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Opinions on Getting Platinum Warranty for Used 2007 Prius

Discussion in 'Gen 2 Prius Main Forum' started by LAguy, Jan 3, 2011.

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  1. LAguy

    LAguy Junior Member

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    I purchased a used 2007 Prius (package 6) from a Toyota dealer here in LA about 3 weeks ago. At that time I purchased a Toyota Platinum Used Car Warranty which covers everything on the vehicle (bumper to bumper) with a $50 deductible per visit. I got the full warranty which was for 60 months/60,000 miles (from now) for $3000. Unlike the New Prius Platinum, the used vehicle has to be purchased at the time of the used car sale and only from the dealer selling the car. I can rescind the warranty and get a full refund within 30 days, which is about a week from now. My question isn't about the price paid but the usefulness of the warranty.

    I would appreciate opinions on whether the warranty is worth it or necessary. This is my first Prius and so I guess the question is more one of reliability and likelihood that I will have problems in the next 60,000 miles. The car has 75,000 on it. That was one of the reason I bought the warranty since it's higher mileage. Those would have to be highway miles, which is good for a regular car, but I don't know if highway miles are good or bad on a hybrid, since there seems to be less "wear and tear" in city miles since part of it is electric with no "wear". The car is in cherry condition -- well maintained and kept.

    For those of you who have a lot of miles or older Priuses, am I likely to encounter problems in the next 60,000 miiles or 5 years (at that point an 8 year old Prius with 135,000 miles)? Do people start having problems after say 100,000 miles, even for minor things, since the warranty will replace everything except normal wear and tear items (brakes, tires, carpeting, etc). Am i likely to encounter $3000 worth of repairs?

    I greatly appreciate any opinions. Sorry this post was kind of long. Thanks. Mike.
     
    #1 LAguy, Jan 3, 2011
  2. ski.dive

    ski.dive Active Member

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    IF YOU PAID $3000.00 MY FRIEND...YOU GOT RIPPED OFF BIG TIME!!!!:mad:
    GET YOUR MONEY BACK!!!!
     
    #2 ski.dive, Jan 3, 2011
  3. LAguy

    LAguy Junior Member

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    I'm not sure what that brief, factless response means. The price I paid is the normal price for a used platinum warranty -- I have a friend who works for a dealer in Indiana and he said that price is $100 over dealer cost. You may be confusing this with the new Prius platinum warranty which is a lot less, mainly because the car is brand new and not likely to have problems. So I don't know what your "ripped off" comment refers to.

    If you think I got "ripped off" because I don't need to worry about repairs, then please help my by giving an INFORMED opinion with details.
     
    #3 LAguy, Jan 3, 2011
  4. ski.dive

    ski.dive Active Member

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    you have to be very unlucky to need $3000.00 worth of repairs on your prius.
    read about prius with 100k,200k,300k miles on them without any major issues
    items like, 12v battery, tires, brakes, hoses, etc. Are not covered on your $3000.00 warranty.
    in my opinion if you paid $3000.00, you got ripped off:(
    you can buy many things with $3000.00
     
    #4 ski.dive, Jan 3, 2011
  5. macmaster05

    macmaster05 Senor Member

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    A USED platinum dealer warranty does not cost $3000. I payed $1600 for my used Prius warranty at 10k miles, and I thought that was a rip off. But playas don't mess around!

    You should definitely raise hell with that dealership. Call them out, then stay away.
     
    #5 macmaster05, Jan 3, 2011
  6. booger

    booger New Member

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    I bought my '05 prius with 24k miles got the 7yr 100k mile extended warranty for $1825.

    I've only used it for very minor fixes probably less than $100 in repairs. It is nice peice of mind but if you can save up some money, you might not really need it.
     
    #6 booger, Jan 3, 2011
  7. xs650

    xs650 Senior Member

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    My first reaction was rip-off, then I noticed the car already had 75k miles.

    Still, based on what I have seen in several months on PC, you would be quite unlikely to spend $3k on repairs that the warranty would have covered in the next 60k miles.
     
    #7 xs650, Jan 3, 2011
  8. LAguy

    LAguy Junior Member

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    To booger and macmaster -- your used warranties were a lot cheaper because you purchased them while the car was still under the 36,000 mile original warranty. They offer a different platinum warranty for that and it's a lot less.

    My car has 75,000 and is out of warranty period so Toyota has a completely different program for that. And of course it more expensive, since my car has much higher mileage and more ikely to encounter problems than a car with 10k or 24k miles like yours. Thanks for the responses.
     
    #8 LAguy, Jan 3, 2011
  9. macmaster05

    macmaster05 Senor Member

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    Ohhhhh I'm sorry. Well then it's completely up to you.

    Like I mentioned, I bought mine knowing it was ripoff going in, but I have no regrets. I made the decision under my own free will and not the dealer's pressure. Good luck.
     
    #9 macmaster05, Jan 3, 2011
  10. ski.dive

    ski.dive Active Member

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    again read the post here 100k,200k,300k miles with no major issues on the prius
    $3000.00 is way too much to pay
    the dealer saw you coming, he put scare thoughts in your head & took you for a long ride my friend!!!:(
    i just can agree with you in paying $3000.00 for warranty
     
    #10 ski.dive, Jan 3, 2011
  11. LAguy

    LAguy Junior Member

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    As I replied already to you, the $3000 is the standard price. The only quesiton is the reliability of Priuses between 75k-135k.


