Extended warranty worth it after lease buyout?

OP, Is it a Toyota warranty or a private company like Western or other. If it's Toyota Platinum VSC, get a copy and read it. It would be worth considering. If it's private, ask for a Toyota instead.

 

You must know my X5. I love that car, but god damn it has some of the silliest things go wrong and they are never cheap to fix. A simple button to activate the parking camera went out. Seemed like a simple fix. Just replace a button, but nope. Turned out to be an entire bank of button that once replaced had to be programed to the ECU which required a software update that took 12 hours. Ended up being about a $2k repair. Luckily it was covered under warranty. They said it is common for people to spill coffee into it and that is not covered.

 

You most likely won't use it before you hit 125k. I would set the money aside and use it when parts start to wear out after the warranty would expire.

 

I have an extended warranty. I called it "A savings account at my local bank".

Each month, since I bought my truck. I have been putting $50 into the account. Sometimes I put a bit more. I figure by the time my truck breaks down (and lets be honest, it's a Toyota, so I may be in the 100k + club by then), I will have roughly (depending on how many miles I drive per yer)$4-6k to use for out of pocket repairs when something occurs.

 

You can probably negotiate the warranty down to half price. We did that on a new 2020 when they were offering 0% financing back in may of 2020 right before the stock shortage started. Extended warranty was around $1800 for 100k. My wife said "It's a Toyota, so knock it down to $900 and then we probably still won't need it." Finance guy wasn't too happy, but at least he was making something on the deal, so he took it. She did the same thing on Gap insurance. That went from $500 to $250.

 

The consensus validates my thinking. One can never eliminate risk of course, but I am going to opt out of the extended warranty. Thanks to all.