Should I get the extended warranty?

unless you've owned a GM or Chrysler, in that case I would call it a pay it forward investment.

 

Have owned many many vehicles, i never have purchased an extended warranty. Expensive insurance with a lot of disclaimers I did not feel I need the insurance, particularly with a Toyota.

 

I had a 94 Ford Ranger. The Master Clutch cylinder went out on the thing 3 times to the tune of $750 each time. The extended warranty paid for itself 1.5 times over. I paid $1200 for it back then. My 2005 Chevy Equinox just had the front brake system replace to the tune of $1600, we paid $2500 for it. I'm sure over the course of the next 3 years, it too will pay itself off and then some. With my Tacoma I have 37K on it. I haven't had an issue to date minus the leaf spring TSB. For $880 it was a steal compared to the wifes Chevy. Some people will use the extended warranty, some won't. I won't have to worry about it for some time if the need comes up. Toyota's Platinum coverage covers just about everything minus wear and tear items.

If you're one to get a new car every 4 years, then it doesn't make sense, seeing I keep cars 6 years or more, then it makes more sense.

 

..it's like house insurance, you may never need, but it sure is peace of mind. If you're able to shell out $1000 now, vs that or possibly(!) more in future repairs, I'd say go for it.

 

In the insurance business there's an old saying. "Never insure what you can afford to replace".

The warranty is a waste of money for sure.