The dealer talked me into the 7 year, 100,000 mile Platinum $0 deductible extended warranty at a cost of $2,800. I have never, in 45 years, ever gotten any benefit from these extended warranties. Was I stupid to get this one? Should I cancel it for the refund? Anybody ever received any benefit from the extended warranty?
I’ve heard people say avoid these warranties and just save the money to put towards any future issues. Be sure to check the fine print regarding what is NOT covered. So hard to know what to do when there are so many expensive computer parts nowadays. The one good thing about buying a warranty now rather than waiting until the manufacture warranty is expiring is that 3 years from now the price of the warranty will most likely be much more expensive. Sorry I’m not much help. I will be interested in other people’s responses.
The only good extended warranty is the Toyota Financial Platinum you bought. If you keep the car under 100,000 for close to 7 years it might pay off. If you get a refund and then buy the same thing for less than half the price from another Toyota dealer. Now or three years from now. With that said, the factory hybrid battery warranty is 10 years 150,000 miles and the hybrid powertrain (not engine) is 8 years 100,000 miles. So those items are already covered regardless. The Powertrain (engine) factory warranty is 5 years 60,000 miles so your extended warranty helps for 2 more years or 40,000 miles additional. Most of the twenty some odd computers and safety sensors are covered by the 3 year 36,000 factory warranty so you are definitely extending those.. A new engine on one of these cars is around $16,000 and just one of the computers would justify a half price extended warranty. You do get roadside assistance, rental cars and lodging if the car needs warranty work for 7 years 100,000 miles. So you could cancel AAA if you are paying for it now. The biggest benefit of Toyota's warranty is it's no bs just like their factory warranties and it's good at any Toyota dealer, no question asked. So don't even consider any other third party warranty, some sold by dealers, as an alternative. Those are always insurance policies sold by LLC corps whose main goal is to not pay claims. Toyota's is backed by Toyota and Toyota Corp pays the claims. PS: While Toyota Extended Warranties paying off largely depends on a gen3 pattern of failures occurring on your car, new home central ac extended parts and labor warranties from the manufacturer are almost guaranteed to pay off these days. Variable speed motors and coil leaks are common and expensive on high seer systems.
Good to know the warranty plans directly from Toyota are somewhat reliable. I’m waiting on a quote from a dealership that provides discounted pricing. I live in a fixed income. If there are any expensive repairs involving computers I would be in trouble. The tires are enough of a concern.
I heard a radio show once, where a scam expert was saying that extended warranties are one of the biggest scams going.
Generally true, but there are exceptions. The official Toyota extended warranty is probably the best one out there. It's still typically not worth the money in most cases, but there are some people who can benefit from it. The one that springs to mind is a relatively low milage driver that's about to switch to a fixed income. Say they need to do a major repair five years down the road. They'll have the resources to pay the bill, but they'll take a financial or tax penalty to liquidate the funds. Someone like that might find it better to effectively pre-pay the repair by getting the extended warranty while their funds were still liquid. It's not exactly a typical case for most buyers, but everybody's in a slightly different situation. What's a good choice for one person might not be for another.
Uggh..... Just about every ounce of common sense tells me it won't be worth it. But then there is that little voice whispering "what-if?" It doesn't help that my daughter's Ford is not worthless because of the Ecoboost engine problems it has... but that is a Ford with an Ecoboost engine - hopefully Toyota lives up to their quality reputation and I wouldn't have a problem like that. Then there is maintenance after the 2 years toyota care. I'm going to have to complete detailed records of all the maintenance I do myself. I wonder if I took the extended back to the dealer and told them I wanted to cancel if they would renegotiate the price?
It’s worth a try. I have a quote of $1230 for Toyota Platinum $0 deductible 10/100k or $1615 for 10/125k.
When I worked retail, we got a bonus tor selling enough extended warranties. They told us they were their biggest money-maker.
I never buy extended warranties. I’m now on a fixed income and there are so many unknowns about this new generation. Hopefully the cracking of the plastic on the hatch will be categorized as a design flaw and be covered whether the warranty is up or not, but I’m mostly concerned about expensive computer issues.
Of the very few times I have opted for an extended warranty, I have never been able to use it, even once.
I bought it when I purchased the car. $3400, talked me into it against my better judgement. About a month in I canceled it. It was a hassle though, the finance guy said call him anytime for anything, "he's there for me" He never returned my emails, calls. I had to go thru 2 general mgr's before they refunded all of it.
We buy these cars because they are reliable. I'm still on the original battery and engine at 352k miles for our '17 Prime and we didn't replace the battery on our '07 until 480k miles.
