Extended Warranty

No offense or elitism intended. It's just that this topic seems to always produce a rather "lively" response, and it comes up often. Always feel free to ask your questions, but do check the search function before starting a new thread. You may find your answers are already out there.

 

Remember that you have the original manufacturer's warranty (included in the purchase price) to sort out the bugs. After that, the chance of anything major going wrong is small. That's why selling extended warranties is such a moneymaker for the companies offering them. They have this whole thing worked out actuarially. They get you on the odds of repairs, and they also get you on the fine print of exclusions.

Just budget for repairs. Putting aside the amount you would have spent for the extended warranty is a start for this budget.

You do know how to budget, don't you? I believe that extended warranties are for the kind of people who live paycheck to paycheck, and have no cushion of emergencies. But even for them, buying the extended warranty is really not the solution. All it does is put them further in the hole.

 

That is what I usually do. Because I also believe is mostly a money making thing. But with new engine and trans on this trucks. I’m glad it was 600 bucks and not 4000. Times 4.

 

Well, I bought the extended warranty with my new 2016. Didn't need it until 95k miles into the ownership. Took it to the dealer for a noise issue and it turned out both rear wheel bearings were noisy. The service writer asked if I had an extended warranty and lo and behold I did. They covered it..

 

@virginiajim may I ask what you paid for the extended warranty?

 

Looks like about 2400 bucks and considering the price of getting the wheel bearings done...I at least got my money back.

 

Nope. Ive always passed on extended warranties. Im fine with the factory coverage. Its a bit of a gamble I suppose, but luckily Im way ahead. They are huge profit centers for dealerships, using scare tactics to push them. That turns me right off. Like when the dealer suggests you follow THEIR maintenance schedule as ‘cheap insurance’ , and not waiting for Toyotas recommended intervals.

 

When I bought my CPO '17 the finance guy was quick to point out that this truck had way more than the ~2 CPUs that were in my '99 Tacoma that I was getting out of.

 

3rd gen rear hub/bearings are ~$150/each. Labor is going to be a significant cost and probably 1k out of pocket. But end of the day, if you're happy that is all that matters! Ease of mind is worth something.

 

Back to the OP if that's a Toyota comprehensive with no deductible I think $1500 is a good price. I passed when they offered me the same for $3200 and so far so good but if it had been $1500 i might have bitten. YMMV

 

AFAIK You can add a Toyota extended warranty anytime before your factory warranty expires. Some have also had good luck shopping around to other dealers to get a better price. Personally I’m going to wait until my factory warranty is nearly expired then I may add an extended warranty.

The only things I’m worried about failing are the electronics. The Timing Cover leak doesn’t worry me as it seems to be isolated to the early 3rd Gens.

 

Actually from my dealer they were about $500 each not to mention the associated parts that go along like gaskets and stuff. I was fully prepared to go to a private shop who said they could do it for about a grand with the parts but I thought if the dealer is going to do it as part of the extended warranty, why not? I usually don't use extended warranties on Toyotas but this was the beginning of a new generation right off the line and I wasn't comfortable with that. I bought an extended warranty on our new Prius XLE AWD due to all the electronics and stuff. At least they've upped the hybrid battery warranty to 150k.

I had no out of pocket expense on the bearings either.

 

This is true and I asked about comprehensive again when my 36,000 was close to up and it wasn't any cheaper. I have no specific knowledge of the inner workings of warranty coverage but I had sort of assumed it would be cheaper if I waited. Guess not? Maybe I just exude "sucker" and they overquoted me.

 

One caveat to this is if you are a Florida resident. Actually 2...one is you can't buy a Toyota factory warranty, (this is Southeast Toyota Distributor land and if you buy from the dealer you get a Fidelity warranty, which is part of SETD) and the other is everyone in Florida pays the same price (full retail) due to insurance regulations. Also, since sellers of extended warranties here have to be licensed by the Florida Department of Insurance, it's unlikely an out of state dealer will be licensed in Florida. Here if you want to shop it it's Fidelity vs other 3rd party warranty providers.

 

Why is Florida even part of the USA? LOL. (kidding)

 

Sometimes I wonder if we are LOL

 

A note on extended warranties, if u do choose the purchase one, the price is negotiable just like the price of the vehicle is. U dont have to pay the asking price.

 

Never fall for extended warranties! They blow up my phone everyday with their nonsense. Put your money in an account for a rainy day is my advice.

 

I won't go as far as saying never buy one, but certainly NEVER buy off a spam call!!

 

It's like at Best Buy, a marketing tool to get you spend more. Yes, it sometimes does come in handy, but usually nope. Like Ice-T can't afford to fix his own car, lol! All scams.