Extended warranty worth it?

I'm new here, but I like your posts man, pretty much sums up how I feel. If one doesn't want a warranty, don't buy one, but when shit hits the fan you'll be kicking yourself for not.

Life insurance: I have a 20 year fixed term to get me to retirement, should I drop it because I'm healthy and fit? Hell no! I walk out, my wife and daughter are financially secure.

 

And welcome to TW, it has gone a bit downhill since its inception, but for the most part still a lot of good take away and congrats on your new truck.

As far as the warranty through Toyota (don't go through 3rd party) if you were buying a 2015 I'd tell you skip it or even a 2004, but on a new unproven powertrain and truck with more tech, I'd say its worth the investment if you plan on keeping the truck long term.

 

I started a post earlier today about my credit union offering extended warranty, same as Mazda and Volvo use. 10 years/125k bumper to bumper $987. As long as it's ASE certified mechanic. I dropped my Toyota warranty because only 75000 miles for $1,113 and they wouldn't budge any lower. Your take?

 

Usually 3rd party warranties are full of holes and exclusions. That's not to say your CU "offered one" might not be OK but when given a choice, the safer bet is always with the Manufacturer....Always research online...reviews/reports/comments about said company.

FWIW, your $1113 warranty from Toyota wasn't that bad of a price based on what others reported here.
So far, I haven't been able to get a quote even that low for a similar Toyota warranty.

As long as the CU offered warranty reads straight forward and the company doesnt have a crappy record of dealing with issues, I think you did OK-

 

You gotta get a number and then use that against each other. I got 6 years/125000 miles for $1200 although one dealer was reluctant to give it to me at that price saying they only made $100 or so on it, whether I believe them or not who knows. I agree though I would be weary of a 3rd party warranty as they usually have a lot of exclusions/small loop holes. With the Toyota warranty you get a free rental, travel reimbursement, etc. and its straight forward, covers everything the 3yr/36k does minus normal wear and tear/rust/corrosion.

 

Guess what...the 16 is all computers. Unless your a Toyota tech...buy the warrr

 

Not to mention the prices fluctuate, so it maybe more as the years go by based on repairs costs/averages, etc. Right now its based on the previous gens rates of repair and averages.

 

agreed but within reason, the electronics are based on shared mechanicals and electronics within the toyota family (denso). efficiencies with other toyota ip and other 3.5L onboard diagnostics in other platforms give this 'new' design an advantage --- and car repairs have actually seen deflationary trends in repair costs. tranny, engine and drivelines are still the mortgage killers but with proper maintenance, i don't see why this taco won't perform as well as the g2.

for reference, look at toyota care prices for previous models. i believe the 2015 g2 was actually more than the g3 for the same protection. that tells me toyota has confidence with this taco.

good discussion.

you only need the diagnostic info. any tech (non quick lube) worth their salt can learn the basics of the most common future repairs. sensors, relays, obd's are all shared within toyota (mostly) and the taco is nothing overly complex imop. and the aftermarket catches up quickly to repair needs. but for the most part, many of the 'electronics' are re & re applications. they're throw away parts.

good points all around.

 

I am basing my info on "speculation"? I based it on EXACTLY what has happened to me. Perhaps you need a dictionary?

It is a loser for the consumer, a money-maker for the dealership, PERIOD. If you don't understand why, that is a shortcoming in your ability, not mine...

Buy what you want. I'll save the money and have it to use for something more important or enjoyable than simply padding the dealer's bottom line.

If you think $1200 is nothing, fine. I am retired, doing quite well, and I _STILL_ pay attention to unnecessary $1200 expenses. You will one day figure out that those that are doing "quite well" do so because they pay attention to such details. It is a "shit idea" because most don't use the warranty. Otherwise the dealerships would NOT be offering them. Their purpose in life is to make money, not give it away.

Please...

 

Please...lol

Clearly you feel you are one of those people who think they are always right, etc. I'll get off your lawn now just so you shut up since having any sort of educated argument with you seems pointless and fruitless.

