Regret buying or not buying the Extended Warranty?

It seems to me that if a product was not going to have the quality to last they wouldn't have an extended warranty. On the other hand, if a product is of higher quality, one would assume that they'd sell extended warranties because the failure rate of the item was so low they would make huge profits. (Just my convoluted logic). I'm not going to buy the extended warranty because the Prius is an excellent automobile with a great reputation. I have decided this after reading other posts pointing out that after many thousands of miles they've had no problems other than routine maintenance.

 

IMO, there are far too many computers and other sophisticated electronic components built into the Prius to risk being caught without an extended warranty. All you'd have to encounter is one bad computer chip or a multi-function display that experiences an early death to pay for the warranty...

I declined the dealer-offered warranty as I know that they charge way too much for them (even if you manage to haggle down the price some) as a way to further line their pockets. Instead, I waited until I was about a year-and-a half into driving the vehicle and then purchased a platinum Toyota warranty through this forum for around $875. Needless to say, I sleep much better at night now.

Someone once told me that a person can spend "good" money, or they can spend "bad" money. You're going to spend money either way. The "good" money is for things like paying expenses to get your kid into Little League baseball or that dance class they desperately want to be in, or a day-trip to the zoo, or a fun night out with your spouse or significant-other. Bad money is for things like drug rehab, getting your kid out of jail and paying horrendous legal fees, spending double to fix that leaking roof because you neglected it far too long, or paying for car repairs that might have been avoided.

My wife and I have been driving the car for two and three-quarter years now and we've managed to rack up about 49,000 miles in that time. For me, laying down some serious money to buy the Prius extended warranty was considered "good" money because it basically freed my mind and allowed me to concentrate more on my family and on personal pursuits that I would rather be using my brain power on. But that's just me.

 

The OP didn't say where they are located. If you happen to be in a Prius friendly area (Bay Area, Portland, Seattle, Denver/Boulder, Boston, Austin, Madison etc) there are independent shops that will work on your Prius for less than the dealer...and many will use recycled parts if you request them. If that is the case, an extended warranty may not be worth it. If you must buy an extended warranty, wait until you've had the car almost 3 years then buy an aftermarket warranty like the one sold on PC. Why give the dealer more money when you buy the car? The dealer is not selling a Toyota warranty, they are just selling someone else's warranty at a big profit....and don't forget to read the fine print as to what is covered before buying any extended warranty.

 

I got the 7-year extended warranty from Toyota when I bought my Prius in Feb. 2004. I was worried mostly about the longevity of the traction battery pack.

For six years, I never needed it for repairs of any consequential amount. Then, just months before the warranty expired, the multi-function display unit failed. A replacement unit (quoted cost $800) was swapped in at no charge.

Given that event and the peace of mind I bought at a time when hybrid technology was still relatively new in the US, I don't regret getting the extended warranty. I certainly didn't expect, when I bought the car, that I would have only 63,000 miles on it 7.5 years later; I was figuring on far more, but my driving habits changed.

Still, I don't think I'll do it the next time I buy a new car.

 

So how much did you lose on the deal, altogether?