Toyota Extra Care Platinum or Gold

Was your last car a Toyota? This is a list the most reliable cars. Notice the top 3.

 

^This, in a nutshell.

 

^ That, in a nutshell.

 

You are comparing apple to oranges.

You can get sick and it could cost you $300,000 in medical bills depending on how serious it is. You can crash into something that cost $200,000 plus medical bills. Both these types of insurance are meant to cover you in case something horrible happens.

When you are buying an extended warranty it is to cover repairs after outside the factory warranty. Toyota makes the most reliable cars in the world. Chances are good nothing will break. If it does I doubt it will cost more than anyone spent on the warranty. The warranty is calculated to make money for Toyota and the dealer. The repairs will never exceed the price of replacing the car. You will not see $300,00 in repairs. I wonder if people that buy extended warranties buy them for

Digital cameras
Computers
Home Appliances
Flat Screen TV’s
Home Repairs
Cell phones

Every financial advocate will tell you extended warranties are a waste of money. Some people will never listen and keep wasting money.

 

"...Chances are good nothing will break. If it does I doubt it will cost more than anyone spent on the warranty..." No guarantees saying that, and the reason why I bought my extended warranty. For $1K+ Toyota now tells me chances are 0% and cost doubt is $0.00.

One or more of us will get bit and have an expensive repair, that is a sure bet. We just don't know who, when, or where. We're all in Vegas placing our bets differently.

Heck, just reading about the mold on the display and necessitating a dash pull freaks me out. My mold would hit at 3 years 1 month I'm sure. Now it will hit at 6yr+.

 

The nice thing about the warranty is that when something breaks, just get it fixed. There are alot of items covered by the warranty that are not mandatory to keep your car running. For example, on the Tacomas it is a known problem that the display that has the compass in it by the rear view mirror goes out. It is not a matter of if it will go out, but when it will go out. Depending on what dealer you take your truck to, they want anywhere from $400-$700 to fix this. Most people decide that they really don't need to know which way N is, and don't fix it. With the warranty, bring it in and get it fixed. Who cares how much it costs, you are not paying for it.

If you are selling your car, it is a great selling point. I would rather buy a car with 102k miles on it that was covered to 100k miles by warranty than one that was not. Most people who have the warranty are going to take advantage of it. Everything should work.

If you are a smart consumer, you are going to get your moneys worth out of the warranty. Not to mention, the dealer is going to look for things that they know are prone to failure on these cars and fix it.

Although it is still early in the game, my friend that is a service advisor for a large Toyota dealership here in Phoenix said he has not seen anything that seems to be a common problem yet. But, most people don't have more than 50k or 60k miles on their 2010s yet.

 

If the dealer told me my transmission is “Blown” after 80,000 miles I have a huge problem because my car does not have a transmission. It has a single planetary gear that is driven by the gas engine and two electric motors.

I put 305,000 miles on my last Toyota. Nothing broke until I was over 190,000 miles that would be covered under any warranty. Why does everyone think the concept of the Prius is brand new? It has been out for over 10 years and it is on its 3rd Generation. Very little changed from generation to generation.

Was it a Toyota?

 

Bretaz answer this simple question? Assuming everyone paid $1,000 from the internet for their extended warranty, do you really think that Toyota is losing money on extended warranties?

It is calculated profit center for Toyota. Uneducated people buy it for peace of mind.

 

First of all, Toyota does not make money on every single warranty they sell. Collectively, yes they do make money on warranties or they wouldn't sell them. That is a no brainer. That is how all insurance works.

Secondly, the OP asked which plan to buy, platinum or gold. Not whether he should buy a warranty or not. His mind is made up, he is buying one. I think after 3 pages everyone understands that you are not in favor of extended warranties. To each their own. If you don't like them don't buy one.

 

So if collectively Toyota makes money on extended warranties and the consumer loses money. If you look at the big picture, the AVERAGE consumer will not make out on an extended warranty. The odds are against you. A few get lucky, just like Vegas. The majority do not gett lucky just like Vegas.

Your right car/medical insurance works the same way. The insurance company always makes money. The difference is the max pay out on insurance is a lot higher than most people can afford. It could $300,000 or higher. If I knew the max I would ever have to pay out for health insurance or auto insurance is $15,000 I would not have either. My auto insurance detectable is $2,000 now and my medical insurance detectable is $1,500.

 

I say if you are going to waste money go for the max!!! Just like vegas play the high dollar tables.

 

With a Toyota, you're unlikely to be stuck with a $2,000 bill until after the extended warranty expires, assuming you keep the car for longer than 6 years.

I agree with keeping the deductible low for car insurance purposes, but it's because we can't control accidents/thefts happening no matter how careful we are. We can't prevent cars or road debris running into us. There is no external influence causing Toyota to break down, unless you (the driver) happen to be that influence in abusing or neglecting the car.

People act like the 3rd gen is so much more complicated than the 2nd gen. There might be new parts but it uses the vast majority of the same technology. Again, LEDs and ABS sensors are unlikely to fail within 6 years.

I don't see this in practice. When I go to the dealer and they find something wrong, they'll give me a fixed quote to get X replaced and that's roughly the price I get charged no matter how long the repair takes or something goes wrong. If it's too expensive for me, I go to an independent shop.

 

I'm 34, owned 5 cars, some new some old, no more than 225000km on any one car, all Japanese makes, 4 auto tranny, 1 manual.

I have never blown a transmission. I don't what people are doing to cause themselves a 3K repair. If you're driving domestic or German makes, then that's your fault.

 

Maybe you don't have them where you live but independent shops that specialize in Toyota and/or Japanese cars have the equipments. If you're a regular customer or have a relationship with a dealer or an independent shop that specializes in Japanese cars, they'll be happy to give you a free estimate (the 10k miles check up at a Toyota dealer will be around $95 or cheaper anyway). If you DIY or go cheap by taking your car to quick lube places (where you'll have to fight their attempt to rip you off with unneeded repairs), then yeah they're way more likely to charge you for inspection.

 

There will always be people like cossie1600 that will make one bad decision after another and defend it to the end.

They always have to take their car to a dealer for repairs. They refuse to save a buck taking it to a trusted repair shop.

They refuse to try a simple repair on their own.

They dump money into extended warranties.

They do not do research to find out typical reliability of a car they are buying. Nor do they care.

They act like money does not matter to them. Pease of mind is more important.

They fall for every scam the dealer throws at them when they go to pick up their new car.

I find most of these people make a lot less money than average yet they spend more than most. They get to a point in their life and wonder were they went wrong.