Extended Warranties...Worth It?

It is hard to price peace of mind.

 

Murphy's Law. I am right there with ya

 

if you buy it and never use it you get your money back

thats really genius

 

You are not buying a truck.

You are buying a 4-wheel drive computer.

Given that fact, I would pay an extra 20 bucks a month.

[I got the employee deal for 17 bucks a month because my son is a salesman. It's a 3rd party warranty that covers everything. I couldn't not get it.]

Edit: I just read your last post. I guess you already decided!

 

Wonder how long it'll be before big Toyota shuts her down.

 

Keep in mind you're getting the first 3 year /36k miles "free" with purchase. So if you buy an 8yr 100k mile warranty you're effectively getting a 5 year /64k mile extension.

 

Toyota Platinum makes more sense to buy especially if your on the road a lot.

I got a 6 year 125,000 mile Toyota warranty 0 deductible.

If you look at what’s covered it’s a no brainer.

 

For my last truck, my options were make the monthly payment, or pay for repairs - there wasn't money in the budget for both. The dealer wanted close to $3k for an extended warranty, I passed at purchase. When I had 35,000 miles on the truck, I went back and was quoted 27,000 to 5 years and 70k miles. Drove to the next dealer down the street, was quoted $1100 for the same Toyota warranty. 2nd dealer got my cash, ad will likely get my business when I sell this computer on wheels in 6-7 months, when it'll be five years old, and have 68-69,000 miles on the clock. Then - in mid to late 2022, I'll decide again, if I want to buy an extended warranty. Probably won't need to at that point....

 

I rolled my eyes at the finance mgr when i wrote a check for the truck . He started talking about warranties , I told him i have a 15 y/o 4runner out front with 215K on it and it runs like a top (sold it myself for $4K) . Its a toyota not a dodge .....

 

Well they have shut other sales folks down for selling high volume low cost warranties at other dealerships. Cuts into profits of other dealerships F&I departments.

See post #12 here https://www.tacomaworld.com/threads/ridiculous-warranty-quote.441322/#post-12829318

 

Yes, I understand that train of thought. But how many wouldn’t have bought warranties unless we received the price we did? Some money is better than no money.

 

Ok, what do they call the 3/36? I believe they call it a warranty. So, the 8/100,000 mile I bought from Toyota essentially extends the exact same coverage. I think it’s fine to call it a warranty.
Also, you say odds are “so high” that you wont ever need to use it. Do you by chance have numbers to back that up? I’ll bet there are plenty of people who have had their ass saved by the warranty.
I have a couple buddies that also sell vehicles. They have told me that if you pay the full premium then you are in fact getting ripped off. They have also told me about interest rate scams and other nonsense.
Bottom line is that you’re agsinst warranties. That definitely does not mean it’s not the right option for someone else.

 

kinda like :
a paramedic is now= 1st responder
stewardess= flight attendant
subway employee= sandwich artist
warranty=service agreement

sir you were not covered by our warranty, you were covered by our service agreement mmmmmmk.

 

The interest rate scam, ohhhhhh yaaaa. I had that one pulled on me and my wife when buying her Rav 4. I knew where our local credit union was for the term we were shopping for. He came back with like 2% over that and I balked. His reply was, “well, this is for tier 1 credit.” I laughed and told him he was too high and X is where our local credit union was. It took him all of 60 seconds to go back t his desk, put an X through his first offer and match what I had just told him.

These guys do this for a living. I dunno about everyone else but I have to be good at my job to make a living, and it’s nothing different for a sales guy/gal at a dealership. If someone is willing to sign on the dotted line for a higher rate than what they really qualify for, is that their fault or the buyers? Gotta be careful and do your homework so you’re an educated buyer otherwise they’ll eat your wallet alive.

 

You wont get the argument from me. I'm just pointing out how Toyota has apparently handled it in the past.

 

If people keep posting her name and how much they paid any second........

With that being said, I have never bought an EW before but I better call today since people are posting all the information on here.....

 

no offense, honestly no one should report the price imo. jus sayin

 

Well...

Didn't work out any way.. The FO said 24 hours to consider. He would wait to file the loan. He neglected to provide detailed paperwork about the warranty and when I was finally able to get in touch with him for details he had already filed the loan....

So I can't get it rolled into my loan...not sure if other options presented need lump sum or can be payment types.

Oh well the FO made the sort term decision for me!

G

 

when you guys say you bought a 8 year 100K coverage...is that 8 years and 100K miles OVER the 3/36 factory warranty?

 

The plan is the Toyota Extra Care Platinum $0 deductible and the term begins the date your vehicle was purchased new and at 0 miles.

 

It's just insurance, and actuaries make lots of money for a reason.

 

Its 8 years 100k total. Not added onto the 3/36

 

The way I do it is I NEVER buy an extended warranty on anything. I am way ahead. The hardest sales push I have ever dealt with was with the finance managers trying to sell extended warranties on Toyotas. I think they are harder to sell to Toyota buyers than the big 3. Toyota buyer expect quality. When I bought my Tacomas I had to threaten to cancel the deal to stop the sales pressure.

 

Do not sign tell he adds the EW. He can redo the loan

 

At the dealership that we purchased at, the "service agreement" is where they change the oil, rotate tires and do all required maintenance. The warranty is where they fix what's broke.

 

facetious regarding previous quote...

 

No, it doesn’t give you 11/136k.

 

Concurrent with 3/36. Really only getting extra 5 year 64K coverage, because the 3/36 is free.

 

true... I got almost 6 yrs bc of when I bought my truck used... and when it was 1st in service.

 

No