Extended Warranty (TEC Platinum)

Yes and it's a warranty from Toyota, not a 3rd party or dealer.

 

I have been a firm believer that extended warranties are a waste. However, I was able to study a 2010 Prius in detail before purchase (I was permitted to borrow a showroom model III for four days). Having owned a 2003 Prius for many years, I thought I had seen through most of the technical innovations and complexity that makes a Prius so unique. But the 2010 is so much more than anything I had envisioned. That, coupled with the fact that this is the first year for a new generation, warmed me to the extended warranty ($1050 for Platinum from the dealer - 100,000 miles). Perhaps a dumb idea, but I decided to go ahead and do it. We'll see.

 

An extended warranty is created to make a profit for the manufacture. It is not created as a good will act for the consumer. You will not win. Save your money and pay for repairs if there are any.

I put 305,000 miles on my 2000 4Runner. The first repair was at over 200,000. It is a Toyota. “The most reliable car manufacture in the world’

 

Just out of curiosity, how much are these warranties and where on this site do I find them?

Thanks

 

I bit the bullet and purchased the extended warranty from Troy and Lori Hale. For those disbelievers in an extended warranty, like any other insurance I hope to never have to use it. Especially my life insurance..With the recent issues Toyota has been having, and knowing that the Prius has somewhere around 8 on board computers, I will sleep and drive peacefully knowing the coverage is there. Thanks again to Troy and Lori for making the transaction effortless.

 

Did I miss something in the news? Did Toyota reliability start getting bad?

There have been a dozen cases were people have claimed the gas pedal sticks. This is still under investigation. No where have I read that Toyota is having issues with the power train or any other aspect of the car.

I am just curios if you also bought the extended maintenance program? GAP insurance? Life insure on the car loan? Unemployment Insurance if you lose your job the insurance will keep making payments? Did they sell you a Teflon interior and exterior job?

I am just curios how much you paid for that feeling of being safe.

 

You can not say that an individual will not win purchasing an extended warranty. A majority will not win but some individuals certainly will. You pay to eliminate risk. All types of insurance policies are designed to make money for the company. Like most things in life its a crap shoot.

 

You may have.

December 2009

Toyota Makes a Risky Move- Accelerates Cost Cutting Efforts

A Wall Street Journal article last week (subscription may be required) noted that Toyota has accelerated its cost-cutting efforts. The world’s leading auto producer by volume has requested the help of its key suppliers to meet a goal of reducing the cost of component parts by 30% in the next three years.
Toyota has been garnering considerable negative perceptions in the U.S. market of late. First, a multitude of major product recall incidents has tarnished the company’s previous stellar reputation as a producer of reliable vehicles. Second, the effects of near two years of global recession coupled with some business missteps has had a severe impact on Toyota’s sales growth and lack of profitability. The company expects to suffer its second straight year of loses, and has lost some market share in the critical U.S. market.
This latest initiative, despite the need for the company to repair its balance sheet, is rather untimely and fraught with more risk. Toyota owners already have building concerns about the company’s building lapses in vehicle quality and reliability
I like others have been a loyal Toyota owner, having purchased multiple vehicles over the last ten years. I must admit that I too have noticed a noticeable deterioration in reliability. Our 2004 Avalon has experienced three major part failures this year, which is very worrisome, and I suspect that our experience may not be an isolated one. We, along with other Toyota owners, wonder aloud whether the so-called “sticking accelerator” problem reported among a group of sedans is limited to just a certain few vehicles or is more widespread.
It seems that ever since the bulk of vehicle production was shifted outside of Japan, quality seems to have slipped over time. My evidence point is that our 1999 Toyota SUV, which was built and exported from Japan, continues to perform in the traditional Toyota manner.
Pushing suppliers even harder to achieve significant further component part cost reductions without a context to the root-causes of eroding quality and reliability is risking even more damage to the Toyota brand. A look back in history when major U.S. OEM’s such as Chrysler and GM embarked on similar initiatives with their suppliers would indicate a disastrous impact on the reliability of vehicles.
Toyota should know better than to embark on an accelerated road toward destroying its brand and owner loyalty. Let’s hope that they do due diligence to both business and reliability needs.
What’s your view? Does Toyota have other options besides extracting more cost reductions in parts?

http://www.theferrarigroup.com/blog...-risky-move-accelerates-cost-cutting-efforts/

 

Are you really curious or just being snarkey?

