Extended warranty worth it?

I went with the Toyota platinum warranty because it was only around $1200 for the 7 year 100,000 mile bumper to bumper. Good at any Toyota dealer. At the rate I put miles on my truck I'll be covered for the full 7 years, or 4 more then the standard warranty provides. I figured $300 a year for the added time was not to bad.

I bet this forum sells more of these extended warranties the any salesmen could hope to do on their own.

 

Ha. True.

I'm surprised every 3 gen member didn't buy an extended warranty with all the overblown issues I read about over there.

 

Being active in the forum, when I bought mine, I declined without hesitating, but that was based on the fact that most issues are fixable or small and that my history with Tacoma's has been great.

 

You do love dem Tacos, what are the odds you trade in for a 17', ha !

 

Nah, if you look I'm 01, 08, 11, 15, 16 I would have kept the 15 if they didn't update it, I really like the new truck for a lot of reasons, and the deal plus gas savings, etc was too hard to pass. Maybe I'll trade with the refresh in 4-5 years. They are good trucks and hard to stray to something else.

 

This is my first pickup. Late to the game.

I dont think Ill ever be able to go back to a sedan, well maybe a 911 but that aint in the cards for a loonnggg time.

 

I had the 01 in HS and college, bought the 08 when I moved out of the dorms as an Airman (was a pre runner since I was in AZ), got stationed in NJ so traded 08 for 11 and 4wd, came back from deployment and wanted something bigger than an AC so bought my DCLB 15, went to get a cabin air filter for my 15 and dealer talked me into the 16.

 

The Tacoma was only the second extended warranty I ever bought. The first was a Surface Book for $2700 when they first came out and I'm glad I did. I'm just waiting for the right time to exchange it, been an unreliable piece of crap. I'm hoping my luck is better with my Tacoma. So far everything is good but I only have 1150 miles.

 

We opted for it. Not because of the new 3.5 or possible trans issues but because of A/C compressor lifespans here in AZ. Our finance guy said most new Toyotas average $3000 in warranty work. That includes parts and labor. I was surprised to hear that and more surprised he shared it. Maybe he was blowing smoke. A simple window regulator is over $300 just for the part. I like the peace of mind.

 

Wait hold the phones, the Finance guy told you a warranty would be a good idea?

 

It is only worth it if you have a failure outside the normal warranty. What is the probability of this happening? Do you have insurance on your truck? It is only worth it if you have a wreck. What is the probability?

The idea for both of these is "if you really can't afford a major repair due to mechanical breakdown, or you can't afford a major collision repair, then insurance is a way to let you mitigate the risk at the expense of paying less up front that might be wasted. I personally do not buy such coverage. Toyota (and everyone else) knows exactly what the failure rate is, and they price this extended warranty or insurance so that the aggregate payments from everyone is larger than the aggregate cost they will have to pay out, so they use it as a way of making money.

But if you CAN afford the 960 to buy the coverage, and you would be financially killed if you had to replace a transmission for $3000, then the extended warranty gives you a way to have your cake and eat it. But it does cost you in the long run.

 

Yeah I couldn't believe it either!?

 

That is an epic upsell lol

 

There are multiple kinds of insurance. Liability vs collision. Collision is the most expensive. Do you need it? I doubt wealthy people would waste the money.

Being self-insured, IF you have the necessary financial resources, is ALWAYS "wise". Toyota is not losing money on their extended warranties. Insurance companies are not losing money on their policies either. It is simply a wager. I'll bet you $xxx that I won't have a breakdown that costs 3 times $xxx. Or I am not willing to take that 3 times risk. I believe I stated EXACTLY this concept in my reply above, in fact. Which is worse, losing a sure-fire $xxx, or possibly losing 3 times $xxx? Depends on your financial circumstances...

 

Paid about $1000 for 8yr 100k platinum no deductions. Worth the piece of mind and will easily pay for itself in that time frame.

 

My favorite part about the whole purchase process is that, before you sit down with this guy, the only thing you've been told is how great, reliable, bulletproof the vehicle is. "Toyota reliability" and all that. Then once you've almost signed on the dotted line, they bring this finance schmuck in to tell you about all of the horrible things that can happen to your vehicle outside of warranty and how expensive they are!

I screwed with them this last time(and this isn't just a Toyota thing..they all do it) by getting all anxious and start questioning the reliability of the vehicle. Then I openly second guess myself and the purchase. "Maybe I need to rethink this..." Then I got to watch the most awkward backpedal "oh no, these cars are great you just never know, but its not a big deal..you can always get one later. The truck is solid."

(jokes on me...with all the issues I have. But I guess the joke is also on them because they gave me a platinum warranty for free)

 

Well played

 

that was my understanding too just hadn't had the time to confirm

 

As far as I know, cars are still made by people, and people with their dramas mess up everyday. 1000's Tacomas are flying out of factories to meet the demands. I think it's smart to build in a bit of buffer for your $40K purchase in case shit happens and not having to wait for a massive recall. In the end if I don't need at least it I know I have a solidly built car and it will last me now to the next compulsive car purchase.

 

In my opinion it is not worth it. If your truck is a dud or if something is meant to go wrong it, it will happen during the original 30k/2 year warranty