Extended warranty ... Is it worth it?

i don't know how prevalent bad trannies were on tundra's, but prius is certainly not immune to large expensive repairs at 9 years and 99,000 miles, however rare. it's a crapshoot either way. like any insurance, the house is always favored.

 

Can anyone point me to the Prius extended warranty site? I can't find it on toyota.com. Years ago Troy at Greenfield Toyota offered the best deal. We bought it for our 2007 Priuses and I wound up using it. Has anyone done competitive bids now on the 2016 one?

 

i think you have to buy them in person now.

 

I had the extended warranty on my 2007. Never used a dime of it. Told the sales guy to get the paperwork away from me when we bought the 2015.

 

I tend to not get them. Gen2 had a leaky water pump that many replaced under extended warranty. Since I did not have an extended warranty, I waited for the water pump to stop leaking which it did. Still got it.

 

Any extended warranty is a good investment ! ONLY if you use it ! Warning!!! Study it it with a someone who has legal and mechanical knowledge ! Go over the fine prints! Some extended warranty are out dated ,very general and some componets are not warranty on your vehicle. Make sure it is in writing you have x amount of days to cancel the policy! I don't recommend putting the policy with your loan! It a big Hassel to cancel and rewrite the loan.

 

I don't buy extended warranties. After 5 cars, I've had one early failure on a Toyota Corolla for an AC condenser for $1200. I'm still way ahead paying out of pocket for it because extended warranty on 5 cars is a lot more.

 

Nyet.

 

A quick "no thanks" and a "where do I sign the next page pls" usually expedites the process.

Not saying a rare issue won't arise out of the blue but these darn Prii are pretty darn reliable... Maybe start stressing a little once your in the 200k mile range. By then no extended warranty will be avail...

 

Having worked in the car biz, the dealerships HOPE AND PRAY you will get the extended warranty, as it's easy profit for them, and they always laugh when they sell one on a Toyota, which is known as one of the most reliable brands out there. Sure, any car can have an issue. But you're better off putting the money you would spend on an extended into savings or some other interest-bearing account that you have access to at any time.

I just bought a 2012 PiP with 50,000 miles on it, and within the first 3 months now have 61,000 miles on it, so my powertrain warranty is kaput. I'm not worried though. I spent $6,000 less than a comparable car with half the mileage being sold at a one-price, lifetime warranty dealer near me. So I'm already way ahead.

I bought a new, completely unproven 2008 smart fortwo, which came with a 2-year, 24,000 mile bumper to bumper warranty. Only item that needed repair was part of a recall, so that would have been covered anyway. After 7.5 years and 115,000 miles, never had an issue other than a rusty exhaust pipe, and I figured that car would have given me all kinds of problems.

I've never bought an extended warranty. Never plan to.

Yes, you'll always get that one story from a family member or friend that swears by them because they needed it once. But, you're better off setting the money aside, and when your car never breaks, use that money toward your next car purchase, or add to it with the next non-purchased extended warranty and keep saving it.

 

I am getting the extended warranty to 5 years (instead of 3) simply because it is like 250€.
After 5 years, if I have to repair something major like in the range of the OP mentioned at like 9 years, it is not a huge deal.
Try to change the clutch on any VW after 150.000 km, and there 2k€ fly out of the door... Labour costs and 19% VAT make everything quite a tad expensive. If it happens at 9 years, it is not a big deal and the car was really good actually.

 

any repairs on your '09?

 

I decided on an extended (dealer) warranty this time - it was thrown in for free on my Gen 2, but meant dealer servicing at their high prices. This time it cost something for 5 years extra warrenty, but also offered capped price servicing for that time. As it's a new generation (and I have a friend who's VW radio died after only 5 years and now faces a bill in the 1000s), who knows what might happen in the future, and capped price servicing for 8 years seemed like a good deal...we'll see!

 

I changed the brakes pads and discs front and back due rust. It will not be covered by any warranty since they use salt on the roads here in winter, and considering how much one uses the brakes changing them at 90.000km, better than my previous Polo at 70.000km...
Other than that 3 lamps total.
That's it in 6.5 years and about 100.000km a good half of it in not easy for the car city traffic....

 

NO WAY! Don't get the warranty. It's a waste. Prii keep going forever. My 05 Prius has about 250,000 miles on it and I've had not problems except the A/C broke at 220,000 miles. That was only about $200. They're some of the most reliable cars on the road.

 

I'm being contrarian with myself, but maybe, if the initial outlay is quite low, and you research what they're offering AND the company doing the offering, and both bode good: it MIGHT be worthwhile.

And don't beat yourself up if you never make a claim, just look on it as insurance.

 

My philosophy is they make money on it. If they make money on it then it means they money they pay out is less than what they sell it for so there is no point. I didn't get it and didn't have a single repair that would have been covered. Waste of money.

 

Extended warranty ... Is it worth it?
My answer: Never.


Clark Howard suggests that sometimes EWs are a justifiable expense only if you're in a situation where you cannot afford a four-digit car repair....and ONLY if it's an OEM warranty, but I counter that if you cannot come out of pocket for such a repair, then you should be driving cheaper wheels until you can cash flow repairs.
You can always buy a warranty before your factory warranty expires.
In fact.....Toyota will probably mail you an invite!

If your dealer suggests otherwise, then they are lying to you!!
Probably not for the first time.

Take your pick.

 

Coupled with that, some insurers play dirty when it comes time to make a claim.