Extended warranty...

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

IMO don't buy it, period. As discussed in many other threads it usually isn't a good deal for the buyer.

 

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

IMO don't buy it, period. As discussed in many other threads it usually isn't a good deal for the buyer.

 

If you are going to drive 17-18,000 miles a year, the 100,000 miles / six years plan will serve your needs and save you at least $100 on the cost of the warranty.

While there are those who believe that extended warranties are not good deals for car owners, there have been quite a few owners who posted on PriusChat in recent weeks concerning expensive repairs that were covered by their extended service plans.

All it takes is for one expensive part, such as the air conditioning compressor, to fail after the expiration of the factory warranty for you to come out way ahead.

 

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

There are advantage and disadvantage buy now or buy near 3 years /36Kmiles.

$990.00 Plantinum Extended warranty.

If you buy now for some reasons, your car in shop for week then the advantage is you get free towing to nearest dealer, also car rental etc...

Disadvantage is you pay $990.00 out of your pocket now.

I am in the same boat, I just gave Toyota $990.00 last week. I drive around 24K Mile/year but I buy 7/100/0 anyway because next year I might drive 10Kmile or less etc... I always buy extended warranty and don't expect to use it.

 

I ended up getting the 6/100K plan. The main thing I'm worried about is the MFD.

 

Don't buy it. I've yet to read one instance on this board of *anyone* actually saving $990 on a repair using the extended warranty. I've ready *many* instances of people writing that the extended warranty did *not* cover a problem they had that needed repair.

 

<div class='quotetop'>QUOTE(hill @ Jun 13 2007, 09:26 AM) [snapback]460916[/snapback]</div>

<div class='quotetop'>QUOTE(hill @ Mar 6 2006, 05:55 PM) [snapback]221395[/snapback]</div>

 

I'm for getting the warranty, but waiting until you're closer to 3 years/36,000 miles. I believe that at under $1,000, it's good insurance and a good bet to buy peace of mind. If nothing goes wrong, fine. I'm only out $990 or less, and I had bought peace of mind for a long time. But if just one thing goes wrong, the warranty will have likely paid for itself, perhaps several times over. Notwithstanding Toyota's bulletproof reputation, bear in mind that the Prius has a lot of new technology and electronic/computerized components, and such items have been known to go wrong more frequently than the mechanical items on which Toyota's bulletproof reputation was built. There is a very respected PriusChat member, named galaxee, whose husband is a certified Toyota hybrid mechanic who would do the labor himself if something ever went wrong. And galaxee opted to get the extended warranty --- to buy peace of mind protection against the possible costs of parts alone if something were to go wrong.

 

Nowaday, major car parts (ABS, MFD, SKS Unit, etc) cost lots of $$$$$.
An ABS unit will cost you around $2000 easily. It is not unhearded of to replace ABS before 100K.
Personally, I think the $990 provided here is such a great deal.

Whether one shoud get it? It all depends on your financial budgeting.
If an unexpected need for $2000-$3000 is gonna disrrupt your financial situation greatly, then, you should get it.
If not, and when it does happen, you can laugh at yourself and say,
"Sh*t! I should have bought it."
then, move on with your life.

One of the good things about being rich is that
you don't need to worry about warranty and insurance as much as regular folks.
But, then, "rich" is a relative term.....

 

<div class='quotetop'>QUOTE(Boo @ Sep 14 2007, 06:09 PM) [snapback]512830[/snapback]</div>

That's what I did. At least it's something you have time to decide.

 

There is actually no value in waiting.
The warranty covers things that the standard warranty doesn't, and regardless of when you get it, as long as that is BEFORE 36,000 miles, it's only going to cover the stated number of miles/years from the time you bought it.
I bought the warranty, just like I did with my front-loader washing machine, and that saved us a ton of $$$ when the computer circuit board went out. Twice.

Buy it when you have the money. If you have it now, get it now. If you have to save for it, then put away $100 a month until you do.

 

I think there are valid points on both sides of the position. JimN is absolutely right that Toyota wouldn't sell the warranty unless it was a money-maker for them. The price is set (even the price we pay through Troy) so that, averaged over a lot of people, it makes them money. So, the question is, are you one of the people that they're going to make money off of or one of the people that's going to benefit?

Of course, you can't know this ahead of time. The extended warranty is a form of insurance: you're paying a moderate amount of money now to eliminate the possibility that you'd have to pay a large amount of money later. It's possible that you'll never have the "big ticket" item break and it will be $990 that you didn't need to spend.

Clint Eastwood said it best: "Do you feel lucky?"

 

<div class='quotetop'>QUOTE(Rae Vynn @ Sep 14 2007, 10:34 PM) [snapback]512853[/snapback]</div>

Actually, for those of us who do not know how many miles we will be putting on the car, there can be real value in waiting. E.g., after 3 years I should know better whether I should get the 7 years/100,000 mile warranty, or save over $250 by getting the 7 years/75,000 miles warranty.

<div class='quotetop'>QUOTE(Rae Vynn @ Sep 14 2007, 10:34 PM) [snapback]512853[/snapback]</div>

Not much --- mainly towing service, which you may already have through an automobile club, insurance or credit card, and which you probably will not use during the first 3 years/36,000 miles.

* * * * * * * * * *

But as I said before, at the Troy/PriusChat price of $990 or less, I think the extended warranty is a very good insurance buy.

 

Save your money, it's a Toyota. You will spend less on repairs over the life of the car than the cost of the warranty.

 

Let me answer your question by telling you my experience.

I bought Prius brand new + $1800 toyota 7yr/100K ext warranty. After 6 month, my car was rear ended & deemed as total loss. I bought another Prius, and guess what happen with my extended warranty of my first Prius? they prorated it, and I got around $1500 back. I dont know how the math goes to get that number.

Now think about it. Had I not bought the extended warranty at the beginning, I wouldn't have lost $300 for nothing. The car actually had 3yr manufacturer warranty, yet they prorated it as if I used the 7 yr ext warranty.

I learned the second time around. NO extended warranty until I really need it i.e 3yr/36K

 

<div class='quotetop'>QUOTE(patsparks @ Sep 15 2007, 03:06 AM) [snapback]512926[/snapback]</div>

But it's insurance. You will most likely spend less on repairs over the life of the car than the cost of the warranty. Some people are more comfortable paying the $990 up front to guard against possibly having to pay a lot more in the future.

Extended warranties (and even proper insurance) make no sense if you have infinite money. In other words, if you can always afford to pay whatever costs come along, statistics say that you'll make out in the end if you never buy insurance. However, many people cannot afford to make a unexpected big payment (i.e. if the transmission fails), so they opt for the known, moderate payment.

 

On this topic, is there a powertrain only extended warranty option (or a lower priced one with deductible)? I have the base model prius, so I figure there is less to go wrong with all the optional gadgets... As far as being worth it or not, i think its a toss up, it could be a win-win situation for both toyota and the customer (lose for the dealer) as the warranty repair rates paid by the manufacturer are usually much lower than what the dealer would charge the customer out-right for a repair. In the end I'm sure toyota makes money, you may save money but the dealer gets paid a little less.

 

I haven't got the extended warranty yet. My thought is to wait until near the end of the full factory warranty, and then decide. It depends on how the Pri runs up to that point. If you intend to keep the car for a long period of time, the extended warranty might be worth it.

At this time, it's difficult to foresee keeping a Pri for a long period of time; what do you do with a Pri with 150K miles on it? IMO there wouldn't be much of a market. I guess you could always trade it in and another one.