Did you buy extended warranty?

No. I waited until they had to replace my rear diff, 3rd leaf spring repair, transmission shifting issues, etc. then opened a case with corporate and they gave me the 8 year/125k mile platinum free.

 

Yes.

 

The guy I dealt with was an idiot. I walk into his office and he says, "so which extended coverage package did you want to do with?" I said, "none" and he looked at me like I was the dumbest person in the world. He eventually asked, if I was saying no because of a "money thing," which it surely was because all poor people purchase 37K dollar vehicles... Long story short, he extended the warranty to 5 years 60k miles, and I have oil changes and maintenance (as well as all the other crap like stain removal, dent fixes etc.) covered for that whole time as well. It made my payment go up 11 bucks a month. An oil change costs in the area of 40 bucks, so I figured I'm paying for the oil changes in my payments, so whatever. I can also use the extra coverage as bargaining tool if I sell the truck privately, or if I trade into the dealer they will give me back the money for the months of coverage that I didn't use, so whatever. Make sure you do the whole back and forth thing with them if you are interested. The original monthly increase for what I got was going to add 21 bucks to my monthly payment, in the end they did it for 11 a month. . .

 

Check what it comes with. I bought the 7yr warranty with mine... was about $1900 CDN ($1400 US) but that came with 3 years of maintenance paid for (all regular maintenance, only thing that comes out of my pocket is my keys when I drop it off), tire road hazard for 7 years (even on aftermarket tires), and road side assistance for 7 years.
When you pull out those items it didn't add all that much to the financing. I didn't want to end up with a big repair bill why I'm still making payments on my truck.

 

Correct, it's a perk from that particular dealer. Written on Fidelity Warranty Services which is a subsidiary of the same company that owns SouthEast Toyota; many SET dealers sell FWS extended warranties so while they're third party technically they're readily recognized by dealers in this region.

It doesn't kick in of course until the factory 5/60 is done, and it's non-transferrable. Clever marketing really when you consider the typical ownership period of a new vehicle; not very many people buy new and keep it forever. As such I doubt it costs the dealer very much at all, yet they use it as a big selling point.

 

The people in the financing department are the real crooks at the dealership. Be wary of ANYTHING they try to push. They aren't there for your benefit. I had the financing lady fuming by the time we were done. She tried a bunch of play with the numbers bs so I eventually pulled out a BA 2+ to duplicate what she was doing and show her exactly where she was screwing me. It wasn't my fault, she was the one that kept pushing.

 

Often true. Especially since few people seem to understand basic finance.

When I bought my 02 4runner as a CPO in 2004 I came in prepared to finance through my credit union for four years. Finance guy offered up a lower monthly payment if I went with him and acted like he couldn't understand why I didn't want to write a seven year note on a two year old truck.

 

I did, but only because I put a lot of cash down on my Taco, so what monthly payment I do have is small, even with the warranty rolled in ... normally I would never purchase one though (unless I was buying a Chrysler/Dodge/Jeep product)

 

Same thing happened to me, they were trying to sell me on payment...with 75 month financing, no thanks.

 

No...3 year 36,000 mile factory warranty is sufficient plus my dealer has a lifetime warranty on engine and transmission so done and done. If something doesn't break in 3 years or 36,000 miles, chances are it is not going to afterwards.

 

Who buys the extended warranty?! I thought the whole point of buying a Tacoma because of the "reliability" that is preached so much around here.

 

I vote for : Toyota Platinum 8 year warranty nothing more that 12hundy.... or walk. (or pretend to walk until >= 12hundy).

 

How did you get it worked out that they pay you back if you don't have a claim? If I was offered that, sign me up.

 

I bought the extended warranty for 10 years 120,000 miles because of the new 3.5L in the Tacoma. If it was a second gen I wouldn't have. The engine and transmission are unproven so I just bought piece of mind for $11 a month. That's the difference of eating out one meal a month...

 

Yeah its pretty much the only reason I did it. Time will onle tell if they pay up if I dont use the warranty! The warranty was $1000 they then said for ten percent of the cost you can purchase an option to put the warranty back if not used, so I said lets do it.

 

can you find anyone who has ever used the lifetime warranty through South East Toyota, like you said most don't keep it, but what if I do. It's hard to find any info.

 

Thats a good deal... buy a warranty and if you don't need it we give the money back... hmmm that kind of goes against the whole insurance shebang.... whats the point??

Oh wait you bought insurance FOR the insurance... they got you 2x! hahaha

 

Its funny to me as someone who works at a dealership. There's two things the public seems to think are scams: Leases "you're just renting a car!" and warranties "they're just a ripoff!", but at the same time everyone that's actually in the business either leases or buys an extended warranty. So if those things are such bad ideas then why is it the actual professionals in the business always go with them??

The answer is because leasing is actually often a great idea IF you know how to work the programs and know what leases well, for example if you were in the market right now for Honda Accord Hybrid you'd be foolish not to lease it even if you were planning on paying cash. That's because the money factor is essentially 0% so its free money, and there is a bunch of extra lease cash that you leave on the table by not leasing it, plus Hondas come with free GAP insurance and some wear and tear protection that you can also use to your advantage if the residual ends up being crap and you want out of the car in 3 years. So if you planned on paying cash but know how to work these programs you can essentially get another couple grand off while holding onto to your liquid cash, paying no interest, and hedging your bets on the car all for free. Again leasing is the ONLY way to buy that car right now if you're smart.

Warranties, they're a great idea IF you get a good price. Of course its a bad idea/ripoff to pay $4k for a 5 year warranty, but what if you got a 8 year warranty for $1,500? Still a bad idea?? Any actual master tech at any major brand would tell you hell no, they see the ROs everyday they know how easy it is to eat up $1,500 worth of repairs over almost a decade, and even if you don't use it you have a lot of outs... its prorated if you cancel it, you can pass it onto the next owner to increase your private party value/appeal, and even if you don't use it $1,500 amoratized over 8 years is $15/month, that's insurance to make sure you have no major unexpected repairs. $15/month is nothing for that kind of protection.

Everyone needs to decide for themselves how much "value" the warranty has, I personally think if you could get a 7-8 year new car warranty on a $35-$40k truck for anything close to $1,200-$1,500 you'd be stupid NOT to get it. I also think paying $4k for that same warranty would make you equally stupid. So where's the limit?? $1,800? $2,200? $2,600? Everyone has to decide that for themselves... But warranties are a fantastic idea (for the right price) that most people actually in the business take advantage of.

I bought a used BMW 335d we took in on trade a few years ago, I'm in the actual business and even I paid $3,800 for only a 4yr warranty on it! Not only did it pay for itself with a new ABS pump, pressure actuator, and timing chain guide. But then it pretty much paid for itself again when I sold the car private party for thousands more than I could've because it was the ONLY private party 335d on the market in the region still under warranty.

 

^^^ That ... good points and great explanation. Props bro