Well said. I apply that same logic to my home warranty (and don't buy one). However, I did get the extended warranty on my 4Runner. I got a Limited 4x4 and the way I saw it, there are so many bells and whistles that present a lot of opportunity for problems.
Does anyone get extended warranty ever?
- Thread starter Sal1978
- Start date
Well said. I apply that same logic to my home warranty (and don't buy one). However, I did get the extended warranty on my 4Runner. I got a Limited 4x4 and the way I saw it, there are so many bells and whistles that present a lot of opportunity for problems.
I always do research to figure out the lowest possible deal to be found on the manufacturers extended warranty and haggle with the dealer to get them there.
This time I got the 10/125 using [MENTION=118321]Jetboy[/MENTION]'s numbers and the "haggle" was me saying what I'd give him and him saying "ok."
So many sensors and electrical parts to go wrong that I feel its worth it. Especially if you like to keep cars past the financing period.
But, I always buy the manufacturers and not a third party offered through the dealer.
This time I got the 10/125 using [MENTION=118321]Jetboy[/MENTION]'s numbers and the "haggle" was me saying what I'd give him and him saying "ok."
So many sensors and electrical parts to go wrong that I feel its worth it. Especially if you like to keep cars past the financing period.
But, I always buy the manufacturers and not a third party offered through the dealer.
I've purchased the extended warranty twice and both times it more than paid for itself. First vehicle was a New 2004 Cadillac Escalade and the 2nd vehicle was a 2 year old 2011 Nissan Titan. I paid $1300 for the warranty on the titan plus $100 deductible for each "warranty work" and I had 3 repairs done in 4 years. The total cost with parts and labor was $2500 on the titan. Now with the Toyota's dependability I would pass on it.
My 2015 limited came from the far north where -50 degree weather is not uncommon so I picked up the extended warranty in case I have issues down the road especially with my vehicle track record.
My 2015 limited came from the far north where -50 degree weather is not uncommon so I picked up the extended warranty in case I have issues down the road especially with my vehicle track record.
Jetboy
New member
I bought it just for resale. I'm covered if anything happens - which I don't expect, that's why I bought a Toyota. But I do think I will get most of the value back when I sell it because the buyer gets a significant risk reduction buying one with one or two years left of warranty as compared to one just out of warranty.
jordanrb81
New member
so, I don't know about Canada but typically you can buy a warranty as long as you can prove you're covered under the original, that way they aren't "buying a claim" additionally you can buy a warranty from any dealership, I have done this with Mercedes CPO vehicles three times. there are a couple (one in NJ and one in the south bay area of LA) that make a game of this. so basically I can buy a vehicle in NH and then call California, give them my VIN and they'll sell me the warranty. I didn't try this with Toyota but think about it. if you call another dealer they know if you don't hear the price that makes you smile, you'll just say alright thanks, hang up and dial the next dealer. I had a guy selling me a car say that if I bought the warranty right now he'd give me 10% off but if I waited it would be full price. once I broke the news to him that I could buy the warranty with a phone call his attitude totally changed. My advice, make that phone call BEFORE YOU BUY and see if another dealer will happily sell you a warranty. I called around about this for a Volvo and learned real quick ONLY the selling dealer can provide an extended warranty through Volvo so it certainly differs by manufacturer.
pnwtrdpro18
New member
It's all about having an emergency fund to cover general unexpected costs in life. Take the money from all these warranties people try to sell you and instead put it away in a separate bank account.
They price warranties to make money. If you keep your money in a flexible pool of cash, you will statistically come out ahead. unless you are just really really unlucky
Of the things i've heard so far... having it for resale value could be make sense, although it's probably less so making more on resale than it is *ease* of resale.
Anyway... just my opinion spoken like I know what I'm talking about.
They price warranties to make money. If you keep your money in a flexible pool of cash, you will statistically come out ahead. unless you are just really really unlucky
Of the things i've heard so far... having it for resale value could be make sense, although it's probably less so making more on resale than it is *ease* of resale.
Anyway... just my opinion spoken like I know what I'm talking about.
It's all about having an emergency fund to cover general unexpected costs in life. Take the money from all these warranties people try to sell you and instead put it away in a separate bank account.
They price warranties to make money. If you keep your money in a flexible pool of cash, you will statistically come out ahead. unless you are just really really unlucky
Of the things i've heard so far... having it for resale value could be make sense, although it's probably less so making more on resale than it is *ease* of resale.
Anyway... just my opinion spoken like I know what I'm talking about.
Good info....Also, most auto insurance companies have extended warranties. The one I had for my Cadillac years ago was with Geico but they called it "Mechanical Breakdown Insurance".
SundevilCO
New member
List of dealers
My wife and I got got a 2020 and they quoted $2250 as the “employee” pricing (Normal price was $3350) for the Platinum 8yr/100k. I would love to get your list of dealers that sell this and pick one up. Thanks in advance for your help!
My wife and I got got a 2020 and they quoted $2250 as the “employee” pricing (Normal price was $3350) for the Platinum 8yr/100k. I would love to get your list of dealers that sell this and pick one up. Thanks in advance for your help!
Cymon
New member
I forgot who it was on here but I used his warranty with similar rates to what [MENTION=118321]Jetboy[/MENTION] posted above to negotiate mine back in 2015. I was able to get the 7 year 125k warranty for under $1,200. If you can get the info use it and take it to your dealership and see if they’ll match. I did it for peace of mind on the electronics and possible resale.
Edit: here is the post with lots of info...
Extended Warranty? 2015 4Runner limited
Last edited:
I've bought one in my life. On an used 01 Expedition. It was worthless. So many loopholes of criteria for what is covered, how much is covered, if the warranty company agrees with mechanic labor time estimate, then the ordeal of finding someone to agree to take payment, or should i say wait on payment from a warranty company. Extended warranties are a suckers game. If they protected you as well as you think, the dealerships wouldn't push them so hard... they make a ton on them.
I work at a car dealership and I have a lot of experience with extended warranties. Here's my take.
1. It really depends on what your long term plans are. Often I see customers who purchase 8 year warranties but then trade their vehicle in after 3-5 years. Any unused warranty then goes to waste.
2. Pricing varies alot. Before purchasing an extended warranty, get a 2nd opinion from another dealership. Most warranty companies have markups between $2,500 - $3,000
3. Make sure you are getting sufficient coverage for your needs
4. How much is the deductible
5. If it is not factory warranty, double check the warranty company's credibility.
1. It really depends on what your long term plans are. Often I see customers who purchase 8 year warranties but then trade their vehicle in after 3-5 years. Any unused warranty then goes to waste.
2. Pricing varies alot. Before purchasing an extended warranty, get a 2nd opinion from another dealership. Most warranty companies have markups between $2,500 - $3,000
3. Make sure you are getting sufficient coverage for your needs
4. How much is the deductible
5. If it is not factory warranty, double check the warranty company's credibility.
umidkusername
New member
I got the basic extra coverage because I wanted Gap. If you don’t have Gap insurance then you’re playing with Fire. You never know when someone is going to total your car, never. You could be the best driver on the world and someone get you good. I couldn’t get Gap unless I opted for a bigger warranty option.
I’m not sure if that added miles/months to the warranty or not. I think it did.
But being a Toyota you probably won’t need it.
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I’m not sure if that added miles/months to the warranty or not. I think it did.
But being a Toyota you probably won’t need it.
Sent from my iPhone using Tapatalk
