Got a new to me, CPO tacoma. Got the "extended warranty"... Should I have?

Just got a 2014 Tacoma 2WD, 2DR base. It was offered as a Toyota CPO and I bought from the Toyota dealer. It currently has 71k miles on it.

Basically, I think I got the "Toyota Platinum" policy, it was $1900.

How the dealer explained it is, it essentially give me the same warranty as if I bought the car "new" right now, 7 years, and some amount of mile, bumper to bumper warranty.

He wrote down on a piece of paper, October 20, 2026 or 155k miles, whichever comes first is when it expires. Also included free roadside and free state inspections/emissions for that amount of time too, and I think free oil changes for the first year. He also said if I trade in the car on another Toyota I can get a prorated amount of the warranty back.

It seemed like a good idea at the time, $1900 for 7 years worry free, thats only ~$270/year. I am pretty sure I will be able to find $270 of warranty work a year to pay for it, but just not sure if this was really a good deal now that I am thinking about it more. I think it is cancelable whenever, and refundable at a pro-rated amount.

What are the general thoughts around here on the extended warrenties for used/cpo toyotas?

 

That's pretty good price for a CPO warranty like that IMO. I worked at a Cadillac dealership but we had some extended warranties that were like $4500-5000 for just 4 years/48k, and they didn't even cover a lot of stuff.

I would keep it if you are planning to keep the truck for a couple years plus.

Matt

 

I plan to keep it for... until the warranty is up or it breaks in an expensive and uncovered way lol. So probably for a while.
It is also transferable if I decided to ever sell it. I would probably just trade it instead, but it is transferable.

 

Imo, waste of 2k. But that’s just me. The cpo covers everything for the first 12, and engine drive train to 100k. If you do proper maintenance anything that’s covered is gonna fine until 155k.

 

Also none of the free stuff was free, in your words you paid 270/month for it if you keep it.

 

I usually agree, and never EVER buy extended warrenties on anything.... but my recent luck with cars and repairs before this car had me liking the idea of not having to worry about anything for a while.

Additionally, this truck, although low on miles, was a work truck prior to me owning it, so it could have more wear and tear on it then the miles indicate

 

If it gives peace of mind, then for you probably worth it, I’ve owned enough Toyota’s that I’m good with not having it.

 

Well, $270 a YEAR, so, $22.50/month for 7 years assuming I keep it that long, to maintain the warranty... although via CPO it came with 1 year warranty bumper to bumper, so really it is more like $1900/6=316.66/year=26.38/month. Still not a horrible price for peace of mind, but then again I am trying to convince myself it was a good deal... probably wasnt, but time will tell.

 

I'm curious how much $ the truck was without the warranty.

 

About $12k and I got much more than my old car was worth on trade.

 

That’s a great price. $1900. Id do that all day

 

On the truck overall? or the warranty? Or both lol

 

If you do all your own work it may not pan out. I have always at least broken even on these deals, despite the fact I find insurance and warrantees to be the biggest racket of our times.

I paid a couple hundred extra for my plan, I was already spending over $30k. In less than a year it's covered PDR, tire repair, and with the amount of electronics in these rigs something is bound to fail. Time will tell.

 

Overall these trucks are really reliable, I have 135K miles on my 2013 and its great. I do have to think about doing the front wheel bearings in a bit, but I bet those kind of things aren't covered under the warranty. I also bought the extended warranty but never used it, should have saved the cash.

 

Yea, like I said I NEVER buy extended warranties on stuff like electronics or other things, this is the first time buying something like this.... so thats why I am now questioning if it will be worth it. I do usually do all my own work, but if they will do it, for free, and buy the parts, that would be better... and probably worth it.

They are replacing my whole infotainment system (bluetooth isnt working) and my fuel door (hinges are rusted off) at no cost, so, assuming they keep fixing things as long as I have the warranty, I feel like I'll at least break even on it. Or I'll at least have a nicer car. If I didnt have a warranty, and things broke, Id usually just let them go if they werent mechanical... but now with the coverage i'll get them fixed. so... idk. well see I guess.

 

It’s always a gamble buying something used that’s a fair price for the coverage. If it’s your only mode of transportation I would only if they give you a loaner car if getting warranty work done.
Trust your instincts about it I mean 25$ roughly a month ain’t bad for that kind of mental reassurance.

 

They gave me a pamphlet and wearable are not covered (as on all warranties I am pretty sure), but there was some things I was surprised were on the covered list. I'll have to go and check. For $1900 if one "big" thing goes wrong it will pay for itself. And 7 years and 85k-ish miles, there is a lot of room for something to go wrong. I guess it all jsut depends on how much you value peice of mind vs saving money.


"I also bought the extended warranty but never used it"

I used my warranty 1 day after getting the car lol (to replace the infotainment system and fuel door and hinges)

 

They do give a loaner for any work being done that takes more than 1 day.... Theyll also cover an uber to/from the dealer to work and back if its a same day repair.
It is my only mode of transport, but technically could use my wifes car if NEEDED but if shes using her car, mines the only other.

 

Understood, if I was in your shoes I would if it was not gonna impact the finances.

 

Nah I can definitely cover it, no big deal. Just dont like wasting money and am trying to convince myself I didnt waste a bunch, but since most comments are saying it could go either way, I think only time will tell if it was a good choice or not. And even if it DOES end up being a good choice on THIS purchase/truck, it may not go the same way on my next one, so.... in summary, its all a crapshoot pretty much lol.