Opinions on extended warranty

My truck's warranty is up in 47 days, which means I have 17 days left to decide if I want to extend my warranty (I'd go for the max 4 extra years). My truck only has 38,000km (23,600 miles) on it, but I'm considering it for peace of mind. Prices would be better had I done it when I bought the truck, but oh well.

What are your guys thoughts on the extended warranty? and is Platinum worth it or is Gold sufficient? I can't seem to find a list of expensive parts Platinum covers over Gold. It just says 'everything else'.

 

I had an extended warranty on my sierra, IMO it wasn't worth it. It was a pain in the ass trying to get anything paid for.

 

waste of money. Put the money you would spend on the warranty aside just in case and move on with life.

 

I would avoid extended warranty as well, not worth it IMO. Like previous poster said, you have to fight with them to get shit done.

 

Extended warranties are nothing more than legalized gambling. The underwriters are betting that you will never need to illicit the (covered) repairs, while the customers are certain something (covered) will break.

Just like legalized gambling the odds favor the house (underwriters) especially since they get to predetermine what is covered, what isn't, what constitutes abuse/neglect or violation of agreed coverage. Sure you hear about the guy who saved a bundle because his extended warranty covered his expensive repair, for every one of those there are many many more that just pay hundreds or thousands of dollars and never use it.

I never buy extended warranties. I could probably buy a new car for the amount of cash I haven't paid for extended warranties by now.

You have to ask yourself; Do I feel lucky? Well do ya, punk? (apologies to Mr. Eastwood)

 

Not recommended. When I bought my truck, they tried to sell it to me. I nicely stopped them and said if I need to buy an extended warranty, then I shouldn't be buying this truck. They moved on quickly without further discussions of warranty.

They make $$$ from selling those contracts and they are not often, if at all, going to help.

 

This is a huge turn off.

I was on the fence, but this and your guy's opinions have swayed me. I'll pass on the warranty.

 

Tell you what you should do. Get a copy of the extended warranty and read the fine print. Very Carefully. The one I bought was totally useless. You could not get anything paid for because of the way it was written by some lawyer who probably went on to become a politician. Also I had to take my truck to an "Authorized" repair facility to get the oil changed. They are a license to steal IMHO

 

Absolutely..... not

 

Good man. Even with "regular" warranties its hard to get shit done unless its a recall. I had terrible experience with trying to get them to fix my leather that they tore, took me about 6 months to get it done and they fixed the tear but my passenger seat looks even worse now, thanks toyota. I had to get GM of the dealership involved to get it done, quite sad.

A lot of times if you bring in your truck for something, they will tell you its normal. I avoid dealers like plague.

 

I bought a toyota so I don't have to deal with warranty.

 

I’m actually dealing with a ‘corporate theft’ (that’s what I’m calling it) issue in my ECP Extended Warranty case as we speak. Can we all agree that when we sit down with the dealership finance employee and they give us the colourful ECP pamphlet to read detailing warranty package options, WE ARE CHOOSING A “TIME” and “MILAGE” plan?? Yes.

Do you pick a plan based on your best guess as to what the actual warrantied approved repair costs will be?? NO.

I bought the 200k km, 7 year PLATINUM package because after reading the pamphlet, I wanted mechanical security. I wanted “the same great Toyota factory warranty that ends at 60k or 100k and moved forward through TIME and MILAGE. I paid $3200CAD for it.
I wrote off the truck at 3 years and 134,500k kms. I still had 4 years and 65k kms left and was expecting approximately $1000CAD pro rated refund back.
(Here’s the kicker) ECP denied my refund. Their explanation is: “because warranty repairs cost more than what the remaining refund amount would be, no refund is payable.” (They just moved the goal posts mid game in their favour)

They changed the TIME and MILAGE package to be “repair cost value” mid stream and performed a corporate theft. I’m not putting up with this and I’m holding my dealership and ECP accountable.

I called TOYOTA CANADA last
week wanting them to clarify and they hung up on me. My dealership now has to find me my refund.

They will soon learn that tight fisting my $1000 will not benefit them at all.

To be on par with them you’ll have to learn how to play dirty...sad.

 

Good choice. I purchased extended warranty with my wife's Tacoma and it was a total waste of money. It's so irritating the one thing I needed it for, then a 100.00 deductible...ugh. No extended warranty again for me..ever!

 

What @TacomaBeast67 said! For that peace of mind, quality repairs etc. And I figured if traveling be nice to go to any dealer for repair. There's another dealer for the wife to go to that's more convenient than where we purchased the truck. They told her no record of extended warranty BS, so anyway ugh..just no, no more,

 

desmodue pretty much said it. I pretty much never buy extended warranties (I do get the extra coverage on my phone now that replacement phones cost $800-1k, and they're relatively easy to lose/break or will occasionally just brick entirely) because in the long run, they're designed to take in more than they pay out.

Additionally, I've never felt the need for extra protection on any Toyota that would protect me in the event of a workmanship/quality defect (Chevy might be a different story, but I wouldn't buy their product if it came with the extended warranty for free).

 

I bought extended warranty through my credit union at work. No games, no hassles, take it to any licensed mechanic including dealer for repairs. I don’t do dealerships though they end to a training ground for flunkies, prefer independent dealer trained with years of experience.

Back to your question, the extended warranty depending on make and model can be a good deal. In the case of the Ranger Ford 2001 Edge it paid off as it started to nickel and dime my dad at about 100k miles. Look for a reputable warranty company. Seems some of the others here got shafted because they didn’t do their homework. He ended up dumping the Ford but the warranty saved him from a few big cash outlays.

 

So you make major decisions on advice of strangers on the interwebs? That level of intellectual laziness is going to cost you going forward.

 

Keep in mind it's the biggest profit margin for Toyota for a reason.

 

If they didn't make money on it they wouldn't sell it.

You could be a 'big winner'. Or not.