THoughts on extended warranty

What's the percentage of the taco needing a total engine rebuilt/replacement? You sounded like it would happen to over 50% of the tacos on the road. Heck! Regardless, I'd still keep my cash and maintain it well in the hope it does not shit on the road a few thousand miles after the original warranty ends. If it does, then face that repair bill like a man.

 

Because men don't buy warranties?

Different strokes. Toyota isn't perfect, so saying "I bought a Toyota so I don't need an extended warranty" is cute but also complete nonsense. All machines break, electronic components fail without warning, and those are going to break, the question is when.

I spent $1200 once and I have 8 years of "WHEN" covered. Write a separate check for your warranty and don't pay interest on it by rolling it into your note. $1200 goes quick when OEM parts need replacing with OEM parts.

 

Not for me.

 

I bought an extended warranty - I've had $1100 worth of repairs covered so far, on a '10 with 60k miles. Still have 40k mi left on the warranty....

 

Thanks for info! Those dudes had great prices! I did buy it from Troy for my 06 since I had electronic issues during the 3/36. It cost 880 back then doubt I would see that price from the 5 Toyota dealers in Vt calling around.

 

I self insure. I never buy extended warranties on anything. Like others said I stay away from products that I think need one. Dealers make a ton of money selling these products. I bought an Escape for my son. The previous owners had a platinum plan. It was $2800 for 5 years 70k miles. When I saw the papers I thought man they got the hard sell from the finance guy.

 

I never once inferred or implied that 50% of the tacos on the road have major problems. Don't even go there. What I SAID was that no matter what Toyota or other manufacturer's dealership you go into, there are plenty of vehicles getting major repair work done. It is a fact that ALL automobiles have a greater risk of having a major failure after 50k miles. Doesn't mean they WILL, but again, it is a risk. I simply say that a $1000 insurance policy is cheap insurance as a "just in case". Sure, you may never need it. That one time though that the person on here saying it is worthless finds themselves at 70k miles with a blown head gasket, or a trashed gear in a transmission, they will wish that they DID get that cheap insurance after footing 5k for a repair.

 

Paid $1000 from dealership for 10 years, bumper to bumper. 1st time I tried to use it (8 years old) on a rattle in the window I had to "convince" the shop manager that it is covered. Had to threaten to never step foot in that shop again (and come and take away his entire family dating back to his grandparents) if they didn't honor the extended warranty. He finally agreed to take the charge off my bill. It was like $25. NOT WORTH IT.

 

In your situation, no you didn't need it. However what if your transmission had gone? Or the engine? It would have paid for itself right then, and then some! As I mentioned, it is cheap insurance for the "just in case" situation, that does happen to many people.

 

Just got home with my new Tacoma, tried like the devii to get my warranty price down to where I felt it would be a good price. I wanted 8 yr 75k Platinum, offered at $1370, and held fast at $1300, My top dollar at 1250, way beyond my initial offer of $1027. Went away with no warranty, but will try again before my 2 yr comp runs out.

The $1370, it seems is the dealer cost or damn close to it, but will fudge lower if included with the service contract, which is the BIG MONEY profit center for the whole shebang! My "Finance Officer" pushed hard to get me to buy that service contract, way mucho profit in that turkey! No sale on that either.

 

Hey Alan. Did you get my email/voicemail?

 

The issue of extended warranty is more than just a preference or gamble.

- Can you Afford the Cost??
- Can you Not afford the repairs?
- Do you want to be a self insurer?
- How long are you committing to keep the vehicle?
- How about mileage? Are you going to use all the mileage in just a year or so??

My Last (GM) vehicle (worst vehicle I have ever owned ....), I knew I was going to keep for years (kept it 11 years and 80K miles) and I then bought a ~ $500 GMC? (not GM) ~100K warranty - I saved a bundle long term.... 3 Balls joints, Two wheel bearings, Multiple front end parts and alignments.. and much more.

For me, I plan on keeping my Toyota even longer. Spending approx. ~ $800+ for the platinum + longest years coverage available is a bargain to me. One wheel bearing or lower control arm and you'll wish you had bought the Plan. But again, I'm running low mileage and keeping this forever.

I could afford the $800 - and I'm fairly confident I'll at least get my money back and then some...... with the piece of mind.

But, It's a personal decision and up to each buyer if they want to gamble or not ...
JMHO

 

Get on the Web and Email multiple dealers and get a quote. Tell them you want the best price or you go elsewhere. I did that then went back to MY dealer and they said, Quote " That's a GREAT price... What do you me to do ??" I told them to match it. They did and I saved big buck from the "can't go lower" Finance guy.....

