New Truck Maintenance Plan: Cost / Benefit Analysis

FINALLY, my TRD Sport DC LB arrived at the dealer and I took possession yesterday on a miserably wet and rainy day in Seattle. For those of you unfamiliar with Seattle, traffic conditions are at their most horrible on rainy Friday afternoons. Yesterday was no exception. So my plan to take the truck on an extended test drive disappeared like water down a storm drain. I drove home, about 8-10 miles from the dealer, a drive that took about 45 minutes. The truck performed flawlessly in stop-and-go traffic. Hooray!

It was a good, but lengthy, experience at the dealership (Toyota of Lake City). But everyone -- the salesman, sales manager, and finance manager -- did their jobs well and I left promising them high marks on the after-sale survey I will receive.

I've never bought an extended warranty or maintenance plan on anything -- not a truck, not a toaster. But the finance manager had me nibbling on a 5 year / 55K maintenance plan that covered all scheduled maintenance for $1,050. Because I put 16-18K miles per year on my vehicles, he also offered 5 years / 75K for $1,495. I didn't bite, but I'm thinking about it.

In terms of vehicle maintenance, I take my under-warranty vehicles to the dealer for the free services. But generally I rely on a trusted repair shop for any maintenance / repair work with a dollar sign beside it. I've been using this shop for about 10 years.

I realize that dealers make money on these agreements, which I don't mind as long as I'm getting work done cost-effectively. And I also know these plans are intended bring in customers like me who tend to get their vehicles serviced elsewhere and habituate us to using the dealer's maintenance department.

Here's my question -- Is there any research, or at least good, hard objective data, on the cost vs. benefits of these extended maintenance plans?

Sorry for the "essay" and thanks for your thoughts on my dilemma.

 

I personally never buy warranties either......My buddy bought one on his F150 in 2010 for like $2k.....and he bought one for his 2008 Harley, he has never used either, so I would say no, not worth it. Extra money for the dealership if you ask me.

 

I kept my last Taco 8 years and the one before it for 7. Regret letting the 2007 SR5 DC LB go after 8 years -- most reliable vehicle I ever owned.

 

What is the cost of each service and expected use by year ? I'll calculate the net present value.

 

search for cheaper price. any dealer can sell you the plan during the first 3 years since thats when the plan really kicks in. use to be great internet deals i got 75K miles for 8 years for $700. but i think those deals no longer exist. think the only way to get that deal now is in person at a dealer. if you shop around only buy toyota plan not 3 rd party.

 

Warranties aren't there to be used, they're there when they are needed . IMO if you can afford it and it doesn't cost you eating more Ramen then you have to why not ? But then again I'll never be offered this since I never buy anything newer than 10 years old or more lol

 

I would never buy a maintenance plan as I personally like to do my own but an extended warranty might be worth looking in to.

 

Do they even sell 3rd party maintenance plans?

 

I am not sure, but I bet they do, they sell anything they can.

 

The OP should probably check into that before he buys a maintenance plan.

 

I would.

 

Would he not only have 2 Years to buy a Maintenance Plan since Toyota Care is 2 Years?

 

Or 25k miles, whichever comes FIRST.

 

You are right sounds like the OP drives alot so he would have less time to buy.

 

Correct, I still would do my own maintenance, but would look into a warranty extension if the price was right. Bumper to bumper of course.

 

Same here!

 

This
all them fancy do dads with the premium tech (in my case), a longer warranty would be a good thing to have

 

I was looking through the manual and if I understand it everyone gets free maintenance for 2 yrs or 25k. So that leaves you with only 3 yrs or 30k miles. That breaks down to 3 oil changes, 6 tire rotations 1 air filter, for the cost of $1050. Maintenance plan not worth it IMO. If I go by the minimum the manual states, I can do oil changes for $35 each, my tire rotations $0, and one air filter for $11. Total 3 yr/30k cost of DIY = $116. I understand not everyone is able to DIY but it's good to know the job was done right and your truck stays clean. The extended warranty on the other hand is worth it if you get a good deal on it.

 

Is it post the 20k miles or whatever that everyone gets? Or does the 55k miles include that? Either way that seems like a horrible plan. I don't even know if you'd break even if they did the "severe operating conditions" maintenance every time. Not to mention I highly doubt wearable items (like brakes) are covered.

If all you're going to get out of it is a few oil changes and tire rotations, I'd be blown away if people even bought those things. I could probably fly to Seattle a few times and change your oil for cheaper than that.

 

i am talking about extended warranty, was not sure what the OP was talking about since he mentioned "he also offered 5 years / 75K for $1,495." that sounds like warranty??