Toyota Extra Care Platinum or Gold

Thanks 32kcolors. These forums are for people options.

If I had that many issues with a car vendor below 125,000 miles I would never buy a car from that vendor again. I have owned many Toyota’s and Honda’s and not have anything close to that experience.

My 2000 Toyota 4Runner did not have anything what would be covered by an extended warranty until I hit 170,000 miles and it was minor. Over the 305,000 miles I put on that car I had less than $1,000 in total repairs including brakes.

 

Some people do not do any research, and they buy a car because of looks or the fancy rims. Others do a lot of research on MPG’s, reliability of the vehicle over time and many other factors. They also use these factors when deciding to buy an extended warranty.

What kind of buyer makes a statement like that?

Forums contain opinions and helpful information. People can read the forums and create their own opinions. There is no need to call people freaking arrogant. If you do not agree, then post why you disagree. Resorting to name calling does not help.

 

Cost vs. Benefit vs. Risk. You decide how the equation relates to your own personal situation and make a purchase decision. Simple as that.

 

You are right, I should have not called, "people" freaking arrogant. Again, people, I appologize.

Why do you quote pieces and parts of my posts? Why not reference the whole post so you can take them in context - if you tell me that I am foolish for purchasing an extended warranty or it's a waste of money then you are now doing exactly what you're accusing me of doing.

IF you read my posts, you would see that I agree that WE ALL have the right to our opinions. I too agree that forums can be valuable. This thread alone has saved me at least $400 over a previously purchased warrranty contract that I cancelled and repurchased from a contact listed on page 26 of this thread.

I feel this thread is no longer providing valuable information but rather throwing opinions around on why we should or should not buy an extended warranty. Is this how this thread started - I know NOT.

:focus:

 

Boom, bang...Thank YOU!

 

eseymour: Don't pay any attention to anything that comes from Judgeless. He's an arrogant blowhard who loves the sound of his own keys typing. Look through this thread, and you'll see him bragging about his credit score and paid-off home as if that's endorsement of his never-ending pool of wisdom.

In fact, it's just his own stroking his own ego, because his mommy only does it just so much before she loses her own stomach for it....

 

Why would you buy one then, if you wouldnt buy one at the time of purchase?

There is inflation of the dollar.

If you buy one now for say $1000, in 6 years that could be $1200 or $1500.
Never know, could be $3000 if Toyota has a few problems, and still needs to make that profitable

 

A good credit score is a choice one makes throughout life. It is earned by making good finical decisions. Paying off a house early is also the benefit of good financial decisions. Paying cash for a car is another good financial decision.

These forums contain peoples options. Some might post a horrible credit score and being upside down in both your car loan and house loan is a good thing. They have a different option then I do. Those type of people might resort to name calling when they cannot make their point. To each is own.

 

See - more patting himself on the back, and discussing information that has little bearing to the topic.

He is right about one thing - everybody has their own opinion. For example there are financial experts that would indicate prepayment of a mortgage in this day of low interest rates and sure-to-follow inflation originating from the Government's "quantitative easing" is less than wise.

But, prepaid mortgages, credit scores, and federals reserve policy provide nothing to answer the question at the head of the post - which regards the relative qualitative (and quantitative) aspects of Platinum or Gold extended warranty.
:focus:
Facts provide the best guidance - here are some that most would likely endorse as fairly undisputed - they can be used (along with one's personal experiences and opinions) to arrive at a good decision:

- On average Toyota profits from the sale of extended warranties - this means the odds are against you if you purchase one
-Just like any other form of gambling, some will certainly "win" with the purchase of an extended warranty (and many have).
-Like any warranty, there are a number of exclusions to be considered. It may not cover what one expects.
-The GEN III (for which this post is directed) included a number of design changes, some of which have yet to pass the test of time. (Any time a new design is implemented, there is risk that the design is not as robust as desired).
- Different people assign different "values" to reducing uncertainty - which is what all versions of insurance/extended warranties provide. This is the main factor to be evaluated when making the decision to acquire an extended warranty.

Note that the above are more directed toward discussions about whether (or not) to acquire an extended warranty and still (admittedly) do not answer the question posed in the title of the post.

Oh, and lest we forget the most important facts to consider:

-Judgeless paid cash for his car
-Judgeless has a high credit rating
-Judgeless has paid off his house early

Take all of these facts (especially the 'most' important ones immediately above), and they should provide most of the guidance necessary to evaluate whether an extended warranty is appropriate.

Full personal disclosure: at 45k miles, no "repairs" yet, and no extended warranty. I do have some concern about the recent appearance of brake actuator issues and my (perhaps psychosomatic) perception that my brake actuator is behaving differently from when I purchased the car. (I'll not share any information about the payment status of my home or car or my credit rating - as such information has nothing to do with extended warranties).

 

I have 83,000 now with zero repairs. There are many in the 100K+ club for gen 3 with no repairs. So far I read of 2 people that had brake issues that cost $3,000. I am not sure how many Gen III people are on these forums. If there are 100 people that is 1:50 odds, if it is 1,000 people that is 1:500 odds, if there are 10,000 that is 1:5,000 odds.