    BTW, although I admire your self-professed omniscience, the dealer hardly put any "scare thoughts" into my head and I doubt he "saw me coming" and was ready to take me for a "long ride", my friend.. Trust me I'm really a big boy wearing my big boy pants. The dealer didn't even try to sell me on the policy to be honest, since they only made $100 off of it. I bought because the car has 75k. I also knew I had a 30 day cancellation policy. so I would have plenty of time to think about it.

    :focus:Anyone with any thoughts about the reliability question?? Thanks.
     
    #11 LAguy, Jan 3, 2011
  12. ski.dive

    ski.dive Active Member

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    [


    :focus:Anyone with any thoughts about the reliability question?? Th[/QUOTE]

    YOU KEEP ASKING ABOUT THE PRIUS RELIABILITY QUESTION:
    I KEEP TELLING YOU=== LOOK AT ALL THE POST ON THIS WEB PAGE WITH 100K,200K,300K+ MILES ON THE PRIUS,
    WHAT MORE RELIABILITY ANSWERS DO YOU WANT.:confused::confused::confused:
    ***YOU SAID THE DEALER ONLY MADE $100.00 ON YOUR $3,000.00 WARRANTY??? COM'ON MAN...LET ME SELL YOU SOME SWAMP LAND HERE IN FLORIDA.

    I JUST DO NOT AGREE WITH A $3,000.00 WARRANTY & I'M SORRY TO TELL YOU THIS, BUT THE DEALER MADE ALOT MORE THAN $100.00 BY SELLING YOU A $3,000.00 WARRANTY.:(:(:(
    +IF YOU HAVE 30 DAYS TO GET YOUR MONEY BACK ON THE $3000.00 POLICY,GET YOUR MONEY BACK NOW!!!
     
    #12 ski.dive, Jan 3, 2011
  13. eldiee

    eldiee Member

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    About a year and one half ago I bought a used 2005 Prius with 57000 miles and bought a Toyata 100000 mile no deductable extended warranty for 750.00 the day I bought the used Prius. I never had to use the warranty and traded for a 2010 Prius.
     
    #13 eldiee, Jan 3, 2011
  14. MuttleyHybrid

    MuttleyHybrid New Member

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    I bought my 7 yr/100k zero deductible Platinum warranty for $895 in May on my '08 that had 58,000 miles on it. I like the peace of mind knowing I am covered at any Toyota dealer, since I drive all over the state on a daily basis. I work for an auto-warranty company, and our most expensive warranty on a high-end European vehicle is under $2,000, so, I feel that $3,000 is way out of line for a Prius warranty. With 86,000 currenty on my Prius, I am starting to hear that loud seal-bark sound when I come to a stop, ( brake actuator?) so I just might be able to offset the purchase of my warranty.
     
    #14 MuttleyHybrid, Jan 3, 2011
  15. LAguy

    LAguy Junior Member

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    #15 LAguy, Jan 3, 2011
  16. macmaster05

    macmaster05 Senor Member

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    Besides the fact that you're wrong, typing in all caps and bright colors doesn't help anyone. :focus: to you.
     
    #16 macmaster05, Jan 3, 2011
    1 person likes this.
  17. booger

    booger New Member

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    for $3k you are pretty much saying something big will go wrong or the car is a piece of crap. I myself couldn't justify paying that much unless it was covered until 300k miles, 15 years and covered all maintenance including regular oil changes.

    I think you're probably better off putting $3k in a CD and then making it your emergency car repair fund. But I guess you would have to have the cash for that, I'm sure the dealership wouldn't finance that :D

    I understand the point about it being higher mileage but I still think that is a ton of money for something you might never use.
     
    #17 booger, Jan 3, 2011
  18. LAguy

    LAguy Junior Member

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    I'm tending to lean more to the way you are thinking and probably will cancel it. The fact that Toyota is so willing to warranty a Prius with 75k tells me they have a lot of confidence in the reliability of their car and don't expect to pay out substantially between now and 135k.

    The other risk-averse part of me just says its a peace-of-mind warranty to ensure that I have several years of worry free driving, until the car is about 9 years old. Kind of like all those insurance premiums you pay on your house for decades and nothing ever goes wrong, but you are insured in case of something extraordinary. BTW I paid cash for the warranty so that is money that I could just save in case (although I think Apple stock might be better than a CD :))
     
    #18 LAguy, Jan 4, 2011
  19. macmaster05

    macmaster05 Senor Member

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    Apple stock is too expensive! Go with SIRI (sirius xm radio) instead as a long term investment. They have a monopoly on satellite radio and with the FCC's ruling on net neutrality, Pandora doesn't have a shot.

    Good choice though getting your money back. I'm glad you finally came to that conclusion on your own.
     
    #19 macmaster05, Jan 4, 2011
  20. xs650

    xs650 Senior Member

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    CD, safety deposit box, stick it under your mattress, doesn't make much difference these days.

    A problem with stock for a short term investment is that there is a real chance you will need the money right as the price dips for a few months.
     
    #20 xs650, Jan 4, 2011
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