Extended warranty...

i'm waiting til closer to 36,000 miles..... i'm forever buying the warranty... then selling the car and getting a prorated amount back! (yes.... i know... not the most economical thing to buy cars too soon!)

in the case of the prius.... because it's so fun to drive and gets such good gas mileage.... we're gonna hit 36K way before 3 years! so may be a case where it wouldn't matter whether i bought now or later.....

 

In all of my adult life, I've never bought the extended warranties offered on everything from video games and blenders to cars and water heaters. With all the $$$ I've saved on never buying these manufacturer/retailer money-making "insurance policies," I can afford to repair my car should something big break after the mfr warranty. Financially, I can afford that. Not everyone can. You have to look at your financial situation and decide if a $2-3K problem is worth your while.

$2-3 K is a big chunk of change, but so is $1K for a warranty you may never use.

edsel

 

<div class='quotetop'>QUOTE(desertbriez @ Sep 21 2007, 01:03 PM) [snapback]515920[/snapback]</div>

The extended warranty supplements the factory warranty. If you buy it at 2 miles you won't run out of warranty coverage at 64002.

 

Does the warranty transfer to another owner? If so, there's certainly some value of having the extended warranty to a prospective buyer at say 60K miles (assuming a new Prius comes along and you want it instead). It must add some value to the car, especially for someone who's jittery about buying a used Prius. So, if you're thinking about getting rid of your Prius prior to 100K miles, you may be able to recover part of the warranty cost in a better resale price.

 

Just got our new 2008 Spectra Blue #5 Prius yesterday! We bought the 7/100k warranty but now I see that maybe I should have checked here first. We can still cancel our warranty so I have a quote request into warrantyshack.

Just to be sure: this is exactly the same warranty as I would get from the Toyota dealer? What's the deal?

Thanks

 

Sooo...

Please forgive my ignorance, but when we were in the finance office last week the warranty we were offered (6yr/100k) was quoted at something like $2,500 and the finance guy offered it to us for $1,800 - just over his (claimed) cost.

Which warranty are you all talking about at $990 and what are its terms?

We are planning on waiting until 3yrs or 36k miles to buy the extended warranty, but a thousand bucks is a whole lot less than I was under the impression we could get it for.

 

<div class='quotetop'>QUOTE(zqfmbg @ Sep 21 2007, 05:42 PM) [snapback]516000[/snapback]</div>

well no s**t sherlock! :lol: but if i sell the car before i get to 36,000 miles.... i won't get back a PRO-RATED amount for not using ANY of the warranty! so i'm waiting!

 

<div class='quotetop'>QUOTE(desertbriez @ Sep 21 2007, 04:03 PM) [snapback]515920[/snapback]</div>

The dealer just told us last week that the Extended Warranty will be going up October 1. Now I don't know if he just wanted to pressure us to buy or what. I know the extended warranty is $990 now but will the price go up in the future if what the dealer charges goes up?

 

<div class='quotetop'>QUOTE(edselpdx @ Sep 21 2007, 05:31 PM) [snapback]515948[/snapback]</div>

I agree completely.

As was mentioned earlier, dealers push warranties so hard since this is their money-maker, since the majority of customers will never claim more than the cost of the warranty in the first place. That said, it is a form of insurance, and if that is important to you (at the likely risk of paying for nothing), then that is your decision and your right.

In my experience, I purchased the 7 year/160K KM warranty on my last car for something like $1K, and only made ONE claim on that for $300 - and it was for a non-essential power antenna motor that I only fixed because I had the warranty. Still overpaid by some $700.

If you never buy extended warranties, you will definitely save money in the long run, even if you occasionally end up paying out more than what the warranty would cost.

IMHO, the wisest thing to do is take the $990 (or whatever the cost of the warranty may be) and put it into an investment of your choice and dip into that if any repairs should be needed. Naturally, you may end up paying more, but the odds are in your favour you will have money in your pocket at the end.

But it's all about peace of mind, and everyone is free to make this decision on their own...

