I am at the end of my lease for a 2012 Prius c with 23,700 miles on it. I am going to buy out the lease and the dealer wants to sell me an extended warranty plan for almost $2000. Do I need it? Should I try to purchase one from someplace other than my dealer? I've never purchased one before so would appreciate some advice.
Consumer Reports' repair survery rates the Prius c as "Much better than average" in pretty much all categories, so I think the chances of you actually needing the coverage are fairly low.
I would not buy one for sure. Also with the few miles you put on its less likely something will break. $2K will pay for a lot of repairs. That said typically you could get a warranty extended to 7yr/80 or 100K miles for just over a grand.
I bought my extended warranty at the time of purchase it was like $900 some bucks WITH Toyota. Not some 3rd party vendor BS. I still have 2 years left and 40k. You can purchase your warranty at any Toyota dealer. I'd call around if you really really want it. IMO purchasing a car after a lease isn't a smart idea. Car is already 4 years old and not worth much. I know this because I just blue booked mine. Perhaps you should just purchase a new c if its financially feasible.
I think a lot depends on the buyout price of the lease, compared to similar used cars you might be looking at. The big plus is that with this used car, you know the previous owner and how well it's been taken care of. As for the extended warranty. I'm generally not in favor of them, but I bought one for my used 2012 because I did not know its history (beyond a clean Carfax report). As it happens, mine proved to be worth it because just last month I had to have the vapor canister replaced. Coincidentally enough, the total bill for the work (paid for under the warranty) was just over $817. The cost of my 5yr/100mi warranty was $815. So it was worth it for me. Your mileage may vary, as they say.
An extended warranty are not needed, especially on a Toyota product. As to buying out the lease, it is a great idea. You already have paid 4 years into this car, if you like, why would you not buy it out. Just remember you may be able to negotiate on the buyout price.
The price is high for your offered extended warranty. You should shop around and if you want the extra comfort that the original warranty gave to you then it is worth it. Confidence is mojo and the investment is for that in my opinion. If you never use it being the very worst case scenario.
