
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Old 09-04-2013, 05:38 PM   #54
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Thoughts on this? I was recently contacted by a second party regarding the extended warranty on my Tundra. 08 with very low miles. The guy I talked to was an asshole! His sales pitch was, everything is computerized why do you think they only offer a three year warranty? It will break and you will need it! Said he worked for Toyota... After a few choice words and such I slammed the phone down. Not going to happen. I had one on my 99 taco and never needed it. Bought a new 13 TRD sport DCSB and said no. I am brand loyal for a reason and spend enough on my trucks. I will take the chance...
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Old 09-04-2013, 05:49 PM   #55
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Thumbs down

Quote:
Originally Posted by KB Voodoo View Post
Extended warranties are the biggest scam on earth. They wouldn't SELL it to you if they weren't making money from it.

They aren't offering it to you out of the kindness of their hearts, they're doing to take your money.

I'm with you all the way man...... Warranties make money for the dealers...ONLY....
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Old 09-04-2013, 06:46 PM   #56
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I'll bet anyone who's ever bought the extended warranty, undercoating, and paint/interior protection could hear an audible "bump" from the business manager's desk as he pops a boner for reeling a sucker in. Not only no, but fuck no.
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Old 09-04-2013, 11:14 PM   #57
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Quote:
Originally Posted by BamaToy1997 View Post
I am sorry, but you are wrong. One could claim that insurance companies are a "scam" if we were to use your logic, but time has proven that to HAVE insurance is the better option. I have paid thousands upon thousands of dollars over the years for my insurance, and have never needed it. Doesn't mean that it was a bad idea to have it. It is simple numbers. The CHANCE that you will have a major failure or malfunction is low. Therefore the extended warranty companies are playing a gamble, just like every insurance company does. They take a gamble that they will have a larger group of people that will never need to file a claim than they have that WILL file a claim. How is that a scam?

Obviously they make a profit off it. Just like your insurance company makes a profit as well. NO company does things out of the goodness of their heart. They do it to make a profit. Not a scam, just a means of making a profit like every other business. I have worked with extended warranty companies (Both as a repair facility, as well as a purchaser of the warranty on my own vehicles) for over 20 years. What is your experience based on? I will give you a perfect example.

I bought a 2005 Town and Country van for my family that had 65k miles on it. The factory warranty had expired. I paid $2500 for the extended warranty policy. We had a $100 deductible. 1 year after we bought it the passenger window regulator failed. replaced at dealership with brand new regulator and motor. Invoice cost of repair was $350. My cost? $100. So at this point I could TECHNICALLY say I was only out $2250 at this point. 6 months later the AC compressor failed. Invoice cost was $1400 due to metal in lines and other parts being replaced. My cost? $100. So now I have spent $2700 and have covered $1750 in repairs. About 2 and a half years after initial purchase the transmission fragmented. Invoice cost? $4500, my cost? $100. This was the last claim I had to make and we drove the van for an additional 6 years. So my total out of pocket expense was $2800. Total repairs on claim: $6250. Yeah, I really got scammed there huh?
Insurance isnt a scam its the law. not really a choice?

As for the warranty its like life insurance. its a statistical probability of how likely you are to have problems, nothing more. you cannot reasonably think that it ever favors the buyer right? if you took the policy duration and cost and said that 50% of buyers will need repairs cost more, and the other half will need less. Thats total crap, the company would be out of business in a day. Those warranties are hugely profitable for a reason, you are incredibly unlikely to need it during the time/mileage specified especially when you get to write exclusions that you wont have to pay for, and if you DO need it it will probably be much cheaper than the policy (especially when they arent charging themselves normal service and parts prices!) plus they get to at least collect a deductible.

Now if you do have MAJOR problems and it wasn't caused by something they can blame then you will be happy you had it. It is EXACTLY like Vegas though, you play their game by their rules with your money except you have no chance of winning. By buying the warranty you are guaranteeing you lose that money, and in reward you are gaining the shaky peace of mind that you probably won't lose more for that time period. Sure it could work out great for you if your car is falling apart, but they know the stats and will take that money to the bank far more often.
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Old 09-05-2013, 07:06 AM   #58
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Quote:
Originally Posted by majorhavok View Post
Insurance isnt a scam its the law. not really a choice?

As for the warranty its like life insurance. its a statistical probability of how likely you are to have problems, nothing more. you cannot reasonably think that it ever favors the buyer right? if you took the policy duration and cost and said that 50% of buyers will need repairs cost more, and the other half will need less. Thats total crap, the company would be out of business in a day. Those warranties are hugely profitable for a reason, you are incredibly unlikely to need it during the time/mileage specified especially when you get to write exclusions that you wont have to pay for, and if you DO need it it will probably be much cheaper than the policy (especially when they arent charging themselves normal service and parts prices!) plus they get to at least collect a deductible.

Now if you do have MAJOR problems and it wasn't caused by something they can blame then you will be happy you had it. It is EXACTLY like Vegas though, you play their game by their rules with your money except you have no chance of winning. By buying the warranty you are guaranteeing you lose that money, and in reward you are gaining the shaky peace of mind that you probably won't lose more for that time period. Sure it could work out great for you if your car is falling apart, but they know the stats and will take that money to the bank far more often.
Perfectly said.....

But some people can't sleep at night without the security blanket of a warranty.

In other words, they can't sleep unless their money is in the pocket of someone else.
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Old 09-05-2013, 07:19 AM   #59
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Geico offers MBI (mechanical breakdown insurance) as part of their regular coverage. You have to add it to a vehicle before you hit 15k, but its 7 year 100,000 coverage. I think it adds $60 every 6 months to my bill and a $250 deductible. I've never had to use it, but cost wise seems less than the factory warranty.
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Old 09-05-2013, 09:05 AM   #60
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Quote:
Originally Posted by eazyrider711 View Post
Geico offers MBI (mechanical breakdown insurance) as part of their regular coverage. You have to add it to a vehicle before you hit 15k, but its 7 year 100,000 coverage. I think it adds $60 every 6 months to my bill and a $250 deductible. I've never had to use it, but cost wise seems less than the factory warranty.
First I have heard of that. They don't advertise it. Yeah, that would be cheaper at that price. I still wouldn't get it though but that's just me.
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