I have purchased extended warranties on most of my cars, and they have paid off. I bought a unlimited time 150k mile warranty from my dealer for $1965. I figure it will take me like 10yrs to go that far. I wish I had it for my Pentastar tik rocker arm issue in my van that ran $2.7k to fix last year, it is 8yrs old and 135k miles. Also have replace many other parts after the 70k warranty ran out. This is my first Toyota, so I guess I'll see if it pays off.
Extended Warranty
- Thread starter Pierac
- Start date
Just self-insure. You have 3 years of factory warranty to figure out if you have a solid vehicle or one prone to issues.
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Speaking as a 40 year veteran of the insurance industry: A warranty is an insurance policy. If they didn't make money on extended warranties, they wouldn't sell them. Take the $2500 and invest it conservatively and you will come out ahead.
OP
OP
- Thread starter
- #44
I completely agree.... However... the 2 policies I did buy... actually saved me money! Lot's of money on the Lincoln... and is still in place!
Also... Don't leave out the rental/loaner car... My wife's Lincoln has been in the shop under extended warranty twice... They drove the loaner car to my house... picked up my wife's car and did the same upon return. So the 2 times they have done this... minus the repair cost that would have been on me... I'm way way way ahead... For example.... they did this for a side mirror that failed to pop back in place when you turn off and start the car! We had a free (upgrade) loaner for 4 days! (Yea... they wanted my wife to drive a nicer car.... hoping for a desire to upgrade). I want everyone to understand... We have never driven to the dealer for repairs.... They come to us! It's the best $2,400 dollars for a car I have ever spent/bought... Ever! FYI.... This can even be done a your place of work!
It's a gamble for sure.... Just make sure you know what your buying... Not every company has the same service I got for $2400.00
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I bought the 10 year extended warranty for the Jeep in my profile pic. It was ~2500 dollar 9 years ago. I had since then in year 8 and 9 everything fail that this model is known for. Air condition compressor, radiator, oil filter housing cracked, transfer case, brake caliber, all 4 wheel bearings (yes, they were covered), power lift gate. Only the transmission hasn't died yet. I think I'm about 10 000 bucks ahead, maybe more as they didn't list labor costs on the warranty statements, only parts.
As you can imagine I'm a fan of extended warranties, especially with new drivetrains and hybrids where a battery failure in 8 years is likely.
From what I see a 10 year warranty may end up around 3-5000 bucks. Has anybody paid for an extended toyota platinum warranty for 10 years and can share the price? I assume there will be ridiculous markups on the warranty and it would be good to have a reference for negotiations.
As you can imagine I'm a fan of extended warranties, especially with new drivetrains and hybrids where a battery failure in 8 years is likely.
From what I see a 10 year warranty may end up around 3-5000 bucks. Has anybody paid for an extended toyota platinum warranty for 10 years and can share the price? I assume there will be ridiculous markups on the warranty and it would be good to have a reference for negotiations.
Not a statement about whether someone should get the extended warranty or not, but fyi the manufacturer warranty comes with 10yr/150k coverage for the hybrid battery and 8yr/100k coverage for the hybrid system.
Also never a warranty guy before this, but I got one due to the new design. Hope I never need to use it. 8Y/125K OEM for $2375 from Jerry at Midwest Toyota. 10Y/125K was $3050. I heard that all the warranties through SE Toyota dealers are 3rd party…
Third party???
I do believe you are correct, I had two options Toyota Financial Services or 3rd party (can't recall the name right now) 3rd party was the same one that the free "lifetime pwr train" was from so I went that direction.
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OP
OP
- Thread starter
- #50
Review of toyota warranty
I just couldn't swallow the price.........
Good write up. It mostly comes down to cost certainty. If you can't handle the very occasional large repair bill, the extended warranty might be a good choice. If you can handle a little uncertainty, you're better off without it.
OP
OP
- Thread starter
- #53
I know... I had a hard time agreeing... too... just felt like some one was trying to... F me! Yet.... I paid $3500 for it!
My wife was kicking and screaming... that I take the extended warranty!
She said... pay now and sleep well for 10yrs and 100,000 miles... or worry like I would about all the hundreds of thousands of issues that could develop with all the high Tech BullShit over the same time!
She was right! No decutible.... and no worrys about expensive repairs for the next 10 years... That's $350.00 a year to not have to track if the new tacoma has transmission errors... and is that the same transmission in my LC...??? Or does my LC have the same motor that is failing in the XYZ brand put out last year... I have zero decutible and free rentals for the next 10 years
So F it.... I actually paid $3500 for premium VSA Platinum package!
I hope to God I'm wrong.... other wise... all you who did not buy the package will be in high tech Hell getting every thing fixed!
Me buying that package made both me and my wife happy... for different reasons!
I hear ya, it's paid off for me twice for big bucks.
I was all set for the VSA 10 yr for major bucks, but the salesman showed me where the 11 yr was the same company as the free lifetime pwr train and 2k cheaper so for the next 11 yrs, I might not sleep good but it won't be due to the LC....... LOL
OP
OP
- Thread starter
- #55
pwr train... only covers the pwr train... i.e. your MOTOR! So nothing is covered other than your motor... and transmission... ?
I'm not understanding... but it appears your getting F'd... ?
I could be wrong? as your post offers limited data... You have 30 days to cancel any BS they sell you....
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My dealer provided a 10yr/100k powertrain warranty for free and I didn’t feel the need to expand this. The tech warranty was tempting and they really tried to talk me into this, but I figure if I have a lemon then I should know within the first 3 years/36k miles.
So..... the lifetime warranty covers everything the factory powertrain covers plus several other items that factory doesn't cover...... cost to me=free, Tuscaloosa gives this free to all of their new Toyotas. I purchased an 11yr 120K miles pwr train (so two pwr train) and everything else for $2300. wear items are not included..... brakes, belts, fluids (unless they have to remove fluids to fix it, then it's covered) windshield wiper blades, light bulbs........ not a whole lot that's not covered. Specifically addressed are "you get in a wreck" nothing's covered unless a covered part caused the wreck..... ie a wheel fell off
A dealer in Claremont, CA, is trying to sell me an extended warranty for 5k. (8 years, 100,000 miles). I'm so jealous that people from other states get such good deals on extended warranties.
You can buy it for a Toyota from Troy Dietrich at Toyota of Greenfield. Warranty works in continental U.S. 10 years/125k miles for new land cruiser from Troy, on a platinum, zero deductible plan.
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