Question on extended warranty

On a whim, I purchased the 5 year 75k platinum warranty for 2300 but I have a few questions. I was told I could shop around for better pricing, is it too late to cancel and reinstate with someone else? Also, I see people floating around longer warranty's than the 75k. Are those after market or are there longer ones that were not offered to me at the time of sale (last week).

Thanks!

 

You'll get a full refund within 30 days of purchase, IIRC, or a pro-rated refund at any time beyond. I got a 10yr/125k warranty for $2275 at the time of purchase that covers everything but Softex, glass, and consumables like oil, belts, and brakes (worried about the level of tech + 4cyl turbo longevity). I do know that the cost is employee pricing at the dealership I bought from.

 

Depends on the terms and condition of the contract you signed.

Basic warranty is 3/36K, Powertrain is 5/60K. Averaging 12K/yr, you may not gain any benefits for the powertrain. Not sure if the plan you got is the zero or 100 deductible, but your betting that you will have more than $2,300 in repairs from years 3 to 5. Of the 13 Toyotas I have owned, only one had repairs that cost more than a couple hundred dollars (total, per vehicle - my 1990 4Runner blew a head gasket at 90K miles and they replaced the engine for free even though it as out of warranty).

Insurance/warranty companies are like casinos. They always make money because they know the risks and the odds are always in their favor. Chances of having repair costs>warranty cost are very low.

Insurance only makes sense when you can't self insure. If your house burns down, you probably cant afford another mil to buy a new one, so you need insurance. If you drop and ruin your iPhone, can you afford a new one? Probably (unless your a klutz and break them often). Car insurance? Besides the liability part replacing a 50-60K vehicle would be tough for most, so yeah, you need insurance.

Some of its is personal experience. If you had extended warranty once and used it, you are going to think you always need it. Over a lifetime though, if you own 4-5 cars over 25 years and bought extended warranty on all of them but only used it on one? You'd have more money in the bank if you skipped the warranty on all and paid for the repairs on the one.

If you can cancel without penalty, I'd cancel it not upgrade it.

 

Any idea how I get this? They would not even offer me that warranty. I would take that offer in a heartbeat.

 

I think I will cancel the existing one, but I would be interested in 10/125 if I could get it. I agree, the one I have no its still well within any real issues hopefully.

 

You can get toyota extended warranty from other dealers. See https://www.tacomaworld.com/threads/extended-warrany.838183/

One thing I would suggest is consider maybe waiting until closer to the end of the original 3/36 before deciding to buy an extended warranty. You'll likely better know how long you'll keep the truck and you'll start getting a better sense of overall reliability in seeing what problems people do (or don't) post about.

Reason being that extended warranty proration begins when you buy it even if there's effectively no coverage until after the 3/36 original warranty (and 5/50 drivetrain and 8/10 emissions).

Granted, you might pay a bit more, but you can also take the cost today and put it in a conservative investment until then.

 

Thank you, that makes sense. Can I cancel the one I just bought and then add a new one on later?

 

Best piece of advice on extended warranty. Not to mention we are driving a Toyota. One of the most reliable cars on the planet if not the best?
If I purchased a Range Rover or an Audi and plan to keep them long term well into 10 years then it makes sense.

 

Cancellation terms will be in the policy documents, and they're likely pretty specific about what steps you need to take to cancel.

I've never bought a toyota extended warranty, so I don't know. 12 years / 200k miles on my 4Runner, then 8 years / 100k miles on my Tacoma, plus my wife's Rav4 that she had 12 years / 140k miles we've never needed any repairs such a warranty would cover.

 

Subtract 3/36 and/or 5/50 from 10/125, and that's the extension you're buying. It's not 10/125 on top of the base warranty.

So, 7/89 and 5/75 is what the net additional is.

 

The guy who sold me the warranty told me that none of the electronics are coverage under the base Toyota care base warranty and that was his big sell. Is that a bunch of crap?

 

Sounds like it to me. Warranty is warranty. Read it. Unless the world changed in 2024, bumper to bumper still includes widgets.

Finance guys are trained in fear tactics to make profitable sales.

 

You were lied to.

Read your warranty coverage - Toyota Manuals and Warranties | Toyota Owners

 

I am not old enough to be that much of a sucker, guess I am slipping haha. He gave me some story that someone didn't get it and there was an issue with their headlight and they had to pay out of pocket.

 

Don't fret it. They're professional liars, doing the same thing several times a day every day. We're folks who buy a vehicle every few years. We're at a disadvantage.

I can't think of a time that the Dealer Finance Guy didn't try to pull some sort of shenanigans on me.

 

I'd cancel and wait until the 3 years /36,000 miles are almost up and then purchase an extended warranty.

 

I am going to do this. I just got off the phone with Toyota Care and they were very confused as to why I was told electronics were not included in the base warranty.

 

FYI- This is where Toyota dealerships
Make their money. Not so much on selling the car. They make money through Toyota financing interests and paint protection, ceramic application, and extended warranty. A smart buyer knows to skip all of these.

 

When I bought my wife a new Toyota in 2020, the salesman offered up extended warranties to us. I just looked him straight in the face and said "why TF would I need an extended warranty on a Toyota?" He couldn't get our paperwork wrapped up fast enough to get me out of his cubicle.

And then her new Toyota broke down at 18k miles, doh! Ok, maybe an extended warranty is a good idea now that they "don't make 'em like they used to"

 

Age has little to do with it. Some around here are well up there.

It has more to do with pre purchase research, understanding the process and practicing saying "no" multiple times before you hit the finance guys office.