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Extedded Warrenty pays for its self

Discussion in '3rd Gen. Tacomas (2016-2023)' started by stevebaz, Aug 18, 2022.

  1. Aug 20, 2022 at 3:23 PM
    #41
    turbosix

    turbosix Well-Known Member

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    Dude you're a genius.

    I guess no one needs to buy car insurance either. Just don't get in an accident!
     
  2. Aug 20, 2022 at 3:27 PM
    #42
    Nirango kid

    Nirango kid Well-Known Member

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    I think a lot of the members that complain about every little thing are the ones that are pushing/ confusing new members to buying extended warranty. Toyota has a good reputations over the other auto manufacturer with their quality built vehicles and if you don't believe that then buy your extended warranty and waste your money. I have been buying Toyotas/Tacomas since 1980 and never had a warranty claim never. It is up to you just saying.
     
  3. Aug 20, 2022 at 3:38 PM
    #43
    Gen2 Man

    Gen2 Man Well-Known Member

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    Following this line of thinking buying auto insurance is unnecessary because I’ve been driving for almost 50 years without an accident. You buy the insurance hoping you’ll never really need it but if you do your covered. It’s called piece of mind and I’m happy the OP was covered.
     
    BigEasy, harleypower69 and MTB_Tacoma like this.
  4. Aug 20, 2022 at 9:00 PM
    #44
    bcmbcmbcm

    bcmbcmbcm Well-Known Member

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    22 Barcelona Red TRDOR 6MT worth the wait !! Hang in there !!
    You can get that with one of the online sellers of warrantees
     
  5. Aug 20, 2022 at 9:32 PM
    #45
    Hook78

    Hook78 Well-Known Member

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    To those comparing insurance with warranties: they are two very different things. Insurance primarily covers you from at fault accidents, whether you were the at fault party, or in the case of uninsured/underinsured coverage, someone else was the at fault party. Warranties cover system failures that are not attributed to the human being who owns the vehicle making a mistake.

    Comparing the two is a poor analogy for so many reasons. Yes they both aim to calculate probabilities of various outcomes and make a profit, but that’s where the similarities end. One has to do with a person causing an accident due to negligence, the other does not.
     
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  6. Aug 20, 2022 at 9:38 PM
    #46
    davidstacoma

    davidstacoma Friendly Curmudgeon

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    I didn’t buy an extended warranty for my Tacoma but I did for the wife’s 2020 Accord. Op’s $900 for an extended warranty was what he paid to not have to gamble so not a bad deal. The rest of us who didn’t like to gamble lol.
     
  7. Aug 20, 2022 at 9:43 PM
    #47
    davidstacoma

    davidstacoma Friendly Curmudgeon

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    I used to say to my pals who bought lottery tickets that I just throw a dollar out the window and my odds of winning are only slightly less than yours because I could find a ticket someone dropped and still win.
    In truth I bought something with my dollar and got something for it, a guaranteed winner lol.
     
  8. Aug 21, 2022 at 7:47 AM
    #48
    zoo truck

    zoo truck Well-Known Member

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    Yup, been driving more than 50 years and never an accident of my doing. I did get hit by a driver trying to discipline her kids in the back seat while she blew through a stop sign, and never saw me coming. Lucky she had insurance or it would of been mine that payed. We have no fault in our state. You can't register a vehicle, or drive off a dealers lot without an insurance card.
    As far as toyota quality, i only had one truck, a 1986 that had a major engine failure, and it was within the 3 year 36k mile warranty. Our 2012 prius was the other, barely out of warranty by a month, but the dealer wouldn't back date it that had a head unit failure. I should of complained from the start on it as it always had a very intermittent glitch, but didn't think of it enough. At any rate was able to buy the unit on ebay and fix it myself.
     
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    #48
  9. Aug 27, 2022 at 4:29 PM
    #49
    OldSaltyDog

    OldSaltyDog Well-Known Member

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    None to speak of, just enjoying it for the moment.
    I'm pretty sure if you don't experience a major failure within the standard 3-year MFR's warranty it's not likely (or perhaps it's better to say there is the lowest possibility of failure between years 3 and 10). That's why most "extended" warranties are 7-10 years. Before I settled on my Tacoma, I knew I was going to purchase a truck, and I did my due diligence, full, compact and mid-sized trucks were all in my review, test drive and research. My intention has been that I will buy a truck and, in a few years, I will buy another new car, but I will not trade or sell my truck I have every intention of driving my truck for at least 25 years or more. I chose what I believe is the best truck for me at the time. I also bought an unlimited years and unlimited mileage warranty that I hope I never use. If I do experience a major failure I will be covered. I do not buy them on any other car since I usually roll them out in less than ten years, but my truck will hopefully be with me for a very long time, worry free whether I have a major failure or not it will always be worry free. Honestly never thought I would buy an extended warranty but in all likelihood, I will be retired and on a fixed income and not eager to shell out big money for a major repair, and now that won't happen, I hope.
     
