Extended warranty worth it?

Nice try, but my astro was injected as was my Maxima and the 200sx. ALL of the hondas had computerized engines. My Dakato was electric engine management and electronic shifting as well. NOTHING makes the electronic stuff less reliable than the old mechanical stuff.

The expensive things are engine blocks and transmissions, and bearings, metal and lubrication today are 100x better than 30 years ago. I didn't even factor in my son's vehicles which include a 2007 and 2011 chevy malibu. Zero failures there. I won't say failures never occur. But in reality, at least 75% of failures occur during the factory warranty, actually most of those during the first year. So the question becomes "do you want to risk a substantial sum of money on something that might never pay off (similar to buying a batch of lottery tickets) or do you save that 1300 bucks or so, and after two vehicles you have enough money to cover an unexpected breakdown and the sum continues to grow. I prefer to have my money working for me, NOT the dealer. Of course I also do NOT get income tax returns every year either. I control my deductions so that I always owe Uncle Sam rather than vice-versa, since I do get interest on the money I don't pay in, while I get nothing on whatever I overpay...

BTW I STILL diagnose and fix my own issues when they come up. Son misses 3rd gear at the drag strip in his 2001 mustang, we take it apart, replace the broken valve guides, which includes all the usual OHC timing chain and cam removal to get the heads off. I don't find new cars any harder to diagnose than my old roadrunner. In fact, I find them easier as the ECUs provide a lot of information we didn't get back then.

By your way of thinking, I would presume you think that the space shuttles could never get off the ground since everything they have is electronically controlled???

I can guarantee you NASA did not put the electronics in just to make them harder to work on and less reliable.

 

Even if this is true, it is a losing proposition. WHO gets to keep the $2300 for the life of the contract? Who gets the interest that money earns? You give them 2300 bucks, they invest at maybe 10%, after 7 years they have earned something near $2000 after compounding. Who won there? The person buying the contract COULD have made that money.

 

I don't know man, the car industry failure rates seem to drop every decade, electronics or not. I mean if you want to pay money for the peace of mind cool, but modern cars are reliable in a way old cars never were.

 

Ended up getting the 7yr/125000 mile platinum toyota warranty for $1250. Hopefully I wont need it, but on a new unproven powertrain I'd rather have the piece of mind.

 

we picked up a 8/100 for $1245. need the years more than mileage. she only puts on about 6-8k per year mileage wise.

 

I'm the opposite I drive 20-25k a year, so maxed out the miles lol

 

Statistically only 39% of people with extended Toyota/Honda warranties ever use them.
With that said, today I pickup my 16 Taco OR and was debating on obtaining one of these.

But I need a good source to purchase this. The local stealership isn't it.
When I bought my 16 Honda, the dealer wanted $2000 for a 7/120 $100 ded bump-to-bump warranty. I ended up purchasing the exact same Honda warranty from an OH dealer for $820. The markup on these is just stupid and pure profit.

While I dont -think- the extended warranty is a good deal on a solid Toyota, 3/36 really isnt all that much today and if I can get the contract at a DECENT price, I likely will get it just for piece of mind. I keep vehicles for 10+yrs and 125k+ miles.

So if anyone has a solid decent place to purchase this, please post or PM me and let me know. I know we have 3yrs to decide from what I have read

 

Unfortunately Toyota closed the loopholes on out of state sales on extended warranties so your gonna have to source it from a dealer in your state. I just found the lowest one and started pitting them against each other. The dealer mark up on these is insane so you can get them down pretty low. I got a 6yr/125000 mile warranty for $1200, which supposedly costs $2480, so a little over 50% off. You have up to the 3yr/36000 mile mark to purchase one so take your time and get the best price. I agree, I have NEVER bought an extended warranty but this is also my first truck that is an all new powertrain and given some of the teething issues we've already seen, I'd rather invest $1200 now than spew out $1200+ later.

 

I was offered the Platinum warranty 8/80 for $1499. I was able to peek into the computer when the finance dipsh!t walked away.

DEALER COST $648

Charming. Needless to say I passed. What a joke these finance guys are. At least the salesman was awesome.

 

Thats only 80000 miles though, the miles are what ups the price more than the years. The difference in a year on mine is $80. Your at the finance guy's mercy dude, no one else can sell you these except your local dealer(s) even TFS will direct you to your dealer.

 

...^^^ ... I thought dealer cost was more than that ...
.

 

I'm pretty sure it is. Based on all the quotes and hesitation I got from a bunch on my final lowest quote and then the manager having to confirm my price was okay when I purchased it.

 

So I have this friend.. who paid $1800 for this TFS Platinum Plan last week.. how quick should he be cancelling that for a full refund?

 

Why? New powertrain with reported issues. I paid $1200 for mine for 6/125000. They might have overpaid but they won't get a full refund it's prorated, might be smarter to keep it.

 

I was being facetious, I bought it but definitely overpaid. Plus I have 60 days to cancel it for 100% refund. (If something happene to this truck in the first 2 months of ownership that required extensive warranty work I would be HOT . I wish I would have known about Tacoma World prior-to purchasing the truck though. Warranties have always been an instant turn-down from me but it just hasn't been sitting well with me the last few days wondering how much I paid.. There gotta be at least 10 Toyota dealerships within 100 miles of my location, going to start making some calls tomorrow to see how how cheap another dealer would let one of those "Platinum Plans" go for. It is unsettling though, seeing statistically how many people utilize a benefit of this plan that is OUTSIDE the realms of what is covered from the basic manufacturer warranty..

 

I agree and I initially turned it down as I did with my other tacomas but after seeing rear difs needing replaced, transmission issues, etc. and plan on keeping the truck outside the basic warranty I figured it was a safe bet/gamble. But yep I did shop around and played dealers against each other for the best price.

 

Yeah I suppose I didn't think twice //slash didn't spend relatively any time shopping around for the warranty since It's my first time owning a truck, and a Toyota at that. Shame on me for jumping the gun (kinda sorta) I guess if you plan on keeping the truck and you sleep comfortably at night with your purchase then that's great. I've only owned Hondas and Subaru before this truck, and those were always heavily modified with full bolt-ons and maintained by me and has close to no issues thankfully. I figured why not keep the truck stock and let someone else worry about doing the wrenching. The more I sit and think about it--the more I'm thinking to hell with that. But then again my truck only has 600 miles..

 

5 Tacomas, 2 were lifted and modded, all had small issues that were addressed and wrenched on by me, but at 31 now tired of lifting trucks to look cool and then dealing with the extra maintainence, loss money when trading in, etc. this one minus a few things will be stock and will let Toyota deal with whatever issues come down the road. But being on this forum for sure dosent help.

 

Damn.. well they must have a good track record if your on #5 (or 6??) But yeah i hear ya.. the mod bug came quick.. 2nd day of ownership was the window tint.. well from there it's a slippery slope.. already browsing the light bar accessories.. Icon suspension packages.. TRD oem wheels and tires.. etc etc etc

 

Most solid one was my 00 in college, 200k miles running strong. My 08 was when I was stationed in AZ as an airman but was a prerunner. Got stationed in NJ and realized I needed 4wd so got the 11 access cab first one that got lift and what not, had 2 shocks leak and front dif seal. Came back from my first deployment and treated myself to a 15 double cab longbed sport 4wd, lifted it after 6 months of telling myself I wouldn't, also started chasing squeaks and small nuoances. Now I have my 16 and besides, tint, wheel and tires and leds and weather techs she's stock and will stay that way.