 

I would also suggest the opportunity cost for maintaining and repairing vehicle issues (more complex in the current day and age with significantly more electronics).

I know people that argue the warranty is not worth it bc they execute all their own repairs and maintain their vehicle 100% and encounter zero issues ever. Well to that I say you are the exception however my time per hour is more valuable and the pendulum will always swing to the piece of mind of an extended warranty.

 

From what I've seen, there's a pricing difference of about $250-300 between 75K and 100K. These are the extended warranty options:

5 yr / 60K
6 yr / 75K
6 yr / 100K
7 yr / 75K
7 yr / 100K
7 yr / 125K
8 yr / 75K
8 yr / 100K
8 yr / 125K

 

The fault lies with you. I don't think you would recognize an educated argument, in fact. You certainly can't participate in one. I have given precise facts. You can NOT dispute the fact that dealerships do things that make money. They do NOT do things that give money away. One can ONLY draw one conclusion about these extended warranties, since dealerships push them heavily. They are (a) a cash cow for the dealership and (b) a bad business decision for the consumers that buy 'em. Maybe one day you will learn how to actually debate an issue and try to score something than an "own goal".

Story really is over at this point.

 

. I have a 6yr/125000 mile warranty. So your missing at least one there.

 

Yep, looks like I missed that one. You paid about the right price for it and also correct that the dealer only made about $100 or so on that. They don't like that at all. From what I've encountered over the years, they like to make double the cost.

 

Whatever bud, you drew conclusions based on your own opinions. Yes they make a profit, but guess what you can negotiate the price, no one has the dealer pricing, so until someone posts it your speculating its a "cash cow". Your calling it a bad decision based on dealers pushing it, so everything someone sells me is a bad decision? So in the instance of the guy who posted here that had his valves eaten after his 60k mile warranty that cost him nothing since he had the extended warranty that would have been a $4000 repair, he's an idiot and that was a bad decision? Again your entitled to your opinion and I'm to mine, but your argument is no more valid than mine or anyone else's, its a risk you take, don't pay for it hoping you'll never need it or pay for it and save money when something does go wrong. Its like anything else in life, your argument is based on assumptions, personal experience and thus you consider it a bad choice, where others based on their personal experiences would find it a smart one. But keep rambling about how everyone that buys an extended warranty is an idiot based on YOURE OPINION and ASSUMPTIONS/CONCLUSIONS, dosent make your argument any more valid. Moving on.

 

Thanks, the one guy when I told him the quote he was like fine we will match it but you have to buy it today in full, the other guy never called me back, and the last one was the one who told me it was close to cost. But according to some here I made a horrible financial decision.

 

It's your money. I'm not sure if the 2016+ have air injection pumps.
For 2012-15, I think it would be a good investment as the pump alone list for just under $880 for 4cyl models and just under $785 for V6. That doesn't include the valves that also fails with the pump and list for $650. Parts are a little cheaper online. About $470 for the valves and the $570 for the V6 pump and $630 for the 4cyl. That's still about $1,000-$1,100 for parts alone! That pays for the warranty itself right there.

 

A guy with a 2013 in this thread had this happen to his just outside warranty, but had the extended warranty. That's the point I was trying to make, I even work on my vehicles, but some repairs are too much for me and even after parts would pay for the extended warranty. I spent more money on my last trucks lift, so for me it was worth it not to have to worry.

 

What is wrong with you? WHATEVER you pay, it is money in the dealer's pocket. Do you realize how many of those extended warranties actually end up paying for themselves?

As I said, apparently you are trying to convince yourself they are a good idea, because you are making ZERO arguments that would convince anyone else the same.

Sure someone wins here and there. Ditto for the slots in Vegas. But overall WHO is the big winner? This is not rocket science. You don't justify a large expense based on a very low probability event happening...

I made zero assumptions. I gave zero opinion, pure facts only. You might try to figure out what that means...

And forget this straw man argument. I didn't say anyone who buys one is an idiot. I said they are making a poor investment decision. Nothing more, nothing less. You should "move on".