extended warranty question

S

swalker

New member
ok, I have always said only idiots buy extended warranties, now I am wondering if I should be one of those "idiots" I bought a 2011 sr5 late October. it is my daily driver and work vehicle, I will put around 40k miles per year on it. I can get a "gold" extended warranty for $710 that is good for 4 years and 125,000 miles. This is my first toyota, and I hear a lot about reliabilty but that seems like a reasonable price. I will be keeping the 4runner at least the 4 years, and may give it to my son at that point.

Any thoughts from long time 4runner owners?
 
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Is that an original Toyota Care Warranty? If not, my recommendation is to get the original Toyota Care Extended Warranty. The most aggressive pricing are by the following:
Midwest Toyota in Kansas (800-530-5789) and
Greenfield Toyota in Mass (413- 772-0989).

The following will give you the list price. If your quote is for genuine Toyota Warranty, then I think you have a great price.

Toyota Financial Services: Vehicle Service Agreements

Good luck.
 
I sort of have the same outlook on extended warranties. I figure they wouldn't be selling me one if they expected to lose money on it. However, I also realize that the odds will probably catch up with me sooner or later and something will cost me money that I could have saved with an extended warranty. But all big ticket items considered, the money I save by not buying the extended warranty on anything vs. what the issue that has yet to happen costs me, I will probably still come out ahead. I just have to keep that in mind when it's time to write that big check.

The only thing I ever bought an extended warranty on was a big screen LCD projection HD TV, back when they were much more expensive than they are these days. That was because I knew it would pay for itself. The warranty was about $200 and a replacement bulb (regular maint. item) was almost that by itself. So, I waited until just before the warranty expired and ordered a new bulb that was covered under the agreement. I had peace of mind while the agreement was in effect but didn't have any problems. So I basically just prepaid for the new bulb.

I chose Toyota this time because of their history of longevity. I considered several mid-sized SUV's but, in the end, I didn't think any would last as long, virtually trouble free, as the 4runner. I hope I'm right but time will tell. I've only owned one other Toyota in my life - a pickup, and was very pleased with it. I know several friends that have owned them with 200k plus miles and still going strong. I was sold.
 
Just bought mine about a month ago, and i bought the extended toyota warranty 6/125k miles along with the service extention till 75k miles. I put between 25k to 30k per year and usually run out of warranty pretty quick.

I was also one of those that said only idiots buy extended warranty, when i bought mine i took a good my friend who is a service advisor for lexus and told me i had a great deal in front of me if i compare what im paying now with what ill pay at the dealership if i do regular services (specially major ones = 30k-60k-75k). thats without mentioning the extended warranty coverage until 125k!! i mean trust me it feels good to know that whatever happens to the truck i can go to any toyota dealership and have a professional fix it for free!!. i wasnt so sold about the service extension thing until i ran some numbers and realize it will pay for itself if i end up doing at least 2 major services.

in my opinion, if you have the money to buy it go for it!! like maji said make sure you do toyota extended warranty not a service contract of any kind where you have to pay deductible and theres lots of hidden clauses...

ive heard about reliabilty with toyotas many times too, and dont question it one bit, but to me having peace of mind is priceless man... again if money is there, definitely a go.. goodluck..
 
It is certainly peace of mind, I'm sure. But I really wouldn't even start getting nervous, typically, until after 100k anyway, and probably more than that on a Toyota. Then again, at the rate we put miles on these days, we'll still be under 100k after 8 years. Our deal included oil changes and tire rotations and such regular maint. things for as long as we own the car. Our only issue is that the dealer is 60 miles away. So, what we'll save in supplies for the oil changes, we'll spend in gas going to get them done. But our salesperson is a friend who makes the same trip every day and he will gladly take it in on his way to work and get it done and drive it back to us at the end of the day. I doubt he's offering to foot the gas bill, however. So, we'll see how it works out.
 
On my 2000 4Runner rear axle started to go bad at 50,000 (horrible noise when driving over 50 mph). Mechanics at the dealer couldn't tell what was the reason. Luckily for me replacement was covered under the 60,000 powertrain warranty. What would happened if I go over 60,000?
My friend had a cat. converter replaced, at 65,000 miles on his 2007 Lexus GX470, for free only because he had extended warranty. (Cat. converters shouldn't go bad so early). I don't know how much he saved but one of cat. converters at my 2000 4Runner (it has two converters) costs $1,500 to be replaced at the dealer. It is basically the cost of the Platinum 8y/125,000 warranty for the 4Runner (price after negotiations but I'm sure you can find even better deals).
These are my two personal examples of: "expect the unexpected".