My option is that there are many examples of people with 100K+ without issues and very few people that have had to use the extended warranty. I hope this helps other create their own option if it is worth the $2,500 a dealer will try to sale you when you pick up the car.

 

First and foremost, an extended warranty can be obtained for much less than the $2,500 figure you quote above. This is a well known fact that is documented within this thread and many others. Apparently you are unaware of this fact (or choose to disregard it because it does not suit your perspective).

I don't know what it means when you say that "My option is that there are many examples of people with 100K+ without issues and very few people that have had to use the extended warranty."

Perhaps you mean "opinion"? An opinion -while it may be interesting - is irrelevant as part of an analytical framework.

 

Well-said. Two points though. Most haven't "won" when it comes to Toyota/Lexus warranty and Toyota has consistently shown great reliability even with design change. Lots of people are under the false impression that the Gen III is significantly more complicated than the previous generations.

Judgeless is doing his part to prevent [ame="http://en.wikipedia.org/wiki/Groupthink"]groupthink[/ame] here.

 

I agree that *most* (probably) haven't won -but the *only* source to confirm or refute that will be Toyota Financial, and I have yet to see the official results provided.

The Gen III brings some new technologies and implementations that have yet to pass the test of time. I don't have any proof that they'll be less reliable, but I don't have any proof that they will.

That's the point of the extended warranty - for the price of about $1,200 - one can know that for a total of 7 years and 125,000 miles (if I recall correctly) if their hatch strut fails, it will be replaced. If their water pump fails, it will be replaced, if their brake system fails, it will be replaced.

Some value that piece of mind. Some don't.

As for Judgeless - his inability to accept the perspective of others, and resort to bragging as a definitive substantiation of his opinion does more harm than good with regard to furthering this discussion.

 

Most people that buy an extended warranty purchase it at the dealer when they pick up the car. They pay around $2,500. I am fully aware you can get it for less than $1,000. What do think is the percentage of people that come to Prius chat and read about extended warranties before they buy the car? It is very low. That is why dealers wait until people pick up the car and they hold the car until you listen to the sales pitch. Many people break down and buy it based on fear of new technologies.

I can spell it out

- My option means it is my view that might be different then other’s
- There are many people with 100K+ miles that have zero issues http://priuschat.com/forums/gen-iii...86189-3gen-100-000-mile-club.html#post1204261 That started 10/10/2010 and there are many many since then.
- Based on reading the lack of issues people have experienced with over 100K miles, one might decide that an extended warranty might not be right for them.

Is that clear or would you like for me to reword it again?

Not really, give us the details? Please give examples of people that have issue with these new technologies. Two people in the forums had brake issues that cost $3,000. Those odds are slim. Many people have used these new technologies past the 125K miles and they are proven to last past what the extended warranty covers.

I post facts. Do you belive in facts? I predict the dealer charged you $3,000 for the extended warranty and you are defending your poor choice to the end. Or even worse you are a dealer that is posting here to get people to buy an extended warranty.

 

You are so right!!!

They are also called lemmings.

 

With the way interest rates are, paying cash for a car is a crappy decision. I could by the car at 1.9%, and then put the 20 grand I would have spent in my IRA which is currently returning 10.2%.

 

Please show me any guaranteed investment that is paying 10.2% today. Most IRA's are way less than 2%.

 

OK - now the problem becomes clear. Judgeless is not able to discern a fact from an unsupported hypothesis, properly use the English language nor comprehend what he reads.

Let's look at them one by one:

"Most people buy...at the dealer...around $2,500" - all pure speculation. Not a single fact.

I suggested the concern about new technological implementations merely as that - a suggestion: piece of information that remains to be proven (one way or another). There are threads about issues with water pumps as well as the brakes. Do a scan of the maintenance thread, and while the Prius is, admittedly, very reliable, it is fallible.

There were many changes implemented for the GEN III. That is a fact, which is well documented here on PriusChat. Tighter packed motor windings, an exhaust-preheated coolant system, and a cooled EGR system are some that come to my ready recollection. Those (and the other) changes remain to be proven for someone who drives 15k miles per year for a period of 8 years (for whom coverage would still apply).

As for Judgeless' use of English:
one's "...view..." is generally understood by most English speakers to be their "opinion", typically one does not describe their view as their "option" - but hey, this is par for the course for Judgeless. Why should his ignorance be limited only to an inability to discern fact from opinion and conclusory statements?

Finally, for reading comprehension:
I disclosed above that I do not have the extended warranty. I disclosed that I have 45k miles and no repairs yet.

I am not a dealer. I have a BSME and am licensed as a Professional Engineer. I worked for years in high volume manufacturing, which necessitated the proper use and application of statistics. I have completed an MBA and a JD.

I am presently a patent attorney, having passed both state and USPTO bar exams. I have made a career out of technical, logical, and statistical problem solving. Again admittedly, all of this is generally irrelevant toward providing useful facts to others with regard to the decision to purchase an extended warranty, but since it was suggested otherwise, I'd figured I'd let it be known. (And, Judgeless is still an ignorant blowhard).

 

Forums are supposed to be for sharing ones opinion, advice and personal experience. Not to flame one another and put each other down. Both of you have sound advice it's up to us to decide which of you is right!

 

No investment is guaranteed. It all depends in what funds you decide to invest in.