are extended warranties good

I am picking up my 09 Tacoma on Friday. It has both the factory 60000 mile and 100000 mile warranty on it. Would anyone who has owned an 09 Tacoma for awhile recommend that I purchase the platinum no deductible extended warranty for $1500?

Thanks,
Rick

 

No, it's a waste of money.
Except if you buy a car with no factory warranty because it expired, and it has a lot of miles on it. And if you use it a lot.

My warranty is all used up, so anything that happens I'll have to pay for it. But I take care of my truck and don't abuse it, and don't drive many miles per year.

 

Good for the salesman who sells it to you.

 

yes, at bleeding your wallet dry. And really good at denying claims.

 

I have had excellent experience with extended warranties. If you intend to own your vehicle for the entire duration of the warranty, they are worth it. However, the mark up to the dealers are outrageous.....I negotiated my last one down by 25%. Half a dozen claims filed with no problems whatsoever. The only aspect I think is a rip off is that mine had a $100 deductible if I used someone other than the issuing dealer to do the work. Well...I moved to another state......

 

It's an insurance policy with high deductibles and high profit for the salesman who sells it to you. You can make a lot of repairs for $1500. Avoid them.

 

I disagree....at $100/hour, mechanics are more expensive than my dentist.

 

I got a 7 year or 100,000mi. warranty for 950.00(MPP). In your case they are getting their money and laughing at you. Make sure if you do get a warranty its an MPP. MPP is even accepted at most large shops not just Toyota.

 

Last I checked two dealers are at 125.00 per hour. The rates in most shops are going up.

 

No... ect No

 

Don't pay face value for this, just as you wouldn't pay MSRP for a vehicle. Their markup on these is a MINIMUM of 100%. I would offer them $800 for this warranty and if they balk, just don't buy it. They'll send you letters begging you to buy it for the first year or two of ownership. Remember, the first 60K factory warranty means they get your money for 4-5 years FOR FREE, as their warranty doesn't kick in until AFTER the factory warranty. If you are not certain you are going to own your vehicle for 7-8 years, DO NOT BUY IT.

In fact, the dealers sell third party policies. Mine was underwritten by CNA....you can always buy directly from the insurance company and cut out the freaking car dealer as in intermediary - they add ZERO value.

 

Extended warranties are a waste of money. Ask what the cash cost of the warranty would be, then spend that money on accessories for your truck.

 

Money maker for the dealer. If they didn't make more on selling it to you then the repairs, there wouldn't be such a thing. Put the money away in a fix-it-fund instead and chances are you'll come out ahead.

 

extended warranties are for domestic.... remember you own a Toyota now!

 

There is a guy on here that sells warranties for a really good price, you would have to search the forums though.

 

Rick-

NO NO NO! SAVE your $1500.00. Odds are you will NEVER EVER use the warranty. And that my friend is what the "warranty company" is banking on. Thats how they make the $$$$$. Its kinda like facbric protector and paint sealer add ons....holy cow file under snake oil.

 

Just like any other insurance product...there are some really good ones and some really bad ones.

Now whether they are worth the money or not all depends on your claims...again..just like any other insurance product.

I had one on a '97 Tahoe and it paid for itself many times over. I never had major problems but enough little problems that it was like $400 every time I took it in and it had to go in many times.

I bought one on my Montero Sport, and ended up not having one single problem with that vehicle in 120.000 miles.

When I bought my Tacoma, I told the guy I did not want one because it was going to be $40 extra/ month. I figured I'd just put that amount away for repairs. But then, he offered to lower my rate to 4% and discount the warranty so there was only a $6 difference in having it vs not having it...so I jumped on that.

 

My Toyoyta Platinum 7/100/0 extended warranty has almost paid for itself.
I did not buy it until my 36/3 yr was almost up for my 2006 4WD & did so through Troy @ Greenfield Toyota who was not my dealer.
Cost was $880.
I figure it is a good selling point if I do a private party sale & if I trade, can cancel w/ it pro-rated.

 

Call Troy Dietrich or Lori Hale @ Toyota of Greenfield Ma.

@ 413 772-0989 and get it for half of your quote!!

 

Extended warranties are a waste of money. Especially on a quality built vehicle. Bank the money. And if you have any issues, then you have the cash to fix it.

Think of it this way, you buy the extended for $1500. Never use it & you are out $1500. Don't buy it & bank the money. Never need a repair & you have $1500+ in the bank. Even if you have to make a repair, the odds of it costing more than $1500 are slim.

I have an 05 with 156,000 miles. The only repair I have made is replacing the battery last summer. Just do the normal upkeep.