With all the electronics in new cars you never know what can happen...
Look at the list what is covered with the platinum warranty: Toyota Financial Services

Also remember that this warranty is transferable, in case you decide to sell your 4Runner in the future, helping to enhance your vehicle’s resale value.
 
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osin said:
On my 2000 4Runner rear axle started to go bad at 50,000 (horrible noise when driving over 50 mph). Mechanics at the dealer couldn't tell what was the reason. Luckily for me replacement was covered under the 60,000 powertrain warranty. What would happened if I go over 60,000?
My friend had a cat. converter replaced, at 65,000 miles on his 2007 Lexus GX470, for free only because he had extended warranty. (Cat. converters shouldn't go bad so early). I don't know how much he saved but one of cat. converters at my 2000 4Runner (it has two converters) costs $1,500 to be replaced at the dealer. It is basically the cost of the Platinum 8y/125,000 warranty for the 4Runner (price after negotiations but I'm sure you can find even better deals).
These are my two personal examples of: "expect the unexpected".

With all the electronics in new cars you never know what can happen...
Look at the list what is covered with the platinum warranty: Toyota Financial Services

Also remember that this warranty is transferable, in case you decide to sell your 4Runner in the future, helping to enhance your vehicle’s resale value.
Click to expand...

Very well said... my thoughts exactly. Couldn't have said it better.
 
I'm not one to buy extended warranties on most items, but did buy one in '93 for my '91 Explorer and it more than paid for itself. Likewise, I got one for my '99 Tahoe and it also more than covered it's costs.

Granted, those SUV's weren't Toyotas, but I didn't think twice about buying the 8yr/125K warranty on this truck. The price was great after using the info learned on this forum and it's nice having the confidence that I'm covered long into the future.

Now I'm reconsidering buying the pre-paid maint plans and will soon read up on all the threads / comments on those.
 
Scuba6 said:
Granted, those SUV's weren't Toyotas
Click to expand...

Far from it, which is why I didn't even consider either when I was shopping SUV's. It's a shame but it's true. Always loved the Tahoe/Suburban and never been a Ford guy but really like the new Explorer. I really love the new Grand Cherokee and, through my company's corporate supplier program, I can get really good prices on Chrysler products, but in the end, I didn't believe I'd get the longevity out of any of those that I will get out of a Toyota.

From the time I bought my first new car at 19 years old until my mid-30's, I traded into something new every 2 to 3 years so longevity was never really a consideration and neither were extended warranties. We keep our vehicles longer these days but drive way less miles and we maintain them well. There are thousands of dollars I have NOT spent on extended warranties so it would take some pretty major failures to offset that savings over the years.

But hey, if you can swing the cost, you are certainly buying peace of mind, if nothing else.
 
I've never bought an ext wty on anything - ever. I know they're a high-margin product for everyone who sells 'em. (The only exception has always been laptop computers, another story, and proven wise investment for me).

But I did buy the Toy ext wty. Not because I was unsure of reliability, but because I did the math. First, from this forum I learned that the ext wty can be had for half the list price. Second, I simply computed the price per year, and the peace of mind was well worth it to me.

After all, the 4R is a machine - a very good one - but still a machine, and machines can break.
 
philsey said:
But I did buy the Toy ext wty. Not because I was unsure of reliability, but because I did the math. First, from this forum I learned that the ext wty can be had for half the list price. Second, I simply computed the price per year, and the peace of mind was well worth it to me.
Click to expand...

How much did you pay for it? Did you buy it online?
Thanks.
 
icsa said:
How much did you pay for it?
Click to expand...

I honestly don't remember, except that it was ~half what the dealer originally wanted.


icsa said:
Did you buy it online.
Click to expand...

No. From this forum I knew the lowest online pricing before I bought the truck. While finalizing pricing, I simply waited for him to try to sell me the wty (which he did). At that time I told him what internet pricing was, and we agreed to $50 over that. Done deal. Benefit is to know these things going in, and to make them part of the deal.
 
Just bought the 2011 a few weeks ago. I was on the fence about the extended warranty, but decided it was not for me.
Consumer Reports has a very good write up on extended warranties:
New car buying guide, watch for these sale pitches
In the end, toyota reliability was a big factor in my purchase, as I have had two go more than 190k mi w/o major issues (85 4runner & 95 Land Cruiser). The CR statistics made sense to me. And I have seen this first hand in my company. Extended warranties are VERY lucrative for us because we build a quality product, so repairs are few, we keep more of the contract money, and the customer feels more secure.
 
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