 

Sorry I am in Engineer and very analytical.

An extended warranty price is set for the manufacture to make money. The price is set by years of stats and experience. I agree that the majority will not win but certain individuals will.

To make out your would have to be in the minority with more repairs than expected. Based on Toyota history of reliability it is not a good gamble. Save your money.

I have 22,000 miles on my Gen III Prius, So far zero repairs. I will be out of warranty before the end of the year. I strongly predict I will not have any issues for years to come.

On my 2000 Toyota 4Runner with 305,000 miles this is the repair history.

- from 0 to 170,000 (first 5 years) I had zero repairs
- at 180,000 miles my belts were noisy so I took it in that they talked me into a new timing belt and they would replace the other belts for the cost for belts. Total $300. I also put my first set of front brakes on. $120.
- at 190,000 I put a new starter on from advanced auto parts $60
- at 240,000 I put a new muffler on from advanced auto parts $90
- at 290,000 The starter failed again. Lifetime warrenty from Advanced Auto parts $0
- at 295,000 The AC compressor died $350
- at 300,000 Miles the dealer put a new radiator on $500.
- at 305,000 I put a the second muffler on from Advanced Auto parts $0
- at 305,000 I sold the car and picked up a 2010 Prius.

The entire life of the car had less than $1000 in repairs. I did change the oil every 5,000 and tires as needed. If I would have purchased any Toyota warranty I would have used $0 of it over the life of that vehicle.

 

I would have avoided the 5-year, 60,000 mile warranty if they didn't make it compulsory in order to get the 4.05% finance APR (otherwise 5.5!).

 

You should not finance a car with a dealer. They are all scumbags. They will add 1% or more to the loan to make more profit. Always shop around at local banks and credit unions.

The only exception is if the car manufacture is offering a special deal like 0% for 3 years. 4.5% does not seem that good deal to me. It sounds like the scumbag dealer is getting money out of you for both the loan and extended warranty.

 

4.05 actually (I've seen dealer offers listed here for as low as 3.9% since, grr). I definitely will next time...I had intended to do just that (check with banks) with Chase based on a recommendation here but I had a technical difficulty when attempting to finish the quote and will pay the price on this 5-year term for not completing it. The only silver lining is I'll also get 5 years of free maintenance altogether, including issues that might arise from wear and tear (just yesterday I was stuck in traffic that didn't even move half a mile in the course of 30 minutes...maddening).

 

I was also under the "waste of money" impression-but then my entire nav screen gave out on my '04. The dealer estimated the cost at 4k and asked "why didn't you buy the x warranty?" Eventually i convinced Toyota to replace the screen for free-but when I get my '10 I am definitely getting a warranty.

 

I already had 3.99% pre-approved with my bank.
Dealership gave me 3.49% even on 60-month term.
Gave me $30k loan w/o any gap insurance.

I was also considering extended warranty b/c this is my 1st Hybrid car experience but after reading this thread, I will take my chances and not get it.

 

And you managed that without comparison shopping (for a loan)? You must have had an impeccable credit score (mine being above 800) and persuasion skills. The best I was offered without applying the warranty was 5.5%, which I knew was poor (selecting the base II model might have had something to do with it). I probably should have taken the hint and left right then to get the Chase quote.

 

It could have been the time frame when I got the loan. I had gotten this last week. March 27th.
My credit isn't good as your, less then 800. I can't believe you have 800+ that's rare.

 

"You will not win" is not ALWAYS the case..... I purchased an extended warranty on a new Subaru XT coupe in 1985....tons of electronics for it's day.... After the factory warranty expired, had a complete failure of the "brain" for the car..... cost to replace was over $1000 BUT my extended warranty covered it minus my $50 deductible! Extended warranty cost had been $200. So..... you can win under the right circumstance....... particularly given the complexity level of the vehicle

 

Once again for you disbelievers, I realize buying an extended warranty for the Prius isn't the best investment I could make....Hello, Lefat1 to earth, can you hear me nerds..lol..I also am an engineer and as anal itical as the next, but, can't I make a bad investment if I so choose? I had a Rav4 that had 85k miles when I sold it. A/C compressor was on its way out, likely would have been a $1000 repair, and engine was ticking due to a compacted lifter, possibly up to $3000 if rebuild needed. A little marvel mystery oil quieted the lifters, and a little salesmanship quieted the A/C compressor. Who knows what became of the vehicle?