 

<div class='quotetop'>QUOTE(goodprius @ Sep 22 2007, 03:53 PM) [snapback]516264[/snapback]</div>

It is exactly the same warranty. Troy/WarrantyShack is a Toyota dealer.


<div class='quotetop'>QUOTE(stumpy_c @ Sep 22 2007, 04:37 PM) [snapback]516277[/snapback]</div>

The finance office lied to you. $2,500 is way overpriced for 6yr/100k and $1,800 is way over his claimed cost. Go to the Toyota Financial website and you can see all the plans and their MSRP. To give you an idea, I believe that $1,800 is more than the MSRP for 6yr/100k --- I think it's the current MSRP for the 7yr/100k.

I believe that the $990 warranty sold by Troy/WarrantyShack is the 7yr/100k Platinum Care $0 Deductible. Note that they also sell the lesser warranties for similarly discounted prices.

 

<div class='quotetop'>QUOTE(goodprius @ Sep 22 2007, 12:53 PM) [snapback]516264[/snapback]</div>

It is the same Toyota warranty that you would get from your Toyota dealer because it is sold by a Toyota dealer.

 

Is there any serious benefit to having the extended warranty for the first 3 years, other than free towing and such? Anything related to the repairs themselves?

 

<div class='quotetop'>QUOTE(sea-horsea @ Sep 12 2007, 03:42 AM) [snapback]511135[/snapback]</div>

I got the extended warranty last year and I passed the 36,000 mark about a month ago and, as with the 36,000 mile warranty, I still haven't needed it but am glad that I have it anyway. It's worth the money. The hybrid system warranty is eight years so you'll be well covered with the addition of the extended.

 

My 3 years is about up in Dec. But I wish I gotten it soon because I think the price of the ext. wan. was cheaper than $990. But it's still a good price.

 

The dealer we bought our car from said the fees were supposed to go up October 1 for the Extended Warranty Plan (they call is something else). So we decided to go ahead and buy this coverage from Troy for $990 now. Don't know whether somehow he will have to stop offering it in three years or if his price would go up...someone said it used to be cheaper.

 

I am in the process of buying a 2006 Highlander Hybrid (HiHy) with 41k miles. It's from a Toyota dealer so it's a certified pre-owned Toyota. They're offering me an extended warranty to 100k miles for 1K. No one else will sell me a warranty since the factory warranty is up. What do you guys think should I take it?

It's the platinum plan with 0 deductible. They claim it's through Toyota and backed by Fidelity. Thanks for all your help.

 

<div class='quotetop'>QUOTE(heiche @ Oct 12 2007, 01:00 PM) [snapback]524790[/snapback]</div>

If it's a genuine Toyota warranty, I'd check with Troy before you buy to see if he could get it for you. It would be less than what your dealer charges, I'm sure....

 

<div class='quotetop'>QUOTE(heiche @ Oct 12 2007, 01:00 PM) [snapback]524790[/snapback]</div>

The genuine Toyota extended warranty is issued by Toyota Financial Services, not Fidelity.

 

<div class='quotetop'>QUOTE(IsrAmeriPrius @ Oct 12 2007, 11:22 PM) [snapback]524981[/snapback]</div>

Thats not true in the Southeast.

 

<div class='quotetop'>QUOTE(edselpdx @ Sep 21 2007, 04:31 PM) [snapback]515948[/snapback]</div>

I agree completely. If people would just take that $10, $50, or is this case $1000 that they spend on extended warranties and put it in a bank account, CD, or Money Market labeled "repair fund" they would never need to worry about the financial hit of a costly repair. But I guess if people managed their money prudently then they the US wouldn't have a negative savings rate.

It also cracks be me up every time a talk about extended warranties and people tell me about the one time that a warranty paid out. They say that X component went bad so the company replaced it for free. I then ask how much they paid for the warranty. I point out that the repair wasn't free, it cost however much the warranty cost. Now depending on how much the repair would have cost without a warranty depends on if you got a good deal or not. However, must people forget about the cost of the warranty once the credit card has been swiped or the loan papers signed.