Should I purchase the extended warranty?

There are quite a few people in this thread who agree with me.

I refer to them as the "non-sucker" group.

 

Whether or not you purchase an extended warranty is an individual choice. It is basically insurance and peace of mind. If you need it, you are a genius. If you don't use it, it could look like money down the drain. I prefer spending $200/year for peace of mind. Even though Toyota's are made well enough I may not use it.
There are two types of warranties: Toyota ExtraCare and the "others". Some of the "others" are excellent, some are not--some are a rip off. The ExtraCare is the only one backed by Toyota and requires Toyota parts as replacements. ExtraCare can be more expensive than the "others"--but not if you shop. Just went through the process with a used 2011 Camry I bought for my daughter.
Requested the Toyota warranty. Instead of the Toyota ExtraCare Platinum I was sold a "Millenium Platinum". One of the "others". $1950 for 4 years 100K and a $100 deductible. I was also told I had to purchase the warranty at the time of sale or I couldn't get one.
Called Toyota--the must-buy-at-time-of-sale is false. They honor ExtraCare no matter where or when you get it. Just have to get it on the vehicle before you hit the 3 year/36K point.
Dealers make a lot of money on these warranties. Some dealers prefer to make a little bit and cover all cars--makes the repair business much easier and profitable. The "others" tend to make the dealer more money and they will push those. So you have to shop.
I contacted a dealer in Hutchinson Kansas. The warranty guy's name is Jerry Johnson. Phone number is 620-662-6631. I bought a Toyota Platinum ExtraCare 7 year 100K with a $0 deductible for $889. He isn't allowed to advertise or solicit, but can sell a warranty if someone contacts him cold. I got his info off a Highlander Forum.
One other note: Toyota warranty time periods start form the "in service" date, while some of the "others" start at the time of purchase. Because my Camry was two years old when I got it, the warranty is effectively a 5 year 100K. So I got an extra year, a zero deductible, Toyota backing, and saved $1061. I am going to add the same warranty (7 100K) to my 2013 4X4 Taco. That works out to $150/year to know I wont pay out several thousand on a repair down the road. Based on my luck, it also almost guarantees I'll never have to use it--which is fine as well.

 

I wished I had an extended warranty for my last Jeep...

 

What's usually amusing is the salesman touts how reliable the vehicle is and the finance dept pushes for the warranty and tells you what can break down.
As for the OP that lists his mileage in kilometers, 100,000 km is only 62K miles. I highly doubt that paying for an extended warranty for another 62k miles would benefit you any. Don't think a Tacoma at 124,000 miles will have $2500 worth of repairs..Put that money in an emergency fund.

 

Buy it but at a discount. Pay no more than $500 for another 100000 miles and 8 years if available. I let EW slip by. Lucky me Toyota picked up cost of window and window hardware. 1 repair can easily pay your investment back.

I was never a fan but with all this electronic gadgets in the cars it is worth it. Plus you can always find something they will swap out under warranty to make your money back or get close to it.


On the other hand if you can fix it yourself than all you are down is a part and time.

But if you break it you buy it...if they break it they buy it. Plus they have all the cool tools at their disposal.

So far:

(1) Driver door guts including window plus tint
(2) Blower motor...yeah that is easy to change
(3) Leaf springs (TSB got that but if you were outside of 36K EW would cover that)
(4) Battery
(5) Rotors, brakes (not usually included)
(6) 4X New tires (yeah really)

All in all over $2500 in parts and labor. So if any of that happens outside of 36K can be expensive.

 

Buy it new, the Mfg.. warranty should be in effect long enough to address any problems. Buying USED, you have no info on what the truck's been through.

 

i would say it pays for its self if you have some major break. i had a car that the transmission went out with only miles left on the extended warranty. i paid 0 and i seen the paper work the cost was around 5,000 to replace it.

 

If you get the Toyota Extended Warranty get it from Jerry Johnson. His prices can't be beat.

800-530-5789 or cell 620-664-8844

Thiswarranty is 100 Percent Toyota Factory warranty from Toyota and honored by allToyota Dealer service centers California, Florida and all the USA and Canada I doNOT offer any 3rd party or aftermarket at all.

Here is the link for the warranty info

http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=pg_newVehicleComparisonChartPage


Hereis the Price List for your 2012 Toyota Tacoma 4x4

T3-TOYOTATACOMA 4X4,

5YEAR 80,000 MILES $474.00,
5 YEAR 100,000 MILES $629.00
5YEAR 125,000 MILES $799.00
6YEAR 75,000 MILES $509.00,
6 YEAR 100,000 MILES $749.00
6YEARS 125,000 MILES $1,019.00
7YEARS 75,000 MILES $594.00,
7 YEAR 100,000 MILES $889.00
7YEARS 125,000 MILES $1,169.00
8YEAR 75,000 MILES $709.00
8 YEARS 100,000 MILES $1,039.00
8YEAR 125,000 MILES $1,424.00

 

I bought the top tier Toyota one, as I did with my last Tacoma. I never used that one either. Guess I am a sucker! But who cares, I can afford it. It's not like it's huge money. I got more money than I can possibly ever spend, so what do I care.

 

funny thing is I bought the supposed Toyota extra care platinum when I got my 09.the daytime running lights melted the lenses as usual.after 36,000 miles.had a difficult time getting them to pay.its got Toyota in the name but its aftermarket at least here in texas.

 

That's not real promising to hear. Unfortunately for us in the south central, we have to deal with Gulf States Toyota. They are official Toyota, but due to some agreement made in the 60's or 70's, can and do act like an independent company. Hope it doesn't play that way with the ESP.

 

There's no room on a forum like this for open minded individuals with a strong capacity for rational thought.

Good day sir!

 

GST dealer offered nearly $1500 for a Platinum 7 yr/100k extended warranty. Which I now realize is crazy high. But he said something about "throwing in coverage for wheels which you didn't even ask about eh?" Is this BS - what's up with the wheel coverage??? i haven't taken delivery of the vehicle nor did I sign anything with finance guy. Can I back out of it and shop around?

 

+1, bamatoy is bringing a Chrsler mini van in to the conversation, WTF. Town & Country's are one of the highest maint. vehicles ever built.

 

I would say it depends on the dealership. There are those that want to help you get the most out of your auto and there are those who want to rape you because they don't care and that volume will still be rolling in even if you don't come there. Don't they give you the paperwork to read over before you purchase this warranty.

 

I have never met a dealer finance guy that did not try to sell the crap. Last time I told the dude to start talking and I will just turn my head and look out the door. I made the mistake of turning back around when he said he could add for $8/month. The $8 turned out to be some hocus pocus with the financing and was really $20. I told the sales director that his finance guy almost killed a good deal. Next time I am just stating that if they even mention "Extended Warranty" then I am walking.

 

Insurance is paying someone to assume risk for you.

This makes sense if the cost of the risk would place a large or devastating financial burden on you. In that case you have little choice: you should pay the insurance company to take the risk.

But don't forget - they are taking only the risks that they have assessed as being justified. That is: their bet is that you will pay them more than they will pay you. They are no fools and know their business Very well. So they have already done the work for you - the risk of them paying out more than you pay them is small.

On the other hand; if the worst-case payout cost is manageable to you - then paying someone else to take what they have already told you is a small risk doesn't make good sense. You are better off taking the risk yourself - and gaining the benefit of not paying them.

Only you can weigh that out.