THoughts on extended warranty

I always tell the dealer (toyota) " If I thought I needed the extended warranty, why would I be buying a toyota?"

Atleast that is the way I see it, same with my motorcycles, why buy a brand that you dont have confidence in?

Just my 2¢

Jesse

 

I keep going back to that nice affordable number... Ya always wanna feel like you got over on them!

 

The likeliness that you'll need $2700+ worth of warranty work is low, but it does happen to some people (statistically it has to), so $2700 from 100 people and 5 of them need $2700 worth of repairs still puts the dealer on top. I agree that some dealerships will offer the extended warranty for cheaper, but also keep in mind what it will cover and that (just like with your normal warranty) some dealerships will fight you tooth and nail to not perform warranty services. When I bought my truck the finance guy glazed over the extended warranties, and didn't stop long in asking if I wanted any. That came as a surprise because I've always been pushed to buy them in the past.

 

Exactly. I had that since it was $17 a year and covered me for 100,000 miles.

 

If I have that $2700 to give to them, I might consider throwing that money into an Ira account and watch it grow. I can see it costing between $400-$600 but $2700? I'd walk out and laugh at them stealers.

 

Not particularly against you since I've seen it a couple times in this thread but this is a flawed argument against insurance for a couple reasons:

1) Its in the dealer's interest to keep you coming back to their service department - warranties are a great way to keep you coming back for tires, oil changes, etc that aren't covered under the warranty.

1a) If your vehicle breaks and isn't under warranty, there's no guarantee you'll go to the dealer for the repairs.

2) The manufacturer/insurance company/dealer can perform the service "at cost" or at a negotiated cost, which is well below what you would be charged to get your vehicle repaired.

3) Just because a service (insurance) is a profit center doesn't mean that its a ripoff or you shouldn't get it. I'm young and thankfully my only medical expenses are the fees for doctor's visits, but I still have health insurance (voluntarily - not intended to be a political discussion). As mentioned above, this can easily be a case where its better to have and not need than to need an not have. If you could buy a "special edition vehicle" that was guaranteed not to need a major repair in the first 100K miles for only $1-2k more, wouldn't you think long and hard about it?

Personally I didn't opt for the extended coverage, but part of that is because I found this website and knew I would be modifying the vehicle and potentially voiding said warranty.

 

Don't waste your money...

 

So you cannot buy a Toyota Platinum warranty at significant savings from Troy or Jerry anymore?

 

When I bought my truck I purchased the extended warranty because I am a high mileage driver (since I bought in July I have 16.5k miles, I'll have 20k by the end of December)

Basically just piece of mind on electronics, now if I drove a normal amount of miles I wouldn't have even bothered.

 

While I agree that Toyota builds a great vehicle compared to everyone else, and it is fine to have confidence, but things STILL break. Go to a Toyota dealer anywhere and take a peek into the service department. They are still quite busy with plenty of big repairs. And at any point it time that could be your vehicle.

How fast is that IRA going to grow over the 3-4 years an average vehicle remains under factory warranty? It sure isn't going to build into a $7000 engine for you. You could say the exact same thing about insurance, but I bet you still pay THAT every month.

 

I always thought they would negtotiate to a lower number, but the finance lady only talked about different plans which didnt have much coverage. When i said their largets plan was too expensive, there was offer on a lower price, just less covered plans. I suppose it was up to me to bring it up. First new truck, suppose it was a rookie mistake. Good thing is it sounds like i can still get a good deal if i call/drive around to other dealerships

 

You can buy an extended warranty at any time from any Toyota dealer as long as you're inside your normal factory warranty. If you want the extended, happy hunting!

 

Correct. TFS does not allow online out of state extended warranty sales anymore. Other dealers complained that Acton Toyota and Midwest Toyota were selling extended warranties online at prices that were barely above cost.

If you want a deal but don't want to get the extended warranty at the time of purchase you could send off emails to the finance departments of other Toyota dealers in your state and see which one gives you the best price.

 

I generally don't buy any protection plans, and I didn't for my truck either. I agree that some might have major issues and get their money back but if I pay $2700 and get a new motor + trans for $10000 that's ~27% of the cost.
Insurance is a lot "cheaper" where I pay $600/year for $500k if shit happens ~0.12%.
Driving and causing an accident without insurance can ruin your whole life, while paying for a rapair sucks but usually has a less dramatic effect.

But I get it, people worry a lot and want peace of mind...and Toyota want's you to worry so they can use your fear to sell you the plan, so you can worry about something else.

 

I paid $2400 to extend the 3/36 to 7/100 and 5/55 of free service. The 5 years of free service will pay for the warranty price easily.

 

I didnt get wty on my 1st gen. I was buying a Toyota. I was also single the. Bought wty with 2nd gen cuz wife was with me and I didnt want to haggle anymore after hagglin with salesman all fkn day.

Still haven't used it.

 

I got my numbers mixed up. I paid 1259 for 8 years/125k miles.

 

If you are gonna buy an ex-warr, don't buy it when you buy the car. wait till just the Original warranty is about up. Get online and research. I did this on my CX-9. dealer wanted $1800.00 I found out who the "factory" warranty provider was and could have bought it for $600.00 in installment payments. I didn't buy it but I was curious.

I don't buy ex-warranties because I feel it's like insuring the grocery bill. In the real world, shithappens. Expect it and build it into the budget. I wouldn't buy a vehicle I expected to fall apart.

 

thanks for everyones replies, i feel better not buying it now. Being my first brand new car you feel the pressure, but thats how they want you to feel. Im glad i have some time to research this. If i get a good price, ill jump on it. i always worry about 4wd vehicles, theres a lot more to go wrong

 

Trust me, it has nothing to do with "fear" or anything of the sort. I have worked in the industry for over 20 years. It is EXPERIENCE that has lead me to my recommendation, nothing else.