Extended Warranty

Hello everyone. New Member from the Raleigh, NC area. I'm picking up my new Tacoma next week. Should I purchase the extended warranty or not. I purchased one for our 2013 Sienna but have never used it. I'm thinking no need to purchase the extended warranty. Any thoughts or suggestions would be appreciated. Also I'm planning to keep the truck for 8 years or longer. Thanks for your help..

 

Welcome to TW!

 

Welcome to TacomaWorld

 

No one is going to sell you something and lose money on it. Extended warranties are a huge profit maker for any company. I got my drivers license in 1974. I've never had a repair that cost me more out of pocket than an extended warranty would cost.

My only personal experience was the extended warranty that came with the used F150 I bought. It was sold as a CPO unit and they extended the factory warranty to 100,000 miles at no cost to me. My water pump went out at 85,000 miles. My usual independent mechanic was out of town and wouldn't be back for 2 weeks. I couldn't wait 2 weeks so I called the local Ford place and was told it was covered, with a $100 deductible. For a $69 part. Of course to get to the water pump required them to remove the serpentine belt and hoses.

It didn't make sense to put old belts and hoses back on at 85,000 miles so they replaced them with new ones. Which was the right call. But... those parts weren't under warranty, nor was the labor to replace them. I paid $120/hour labor instead of my usual mechanics $60/hour plus I paid much more for the parts than I could have gotten them myself.

After it was all said and done I paid Ford over $400 to replace a part covered under extended warranty. My independent mechanic could have done the same work for closer to $200. Which is what I'd have done had he not been out of town.

 

Welcome to the forum.
Under a $1000 and factory not third party
Lotta new tech stuff with new rigs.

 

To me the extended warranty has never made sense to buy. And if you're secure money wise and can afford to pay out of pocket for repairs, why not keep that money in YOUR bank and when you need it, it's there.

I recently bought my used '14 with only 32500 miles on it from a dealer. They tried to sell me an extended warranty, and now forget the exact amount it was going to cost, BUT I refused it. Next thing I know the lady doing my paper work then offered another extended warranty at about half the cost that she originally offered it to me for. I refused it again and then she made some snide comment about how I was really missing out of the deal of the century. I just shook my head and walked out without extended warranty, like I always have.

Toyota have reputation of being reliable. One of the main reasons we all buy them. Sure some break downs happen, but as was mentioned, usually cheaper in the long run to not pay up front for possible repairs. YMMV