I recently purchase a used 2014 Prius 2 with about 76,200 and I got the Toyota Extra Care warranty. It is over $2,000 and I wanted to know if it is worth it to keep it. How often do Prius parts need replacement? My warranty is only good for 6 years or 72,000 miles.
A lot of this comes down to your personal financial situation. They are not selling these warranties to lose money on them, meaning that most buyers will not get back what they spent. If your financial situation permits you to absorb a large ticket repair without distress, then the warranty is not worth it as most people will not get back what they paid, if anything. OTOH, if a large ticket repair is going to cause major distress, then the protection of the warranty could be worth it. The bottom line is that these are reliable cars and most people who have a warranty will never use it. Some will use it and come out ahead. Some really need it because while they can afford the warranty, they could not afford afford a large ticket repair and thus would otherwise be without a car. Having said all that, I'm guessing you paid about $14K for the car, so 15% of the car value for a warranty you may or may not need seems high.
The Prius is well known for being amongst the most reliable cars and few people have reported any issues, beyond routine maintenance, until at least 150,000 miles. Studies have shown that the only two makes of vehicle where someone might get back the money they spent on an extended warranty is Chrysler and Jeep. I'm surprised that a 2014 Prius was not sold as a CPO vehicle. Was the car fax clean? Did it show regular maintenance? Posted via the PriusChat mobile app.
Just traded in my 2010 Prius with 263,000 replaced items.... 2 sets of head light bulbs new set of floor mats it never got any brake work because it never needed it, got over 50 most of the time i owned. Any money spent on the warranty would have been pure waste. Traded in today for a 2014 plug in prius out with the old, in with the new.
Then I would ditch the extended warranty and put the money you saved (either by one payment or monthly payment savings) into an account for extraordinary repairs or toward your next Prius. Posted via the PriusChat mobile app.
CarMax is at least one answer to the first question as they didn't shy away from our 263 k mile 4runner the previous weekend. In fact they almost had it sold as soon as it arrived. But agreed, most dealers aren't looking to bring in a car (especially if you're not buying a new one from them) just to turn around and wholesale it at an auction.
But everything has a value. It's a matter of if the dealer wants to take it on then have to wholesale it and the owner is willing to accept their offer for the vehicle. CarMax is willing to do that and we were willing to take their offer. The Lexus dealer we went to wanted no part of our 4runner and didn't make us an offer. So I was glad we went to CarMax, and stopped there on the way home from the Lexus dealer to sell it. Selling it on the side while it may have netted some extra $$$$, there is a time value to money. The time I would have had to invest in showing and haggling while having a busy life wasn't worth that investment.
I guess I should've posted it in the sales section even though it's not a hybrid. That would've given you a reason to come up here and we could've done a meet-up.
When we bought our CPO 2013 last year with 40,000km, the salesman whispered to us: "I wouldn't waste my money on the warrenty".
$2400 I drove this car 1000 miles per week and it never let me down. It usually got timely oil changes(castrol synthetic) and air filters, but little else ever broke. The A/C was still doing a great job, even on a 100 degree day. it was diagnosed with a blown head gasket, so i bailed out. So pleased with it overall, i bought another one. waited until the 2016 model came out, but didnt buy one. prefer the 2010 to 2015 model.
