Extended Warrany

Good info, thx for that.

 

Any idea if these extended warranties are available from Canada?

Are there any places within Canada that offers discounted waranties?

 

Thankfully that doesn’t apply at other states.

 

Do the math. Average overhead cost for insurance is about 40% and then they make a profit. There are a lot of companies selling warranty products so the profit margins must be good. Very conservative, they’re making 15%. Which means on average they’re spending less than $500 for every vehicle they warranty.
If you have more than one vehicle the odds that both will need major work doesn’t double. Are you going to get two warranties? I’ll take my chances.

 

Looking at buying a 2024 4runner rental with 20K miles on it. Debating if I need a warranty or not. I know as a rental it may not have been treated the nicest, but that doesn't mean it's been abused.
The factory 60K powertrain should still apply, and I would think if there was an issue it would show by then. Thoughts?

 

Pretty difficult to form an opinion with the info you supplied. No pics, condition report, price, etc.

 

Pretty much all the same. I've seen quite a few 2024 rental buy backs recently and they all have right at 20K miles. The condition you would expect from a one yr rental with 20K miles. All are SR5 models. The issue is if being a rental is necessarily a bad thing or not and if one should pass, or buy with or without a warranty. There's no way to tell how it's been driven just by looking at it.

I think it was Hertz that dumped all their 2024 4runners on the market, so there are quite a bit of them out there and different dealers.

 

Though not a Toyota I bought an extended warranty from Allstate for my F150.
So far they've paid for a transmission, CV axle, water pump and I think a few other things that are not coming to mind. The plan paid for itself at least 2 times.

 

Had Troy quote me yesterday, he is fast to respond!
I did notice this in his email:

"PLEASE NOTE: Unfortunately, I can no longer help if there is/was an
existing TFS policy on the vehicle, unless it was issued to a prior owner"

Glad I found you guys and Troy before I pick up my truck.

 

Following

 

Yeah, all extended warranties are simply insurance policies. With all the associated overhead and profit. Essentially you're betting you're going to need more covered repairs than the policy underwriter thinks you're going to need.

Not to forget also the factory 3/36 bumper to bumper, 5/60 powertrain, and 8/80 emissions warranties and typical 5-6 year ownership duration.

Research and decide whether such a warranty would be worthwhile to one's situation.

Knock wood, at over 100k miles on my 3rd gen it's needed nothing but regular maintenance. Same for our prior Toyotas - 12 years & 140k miles on my wife's Rav4 and 14 years & over 200k miles on my previous 4runner.

The one warranty that made sense was a tire/wheel warranty on a funcar with runflat tires. Replaced 3-4 rear tires at $500 a pop and a couple of cracked wheels thanks to ATL roads. Paid me back 3x the cost. Sold the car as soon as that warranty expired and won't go back to runflats.

 

In days gone by I would agree. But all of the computers, sensors, safety systems, screens, etc. weren’t on my previous Tacomas.

10 years from now if nothing breaks under warranty, I am not going to lose sleep over the $1360.

 

Just realize the underwriters aren’t stupid, their factoring in their expert opinions of those components longevity into the pricing of the warranty.

The other thing is the finance folks will talk about new price of replacement parts, but they never talk about how much less it cost to get good working electronics out of junkyard donors. I recently looked at the 14 inch displays, they’re running a bit over $1000 currently for a junkyard donor versus $10,000 for a new part. As you can imagine, they will become cheaper and cheaper as time goes on and more trucks end up totaled

all that said, there’s a value to piece of mind, which varies between individuals. I grew up with a dad whose hobby was rebuilding, totaled cars. I enjoy the challenge of diagnosing and fixing a problem, finding used parts and making them work. Someone else who is completely dependent upon an outside mechanic and who they choose to source parts from will probably choose differently than I would.

(please blame any typos on speech to text)

 

Holy sh!t, those 14” head units are $10k?

 

$1360 divided by 10 (years) = $136 per year, or $11 per month……..
Your argument against this “investment” is laughable……
But each of us choose to spend our monies individually…….

having said that, paying for an extended warranty makes any problem, Toyotas problem to fix…….

 

Not any problem. There are exclusions and conditions.

 

Not counting the wheel/tire i mentioned, in 30 years I've had one potentially extended warranty covered repair when a Saturn threw a rod at 86k miles.

I’m WAY ahead.

but sure justify wasting your money however you wish. Just like going to Vegas, the house always wins no matter how much you fool yourself into thinking you have the edge

 

Gbp
I’ve broken down the 10 year/$1360 ext warranty on a monthly cost basis…….$11/month…….thats 2 Starbucks per month, or 2 McDs Happy meals…….

Notice I called the expense an investment…….

Ive had 3 BMW coupes with Turbos and computer everything………..came out like a bandit on all 3 ewr warranties……

I’ve had a 2nd gen (2010 sport) that made it to 235K, followed by a 3rd gen (2021 sport) that was totaled by a Hurricane and now my 4th gen (2024 sport)

the 4th gen while much improved in many areas, is not as well made as my 2nd gen and has a Turbo AND 2X or 3X the electronics…….

ext warranty for $11/month is no brainer

 

The warranty companies are not asleep at the wheel. They know the new Tacoma has a turbo and more electronics and they are in the business to make money. The number of warranty "win" stories pales to the number of buyers that make those companies profitable. Keep buying those lottery tickets.

 

The Toyota warranty I bought, was from Toyota, not a 3rd party warranty Company……….and last time I checked, Toyota, even though they sell warranties, and also Finance cars (thru Toyota Finance) was an automaker, that makes cars, which means they’re not perfect and some of their products BREAK……

$11 a month……….not a “lottery ticket”…….simply a No Brainer……….sorry for you, that you can’t or don’t want to see it.