Extended Warranty Question

I've had my Tacoma for almost 2 years/25k miles now, so my warranty only had a year/11k miles left. Any thoughts on the extended warranty? I know bought a Toyota for a reason, but I also know that there are a lot of parts on my truck that could go wrong and be expensive (already had to have my BSM repaired due to a short...a 4 day stay at a dealership). Any thoughts out there? I've got estimated below, but what are you guys doing?

And thanks for the thoughts and previous help. This forum is great and I've made a few upgrades to my truck from here (and I've never upgraded any prior vehicles before now).


5 YEAR 80,000 MILES $1,000.00,
5 YEAR 100,000 MILES $1,165.00
5 YEAR 125,000 MILES $1,315.00

6 YEAR 75,000 MILES $1,045.00,
6 YEAR 100,000 MILES $1,295.00
6 YEARS 125,000 MILES $1,540.00

7 YEARS 75,000 MILES $1,115.00,
7 YEAR 100,000 MILES $1,425.00
7 YEARS 125,000 MILES $1,650.00

 

You drive roughly 12,000 miles each year. In 5 years you will have about 85,000 miles on it. 7 year 125,000 mile seems like a waste.

 

I got the 5 year 100k miles. More for the peace of mind. I'm on pace for 18,000 miles in my first year and figured I'd be around 20k a year. So the 5 year 100k seemed about right.

If you plan on getting it you really just have to factor how many miles a year you will drive to maximize your coverage time.

If you drive a lot look at the 5 year options. If you drive very little look at the longer term options.

I've gotten the extended warranty option on my last 2 vehicles (2011 VW GTI and 2013 Tacoma) never had to use them on either but felt better knowing that if a big repair was required i was most likely covered.

Also to note. Warranty's can be prorated and the premium returned. So say you trade in your truck in 2-3 years and still have time and mileage left on the warranty you will be prorated the difference back in cash or most of the time the dealers can apply the prorated return premium to the next vehicle warranty. At least that has been my experience with the last 2 extended warranty I've had.

 

i got the 7 year 75k. There's too many expensive electronic stuff in newer cars these days and I figured one repair under it and it would pay for itself, and I have yet to have a car in my family that doesn't have a major issue out of factory warranty.

 

I purchased the extra warranty as I know zero mechanics and zero about repairs .. it also came with 6 free oil changes and services

 

I got a 10 year/120k but paid around 1300 for it. I’d do the 5 year 125k if I were you. IMO.

 

I got the 7 year/100,000 Mile Warranty for 950.00 from Boch Toyota in Mass

 

i purchased the 7/75 at a big discount but that dealer is no longer offering it but i copied below off the web might call and check first before you buy from your dealer. i did get the actual Toyota extended warranty, not 3rd party.


What I don't think is widely known is that you can buy an extended warranty from any dealer. It does not have to be bought from the dealer that you bought your car from. There are 2 who seem to be well know on various forums and have very aggressive pricing: Midwest Toyota in Kansas
(800-530-5789) and Greenfield Toyota in Mass(413- 772-0989). I'm sure there are others.

 

Doesn't help you, but I got the 7 year 100k one for free. I complained up Toyota corporate about the low atf last year until they gave me an extended warranty. I'm still unclear on what happens if I trade it in. If you pay for one you get a pro-rated amount back. Since I didn't pay for it, I probably get nothing.

 

Being a new generation Taco, I felt more peace of mind having the Extended warranty

 

My brother got an extended warranty on his WRX. Didn't cover anything expensive that broke. The average paid claim on extended warranties is something like 80% of their cost. Put the money in a savings account and don't touch it unless the truck needs it.

 

Im not in the market but this is curious - do you have the paperwork for the warranty (not concerned with price, just who offers it)?

OP seemed to be referring to a Toyota’s extra care (Toyota brand warranty) which I’ve never seen beyond 8 year/125k miles. I’d assume a 10 year to be third party, which wouldn’t be an apples to apples comparison.

OA

 

The service isn't free ... you pre-paid it as part of the cost of the warranty.

 

When I get home I’ll check it. But the dealer discouraged Toyota’s warranty and referred to me the one they sold me. 0 deductible and a rental car. I think it may be this one https://www.zurichna.com/en/claims/vehicle-owners

But I’ll verify. My buddy has it as well (he worked at the dealer when I got it) and he’s had 0 issues with them.

 

So yeah it’s Zurich. Bumper to bumper. 0 deductible and a rental car is provided.

 

Thanks everyone that is all great advice...and sorry it took me a couple of days to comment after posting (fun work travel that takes me away from my Taco). I was referring to a Toyota Extra Care, I don't know that I'd go with a third party.

I'm thinking I will go with the extended warranty for my protection. As suggested, I'll estimate my mileage per year and figure out a good sweet spot to hit to get the best bang for the buck while not paying for anything major until the truck is paid off. Other than missing out on the electric rear window on the 2017 (I have the 16) and wishing they would offer Apple CarPlay, I love my Taco and do not plan on trading it in until the next model comes out (or at least 10-12 years based on what my wife has told me).

Thanks again...thanks for all the support.

 

My friend, it's all about statistics. Personally, I have bought around 15 vehicles in the past 20 years or so. No, not all mine, my wife and my two children's vehicles are included.

I bought Toyotas, Hondas and Subarus. I never bought any extended warranty because.... statistics. Why?
1. Those three vehicles are historically some of the most reliable vehicles.
2. Usually if something is going to break, it will break in the first few years.
3. Five year 60K drivetrain warranty comes with the vehicle. So if you are going to purchase another warranty that lasts seven years, that means you are paying $1K for a two year warranty on your drivetrain and a four year warranty on everything else. Is it worth it?

If I would have bought an extended warranty on my vehicles in the past 15 years, it would have cost me close to $20K. That's over half a new vehicle! As it stands so far, I have not had anything break past the factory warranty period on any of those vehicles. The longest I have kept any of those vehicles is five years though. So, if I have a problem now, I have saved $20K to put towards any issues and I doubt that anything can break that will cost $20K.

You be the judge: I am an engineer. I understand numbers. I use those numbers to make my decisions. Your call though and I understand the "piece of mind" argument. Some people don't have a few grand lying around if needed. Good luck!

 

Thanks hiPSI, that's a good point as well...the same point my vehicle-smart friend has made.