Hi gang, I have a 2020 Prime. I was wondering if there were any known issues with this model year that would make purchasing an extended warranty prudent. I've had no problems with it so far, but I got a warranty for my 2004 due to the MFD issue, and I ended up getting it replaced. I purchased it on 12/24/19, so I need to make a decision VERY quickly. Thanks in advance for your help!! (BTW my 2004 is still going strong on the original battery at 330,000 miles!)
Only if you need it to sleep well. If this is the case, shop around. Check on-line for another Toyota dealer that offers the Toyota Vehicle Service Agreement (notice, they don't call these contracts a "warranty," 'because it isn't) at a better price than your local dealer...or find the on-line price and let your local dealer match it.
Nope...I've only gotten it in one new Toyota, my 2005 Tacoma and just because it was the first year of the new Generation. End results: Paid $1,500 and only used once...the overhead outdoor temp (digital) went out so had it replaced using the extended warranty. Part was $400 and my deductible was $200. So I spent $1,500 in order to save $200!! I never got another Toyota warranty.
No; take the money your going to spend on the extended warranty and put it in your brokerage account. Buy some widows & orphan stock, safe dividend yielding stock. If the car breaks, cash it in to pay for repairs - if it doesn't break; your ahead of the game. This is known as self-insurance. Chances are your going to be ahead of the game, if you take care of your stuff. Good Luck. PS. The MFD issue is well documented and can be repaired for less than $50; if you do the labor. A specialty shop would probably only charge you a few hundred to repair. Of course the dealership will swap out the entire assembly, instead of repairing it - that's why it runs into thousands of dollars.
No. I purchased one with my 2017 Prime and ended up cashing it in for a pro-rated refund. I should have gone with my first inclination and declined the extended warranty (i.e. it's a TOYOTA - why should I get an extended warranty when I never purchased one with my previous 3 Toyotas). And my family probably purchased another 6-8 Toyotas with no extended warranties either.
Thanks so much for the advice, folks! I know Toyotas are extremely reliable, but I don't lurk here so I wasn't sure if there were any known problems. I saved my (much needed) money, and will happily assume that my Prime will be as reliable as my previous Toyotas!
