Extedded Warrenty pays for its self

I had two mentors that disagreed on this topic, one was a mathematician and the other was an engineer.

The mathematician said "never play the lotto, I get more pleasure from throwing my two dollars out the window."

The engineer said "play the lotto. It may be a worthless probability but it's also a negligible cost of operations. Take the same two dollars per month, save it over a 40 year career plus interest and you have a lifetime savings of anywhere between 2 and 11 grand, which is nothing considering the time investment. " (* Based on 3 and 10% ROI respectively) "Therefore, I get more entertainment value out of my $2 than if I had saved it."



... That said, I don't buy warranties either. But it was an interesting perspective that guy had. He taught me to not view the world as so black-and-white, which was very out of character for an engineer.

 

Sorry to hear your having so much trouble with your truck op but overall the chances of these trucks having the issues your having it just doesn't make sense (in my opinion) to ever spend the money on an extended warranty. Most of the time if there's going to be a serious problem it's going to show up early on. I bought the extended warranty when i purchased a 4Runner back in 1988 and never used it once. In the first 14 years of owning my 2007 Taco the only thing that had to be replaced was a tail light bulb. The majority of the time the money spent on a warranty doesn't pay off... glad it worked out for you though... hope your truck has many miles ahead of it.

 

Well I just point out my problems. I cant afford a 15,000 engine when the heads blow up. for your own sake keep an eye on things. Toyota today is not Toyota of yester year. 3.5 engines have head gasket issues, fact, toyota bought their own fuel injection pump Factory fact now they have massive recall on most of their product line. of course their is the air bag crap. most of these trucks are getting to a point of going out of warranty. do your own due diligence it may save you even greater expenses. I was a big fan of Toyota that's why I bought the 2016 Now for me Toyota is no better than any other dealer. They all have problems to over come. My love affair is over. Good luck with your trucks.

 

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So I typically buy a 7 year warranty.

for my 2022, it was $1700. That breaks down to $20/month.

Like insurance, you don’t need it 99% of the time, but when you do need it, you’ll be glad you have it.

 

Looking back, i had a extended warranty on Toyota years ago and i never had any problems. It got to the point where I was almost hoping something would break before the warranty expired just to justify spending the money. Dam Toyotas... they're bullet proof!! Ended up selling that truck with around 370,000 miles and it still ran like the day i brought it home new.

 

Yeah...I definitely have all of the documents, just haven't forced myself to read through it yet...it's very long...lol.

 

if you bother to read the 50 pages of legalese you're probably going to find one line that completely contradicts what the salesguy told you

 

Well, they didn't even tell me about the lifetime warranty they give until after the sale was over, so they definitely weren't trying to sell me on anything.

I'll likely try calling them again next week to see if I can get an answer, but if not, I'll just have to read through the warranty info they gave me when I bought it.

 

Yeah, if extended warranties paid for themselves it would have never been a profitable business for the companies that sell them.

 

i got the Toyota platinum 200,000km/7 year extended warranty,. Its nice to have that in place. whether ort not i needed to use it, which i did a few times, isn't important really. But its a nice thing to have in place.

 

Is your extended warrenty the same as a warranty?

 

The platinum warranty i got when i bought it from Toyota covers almost everything a new vehicle warranty does. There really isn very little it doesn't cover.

""
When it comes to mechanical components, the ECP Platinum Service Agreement Coverage is so comprehensive that there are only a few items that it does NOT cover.
Parts not covered are: all glass (mirrors, heated windshields and rear windows with defroster), fog lamps, lenses, sealed beams, lamps, light bulbs, tires (with the exception of ECP Road Hazard Coverage), wheels or wheel studs, trim, seat frames, convertible top, mouldings, weather-strips, bright metal, sheet metal, body parts (including frame), bumpers, upholstery, carpet, paint, brake rotors and drums, brake linings and pads, batteries and cables, manual clutch disc lining, pressure plate and bushings, throw-out bearings, catalytic converter (which may be covered by Emissions Control Systems Warranties), exhaust system, non-manufacturer installed accessories

In addition, maintenance services and parts; including all lubricants and filters, belts and hoses, wheel balancing or alignment, any adjustments for air and water leaks, wind noise, squeaks and rattles as well as alignment of bumpers, sheet metal, and body parts are not covered.""

 

I think you missed the joke, and 'corrected' the actual joke.

 

Of just about every toyota i've owned, any major issue if they didn't happen in the 3 year 36k original warranty period, they would happen after 10 years. Only our 2012 prius had a problem just out of the original warranty period with a head unit failure that toyota said to go pound sand. At any rate found one on ebay that was just over a couple hundred $$ that i replaced it with. Been working fine all these years.

 

I'm always buying extended warranty. All of my vehicles (Dodge, Kia, Nissan) having an issues and often one single fix pays off warranty right away.
Bought one for Tacoma...Just in case. If I never use it, well, it's ok.

 

Got a letter from Toyota today. I read "estimated $7,200.00 trade in vale on you Tacoma towards a new Tacoma Sport 4x4..." Toyota is Stupid. I tell em "if I need a warranty, I better keep shopping, Jack." So you want me to give you money to make sure that the truck you are selling me holds up? What the ....come on man.

 

I thought about getting the extended 7 year warrantee on my 2022, that is until dealer quoted $3K for it. If they quoted $1500 or $1700 I would have gone for it.

 

We don’t normally buy extended warranties… my wife bought a new Hyundai last week and that definitely has me rethinking our norm.

 

My response to the extenend warranty has always been, if you don't believe in the product you're selling why am I buying it.
Silence!
Do your homework, extended warranties are always losing lottery tickets for me. Do your homework, crunch numbers, and decide if its a risk worth taking.
Everyone's situation is different.