 

Thanks! I just heard similar advice on another thread, and also, a broker in kansas seems to do lowball quotes also. Another big thanks to PeeRunner for that guys website... see below:

http://www.dealerrater.com/sales/Jerry-Johnson-review-127889/#r1631083

 

-given the complexity and all the useless options on vehicles, they are more complicated than ever. Things inevitably will go wrong on them.
-the myth of Toyota reliability has become just marketing crap.
-purchased extended warranties on both a Corolla and Tacoma from Troy - around $900 U.S. (we're in Canada) for Platinum 100,000 miles, $0 deductible.
-three major repairs Corolla, two major repairs Tacoma and two pending.
-will not be buying a new vehicle without extended warranty. The salesman will be made to get similar to above (target price $1000.00 or less) from the business manager, and have it written up at the point of sale, or out the door I go to someone who will meet this price. I will use the sale or no sale as leverage to get the best price for the extended warranty.
-due to sucky Toyota dealers, Canadians can no longer buy warranties from the U.S.
-frankly I'm amazed that U.S. folks can't buy out of state. Always seemed to me that America was the land of free enterprise, etc.
-might be time to look at Ford for a new truck. More innovative and up to date. As well, Troy is still able to sell Canadians official Ford extended warranties.

 

When I bought my truck in 07, I did not buy an extended warranty.

The only way I'd buy an extended warranty on a Toyota - is if it was a 'bumper-to-bumper' extended warranty after the original 3/36 and it'd have to be a good price.

Drivetrain is already covered up to 5/60k.

Luckily...I've only had a couple minor things that I fixed myself rather cheaply.

Before you buy an extended warranty - you really & truly need to look at the original warranty with the extended warranty and compare EXACTLY what is covered & for how long AFTER your 3/36 is up.

 

Why not add my .02?

I don't buy extended warranties. On anything. And I am well ahead of the game.

But I do believe in insurance. To a point.

Warranties and insurance aren't the same thing. Insurance is there for catastrophic loss like if your house burned down. There goes $200,000 for the typical homeowner. Or if you are driving and hit a pedestrian. That might be a million. Insurance is not for small losses on the order of $1000 or $2000. Although people often use it that way.

Warranties are a different animal altogether. I can't gamble on $200K. But I can gamble on $2500 on an auto repair, $250 on an appliance repair, and so forth. If you're buying warranties, you're losing money. You might come out ahead once in a while but in the big picture, if you buy anything added on, you are poorer for it. Warranties are a viable profit center for businesses because people are incapable of putting money aside for a rainy day.

I'd say it comes down to this. If you can buy a warranty, you can put that same money aside. If you can't discipline yourself to do that, and would have nothing available in case of major mechanical failure then you might be the person who should buy a warranty. But then again, if you don't have the money, buying warranties and the inability to put some aside is part of why you are broke. I can hear the response to that from a mile away - what about poor people? Let me tell you something. No one just happens to have $2500 lying around to throw on auto repair painlessly. Yeah, yeah, Bill Gates and all those people. That's not real life. Real people who are a regular working stiff are working to earn a few bucks and have a thousand things pulling on their wallet, a thousand ways to spend it. Income is not the problem. Whatever your income, put some aside every time you get paid and you're ready for what comes down the pike. If you really can't afford that, you can't afford the car either. I said YOU can't afford the car. I didn't say you don't have enough income to afford the car. You know, bicycles are really reliable and pretty cheap to fix. Walking shoes are even cheaper. There's my .02. Withdrew it from the bank, just to throw it in here.

 

It looks to me that owners are still buying extended warranties via the web across state lines ????

FYI

 

My 2 cents is that price is also not set in stone. When ask to pay $2400 for 8year 125,000 mile bumper to bumper warranty I ask if that was the best price they could do. The guy picked up the phone called somebody and then said "what about $1600! $800 off the original price! I figured it was good insurance so I bought it.

 

^He may be still making $500 in profit at that price.
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Shop around. Get a quote from Troy at Toyota of Greenfield in MA.
http://www.toyotanation.com/forum/162-truck-suv-van-deals/209848-great-deal-extended-warranties.html
http://fd-warranty.com/contactus.html

There may be a new Toyota policy that requires buyers to physically visit the dealer, though I'm not sure how that's enforced.