3rd gen extended warranty worth it?

Adding the 8yr 125k mile Toyota extended warranty only upped my payment by $10 a month. The wife and I plan to tow our camp trailer all over the US with our Toyota, so knowing that if I have a problem all I have to do is take it to a dealership, it's worth the extra $10 a month to me. I also pay a extra $5 for a extended warranty on the trailer too. BUT I have been saved by insurance a few times. Insurance is for those times when things go bad, not the 99.99% of the time when things don't. Like they say, better to have it and not need it than to need it and not have it.

Note *$10 a month is $960 over the term of 8yrs*


My 2 cents.

 

"the house always wins"

 

The dealer's sales manager pushed me real hard to take the extended warranty....even dropped the cost a few hundred if i signed that same week. Again i told him i wasn't interested. I could see it pissed him off. I just hope i don't regret it. I had such great luck with my tundras.

 

Pretty sure people wouldn't buy car insurance if the didn't halve too and many a people would just get liability on a new vehicle purchase. Just saying some people are cheap......

 

Yeah those finance guys take "no" personally....tough crap.

 

It really depends on if the 3rd party company is any good. I went with the Toyota ECP on my Tacoma when I bought it used a couple months ago. ECP was a couple thousand and just covered by backup camera that stopped working. Would have cost me $600 CAD out of pocket without. The only 3rd part warranty I had on my Nissan Titan cost me $2,000 CAD and paid $4,000 for my new rear diff & assembly no questions asked. Downtime was only a couple days through a preferred shop they sent me to.

 

I purchased the Toyota extended warranty (7 years/75k miles) for $516. It's transferable (one time, consumer only) and can be canceled (pro-rated refund). At that price point, it was well worth it to me. I never would've bought it from the same dealer where I bought my truck, as they were pushing it for over $2,000.

 

It is a gamble but one that paid off for me. Paid $2,000 for my extended warranty through a 3rd party company and a week later the rear diff went on my Nissan Titan. They paid $4,000 for my new rear diff right from Nissan without batting an eye. I expected them to be shitty but they even told me this is the point of buying it. Even the shop was shocked at how awesome they were. They said other companies would have likely had them put in a new ring and pinion and be cheap etc. I was lucky.

 

Thing is these extended warranties won't cover normal items that wear over time. Their mostly for all the computers/electronics/sensors that monitor the drivetrain and other functions. I'd rather keep the money and invest it rather than gamble, and give it to them.

 

I've had extended warranties on all of my vehicles. Mostly because I've had bad luck.

With factory I've never had issues getting repairs. My Ford warranty saved my ass a few times on a previous vehicle.

With 3rd party, they were hit or missing... but they came through for me a few times. Needed a timing chain guide on a German car and they paid. But they screwed me on a throttle body and wiring harness repair. The amount in repairs overall outweighed the cost of the warranty in this situation.

 

Would the finance guy be pushing you to buy it if it was likely to work out in your favor?

 

This may be true for some individuals, however comparing warranty to collision insurance is not even close to being accurate. I've never seen anyone incur a $300,000.00 medical bill because the CD player stopped working in their car.

I prefer to think when it comes to paying for extended warranties some people are gullible

 

I purchased (just a few dollars more per/ month) the Toyota extended warranty 10yr / 100k miles which effectively is 7year / 64k because it just tacks onto your factory warranty... it’s not in addition to ... but like someone said earlier yes these things are bullet proof, but with mine having tech & prem. packages that’s some expensive crap down the road to replace or repair if they do ever do go out ... good luck with your decision ... only thing I would do differently is get the Toyota one not 3rd party

 

I used to never buy extended warranties, but now I do buy the extended bumper to bumper ones, and the main reason is the technology packages, a simple thing like the radio head unit/navigation going out and replacement will be pretty much the cost of the warranty. I buy the one from the manufacturer. I have had to use this twice in the last 5 years on 2 different trucks, one was a ram the other was a toyota.

 

Fiat already makes trucks....Rams...and you can get a bumper to bumper unlimited mileage on them that covers everything but body damage, windshield and tires for a couple of thousand bucks.

 

If you didn't get the platinum then you made a mistake. My platinum insurance that I got with the truck has saved me about $6k worth in repairs.

 

I bought an after market warranty one time on a Powerstroke. It had the stipulation that if after the warranty period no claim was made the full purchase price of the warranty was returned. I did not use the warranty and received 100% of my warranty purchase price back. So, that worked well.

 

I purchased it when I bought my PRO. Peace of mind I guess due the price of parts and with all the electronics and modules.
It boils down to. If you have it, you won't need it. If you don't have it. You'll wish you had it.

 

I wasn't comparing different isurances, I was comparing peoples reactions to planning for the future. A bit different.

 

Ha ha you must be new here. One common repair like the front timing chain cover oil leak or blind spot assist sensor replacement will make a Toyota extended warranty pay for itself & then some. The oil leak repair is not a DIY type job & cost around $5K at a dealer I believe.

I only recommend the Toyota extended warranty though. It was cheap insurance on my 16 & paid for itself with the BSM repair that was $2400 otherwise.