Should I buy the Platinum Warranty???

Dave,

I was like you with a 2007 and into my third year of ownership.

My Prius has been absolutely trouble free. This personal track record, plus the fact that the Prius has enjoyed the highest reliability ratings of Consumer Reports and its surveyed readers, plus the fact that I doubt that I'll have even 40,000 miles on my Prius after 7 years, made me think hard about whether to get the extended warranty.

Ultimately, I weighed spending $1055 for either:

(1) an extended warranty that I thought in all probability would never pay for itself, or

(2) an aftermarket sunroof that I thought would be worth every penny to me.

I ended up with the aftermarket sunroof, which I think is pretty sweet:





Note I've read a few posts here from PriusChatters who have recouped the cost of the extended warranty.

IMO, at $1055 it's a reasonable insurance policy to buy if you're going to reach or approach 100,000 miles after 7 years.

 

We have a power sunroof on our Tahoe, had one on our CR-V traded it, and find that unless the sun angle is just right we can't deal with the brightness and glare from it but to each his own.

 

We bought a 72 month/75K mile Platinum warranty on our 2004 when we purhased it new. At about 45K miles we had an inverter cooling pump go out. The cost to replace would have been about $450.00 per the dealer. When we traded it in at 58K miles on our 2010, we received about $100.00 back on the unused portion.

The net result is the warranty cost us about $325.00. While we did not come out ahead, there is always the "chance" that it will pay for it's self. I rationalized the purchase based on the fact that it was a new model (new Gen) and really, to not have to worry about unexpected expenses.

For me personally, it was worth it. There's lots of opposite opinions on the forum though.

Dave

 

I know most will disagree, but I purchased an EW for my 2006 and also when I purchased my 2010. I drive a lot (3000/month), so the factory warranty only lasts about a year. I had 4 repairs on my '06 under the EW. The platinum warranty covered everything, even a rental car (they gave me a new prius to use). At 99,000 miles both front wheel bearings had to be replaced and the car was not safe to drive. It was in the shop 4 days, waiting for parts. Didn't cost me anything additional. The total repairs under warranty were over $2000. Maybe I was lucky (or unlucky), but the warranty paid for itself. I'll see how the 2010 compares.

 

I bought an EW with my 2002 Prius for $1500. About 2 months before the end of the warranty period, my ($1700) brake actuator failed, so I got my money's worth from the EW. I decided to minimize my risk with all the new technology in the GIII so I got an EW with it too.

 

Dave,

Yes, Troy is still the man. Here's his contact info:

Troy Dietrich
Toyota of Greenfield
(413) 772-0231
(413) 772-0989 (My Direct Line)
[email protected]

Note that if you applied a week ago and haven't heard from them, I'd be sure to check your spam folder first.

Another thing to check out is the possibility of getting the same extended warranty (Platinum Plan) but with fewer maximum years and/or miles as might be appropriate based on your past and projected future use of your Prius. You can save a couple of hundred dollars more if you get the Platinum Plan with fewer maximum years or miles.

Good luck.

 

I just bought a warranty from him last week. I used the website mentioned on this forum: Toyota Extended Warranty Quote Request | WarrantyShack

I remember he was out of town for a few days, but when he got back I got the warranty pretty quickly. You could try this number from the letter I received from them:
Toyota of Greenfield
413-772-0231

OOPS, I guess Tom types faster than I do.

 

Should you buy one? Only if you get more "peace of mind" from paying someone else $1000 than you would from keeping it in a bank.

Two guys who made money on the deal are statistical outliers. That should in no way persuade you to buy an extended warranty. You, like the majority of buyers, will probably lose money on it.

 

The extended warranty is like any insurance plan - buy insurance if you can't afford the risk of not having coverage.

If you buy the extended warranty you are guaranteed to be out ~$1K.

However, holding that extended warranty coverage means that you don't run the risk (say 15 - 20%?) of paying for a repair (not otherwise covered by the powertrain and hybrid system warranties) within 100K miles.

The factory powertrain warranty is good for 5 years/60K miles and the hybrid system warranty covers 8 years/100K miles (or more, depending upon your state). The primary value of the extended warranty is that it will cover a brake, suspension, air conditioning, or passenger cabin electronics (i.e., MFD, stereo or nav) issue from 36K to 100K miles.

Regarding the inverter coolant pump failure mentioned in post #4 above, I would have expected that to be covered by the 5 year/60K mile powertrain warranty...

If you perform scheduled maintenance there's not much likelihood of a powertrain failure between 60K and 100K miles. And if you don't perform the maintenance (primarily engine oil/filter changes), the warranty coverage will not apply.

 

Common issues with the 2G Prius include the main water pump and the inverter water pump. While it isn't uncommon for them to fail, not everyone experiences a failure either. But if you were to have an out-of-warranty repair before 100k, I'd bet it's one of those two items. Either water pump costs about $500 replace, so you do the math.

 

Another issue common with almost all cars is that the front struts may go after around 80,000 miles.

The front struts can cost you $900 - $1,000 to replace.

Surprisingly, from my reading (but check it out yourself) of the Platinum Plan in the literature and on the Toyota Financial website, the front struts and rear shocks are covered by the extended warranty.

That is, it says that unless the component is on the list of specifically excluded components, then the component is covered by the extended warranty. And when I read that list of specific exclusions, I don't see struts or shocks anywhere.

 

Good point Tom, I am going to replace the front struts on my 2004 this weekend or next (and post a how-to). I noticed the RF strut was covered in oil when I last changed the engine oil/filter a couple of months ago. However after several days the oil dissipated in the hot AZ weather.

Those with extended warranty should make it a point to have the struts/shocks checked out before their coverage expires, since as you pointed out the dealer cost to install is quite high.