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  10. Aug 27, 2022 at 6:36 PM
    #50
    Bigmatt503

    Bigmatt503 Well-Known Member

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    Not even a good comparison. You obviously are an extended warranty guy (based on your comments. It looks like you just got a trd pro and want to justify what you spent on that extended warranty. I would guess that was $2k or more?
     
  11. Aug 27, 2022 at 6:48 PM
    #51
    BigEasy

    BigEasy Well-Known Member

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    While auto insurance is mandated, extended warranty is PEACE OF MIND... For those comparing EW to gambling, that is their perspective... And good for them, but don't let them shame you for buying a EW
     
  12. Aug 27, 2022 at 7:46 PM
    #52
    EricB73

    EricB73 Active Member

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    Between my wife and I, we've probably owned 15 vehicles in the last 30 years. Never bought an extended warranty. Figure $1000 per vehicle, that's $15,000 I probably saved. And never had a need for one.

    We bought my daughter a used car this spring without a warranty, and one month later the transmission destroyed itself. It cost $3500 to fix. If I'd gotten the warranty, it still would've cost me $1500 ($1000 warranty, $500 deductible). So I'm down $2000 for repairs for this car.

    So even with this most recent car, it's been a better financial decision to skip extended warranties for me.

    Not saying that's the right decision for everyone though, peace of mind is worth something, so you gotta factor that in for yourself when deciding.
     
  13. Aug 27, 2022 at 7:47 PM
    #53
    Mas Olas

    Mas Olas Well-Known Member

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    Never. Ever. buy a first 1-3 years of a new generation unless you want to deal with all of the new tech failures. Ever!
     
  14. Aug 27, 2022 at 9:17 PM
    #54
    Ronk44

    Ronk44 Well-Known Member

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    I always buy warranties on vehicles, new or used. I usually benefit. Gives me peace of mind. My extended warranty has paid off on Tacoma. Power steering pump leaked and replaced. Will see if I break even on Tacoma.
     
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  15. Aug 27, 2022 at 9:23 PM
    #55
    turbosix

    turbosix Well-Known Member

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    You buy a new vehicle every two years..
     
  16. Aug 27, 2022 at 9:38 PM
    #56
    EricB73

    EricB73 Active Member

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    Not all new vehicles, mostly used actually, so I guess I should've said I've never paid for a warranty that didn't come with the vehicle (as opposed to an extended warranty). Same logic applies though.

    The last 20 years we've had 3 vehicles (2 cars and a van or truck), and recently 2 more cars for the kids.
     
  17. Aug 27, 2022 at 11:57 PM
    #57
    BigEasy

    BigEasy Well-Known Member

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    Read somewhere (consumer reports if memory serves) that only 55% of EW owners didn't use their EW... So over half haven't, but almost half have. Looks like it's a pretty close "gamble" either way...
     
    Last edited: Aug 28, 2022
  18. Aug 28, 2022 at 9:56 AM
    #58
    Tocamo

    Tocamo .

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    Oh my, I would get that asap for the Hyundai. I've had nothing but problems with my Hybrid Sonata's at work. As we speak, I have one of them sitting at the dealership for 2 months now, and they cannot get the parts. That's just the tip of the iceberg.
     
  19. Aug 28, 2022 at 11:01 AM
    #59
    Coondawg07

    Coondawg07 Master of none

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    Yeah, not to derail the thread, but I know of the risks. We had the 2.0 Sonata a few years back that had to have the engine replaced… they did take good care of us, but the catastrophic failure on a well maintained 80k mile car was a huge let down.

    This engine has a better track record, so we’re fingers crossed. I’ve always been anti-extended warranty-gimmick. Now, I’ll advise people to follow their hearts. It’s a gamble with any make or model.
     
    Tocamo[QUOTED] likes this.
  20. Aug 28, 2022 at 11:26 AM
    #60
    EricB73

    EricB73 Active Member

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    A more useful stat would be how many consumers claimed more than they paid for the warranty. The cost of repairs minus your deductible has to be larger than the cost of the warranty for it to actually pay off.
     

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