Should I purchase the extended warranty?

Very interesting.

 

You have to do what works for you.

But...

My feeling is that it's like buying insurance. The "insurance" company uses all sort of PFM to, overall, charge more then they will pay out. In other words, you are betting you'll spend more on repairs then the cost of the policy. OTOH, the "insurance" is betting they will charge you more then they will pay out. I'm guessing they're better at finding the actual statistics then I am...I don't ever buy extended plans.

Other factors to consider I guess are your peace of mind, they fact that the insurance provider may be able to negotiate lower repair cost then you or that you may have a truck that is on the bad side of average.

 

I just don't understand why you would want to gamble against the odds, when you could put your money on the side where the odds are in your favor. I'll place my bet on the side where the odds are in my favor. It's not really like insurance at all, because collision insurance is protecting you against loosing a very large sum of money which could be devastating to a lot of people financially. If you total your vehicle you could easily be out 20k+. I've never known many people to carry full insurance coverage with collision on a vehicle worth less than $5,000.

 

How much cash do you have on hand? If you've got a few thou readily available, it might make sense to just insure yourself. If you don't, then a policy to cover the "unexpected" might make more sense.

Your situation should determine your decision.

 

Well perhaps it is just what I have seen in all my years working at dealerships. I don't see it as gambling AGAINST the odds. You all don't see the number of vehicles that come in getting these repairs done and their policy paying for itself. I have. Again I agree it is a "to each his own" attitude, but in my personal experience it is worth the risk. $2500 is a small price to pay in today's world where a blown engine can cost easily in excess of $5k or more. My family has owned mostly Chrysler, Toyota, and Nissan and have had policies on each one. Some have paid off, others have not. It is always easier to consider paying out $2500 just in case, rather than hold onto it in hopes that the $5k engine failure does not show up. I guarantee you my brother was PISSED for not getting the plan on his Frontier when his transmission took a dump after the factory warranty had expired. He lucked out in that I was able to do the work for him and save him a bundle. Even then it was not cheap.

 

As mentioned its up to each individual. Myself, ever only bought extra warranty once. Never had to use it so they made a lot of money off me for that. All my other cars I never bought it. Never needed it turned out. Would I buy a extra warranty in the future? No.

 

I would say buy the extended warranty. I did not, and I use my truck in similar conditions to you and my 2011 Tacoma is the worst most unreliable vehicle I have ever owned. I have 18 different issues with truck. Buy it, especially if you are on gravel and rough muddy roads.

 

Thanks for the opinions. I will have to decide, and soon cuz 60 000 is rolling around. It seems like a big chunk of change, but the miles I'm putting on it on rough roads are making me think I will be going through ball joints, bushings, tie rod ends, etc.

I'm also curious about the whining steering pump. Are the pumps on 4 cyl's always noisy? Its got enough fluid, and seems noisy upon start up. If the pump goes, or the hose is leaking, that will cost a few bucks...

 

Careful with the Canadian extended warranties, I've had some shady dealings with the fcpp company.

Really read that fine print because they exclude alot. If a bolt breaks and causes engine damage it's not covered because the bolt caused the damage and bolts/fasteners aren't covered.......this is a huge loophole for them.

Make sure you have receipts for all oil changes and have them done on time, and no they can't be done at home they must be at a business.

Brought in a honda one time for repair about a month after buying it. Was told the warranty is void because the car had been modified. The car was exactly how i purchased it when brought in and did not have modifications. My money was refunded after that disaster.

I'd honestly rather lose $20,000 than ever deal with this nonsense again.


I recommend you do a search on the company your dealing with, you'd be surprised at the stuff they try and pull.

 

+1, never buy on anything and come out ahead in long run. There is good reason why they are pushed so hard. I get about 1 offer a month in the mail. I would ask myself why would I buy a product if I really thought I needed to buy an extended warranty.

 

^^^ Exactly.

The fools in this thread actually praising aftermarket warranties have a screw loose.

They wouldn't sell them if they didn't KNOW FOR SURE THAT IT WOULD BE PROFITABLE TO THEM.

Why is this so hard to understand?

It's like going to a casino thinking you're going to come out ahead. How do you think they paid for that multi million dollar building? Durrrrrr!!!!!!

 

Not if they're spending it foolishly....

 

Throwing it away on an extended warranty is the definition of foolish.

 

I wouldn't buy it on a taco. But on a dodge/ gm that's a different story.

 

And that's kind of my point. Why buy an extended warranty for one of the most reliable trucks on the planet, if not the most reliable.

But if you're thinking an extended warranty is a good idea for another brand, then why buy that brand???

 

HELLO KETTLE

 

The dealer I bought my 1st Gen from threw it in for free as part of negotiations. Never used it. Don't know how the 2nd Gens stack up, warranty wise.

 

I bought my 08 with 15k and a lift installed. I took the warranty and im glad I did. So far ive had a new hub assembly installed and a new rack and tie rods. Both jobs took the dealer 2 days and my ext warranty covered everything but a 100$ dedectable and I was given a rental.
My AC compressor is starting to make noise now and ill be going to get that looked at once it gets worse.
Im glad I took that warranty, it has paid for itself in 2 years.

 

Automatic or manual?
White letters in or out?
Short bed or long bed?
Prerunner or 4x4?
White or MGM? Or XX color vs. XX color?
Double cab or access cab?
Sport or Off-Road?
Scoop or no?
Extended warranty or not?

All questions with no real answers.

 

YES!, THATS IT