extended warranty
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I'll see if they can lower the premium.
Good Times
New member
my personal take on extended warranties on toyotas are it's a waste of $$. not like it's gonna break under the normal timeframe anyhow.
most all crap happens well after 100k so what's the point in plunking that extra $.
of course there is the concern that problems might arise but the likelihood that it will happen is slim to nil I think. But at the end of the day, if this means the peace of mind then it's all good for me.
most all crap happens well after 100k so what's the point in plunking that extra $.
of course there is the concern that problems might arise but the likelihood that it will happen is slim to nil I think. But at the end of the day, if this means the peace of mind then it's all good for me.
Hank
New member
A little off topic, but I've got ~21,000 miles on my '04 V6 LTD 4WD purchased back in MAY '04 (10 months old). I've been driving my 4R almost daily for work now (95% highway) and I know that the 36,000 mile factory warranty will be up before the end of this year. My question is: Would you guys/girls recommend that I get an extended warranty for 6yr/75k or 7yr/100? Any input would be appreciated.
Hitman
New member
I can never understand why people buy extended warranties when they buy a new vehicle.
Don't you know that new cars come with warranties automatically??
Why would I pay now for something that I can't possibly use for 3 or 4 years?
A much better solution is to drive the vehicle for 3 years and then buy an extended warranty if I decide that it would be worth it.
Don't you know that new cars come with warranties automatically??
Why would I pay now for something that I can't possibly use for 3 or 4 years?
A much better solution is to drive the vehicle for 3 years and then buy an extended warranty if I decide that it would be worth it.
Hitman said:
I see you point but extended warranties are for high mileage drivers, I've got plenty of friends who put 30k a year on or more, I even know people who do 45k a year, I guess you can call it peace of mind, we all pay for insurance we hope to never use and how many of us have had something happen and we pulled out the wallet and just take it like a man.
The extended warranties also extend the bumper to bumper coverage to 60-75 or 100k, I don't think anyone wants to pay for a Torsen Diff, or any electronic components on these vehicles.
As much as everyone thinks Toyotas are so great they are mass produced and do have problems, I've seen tons of Toyotas with less then 60k crap out and need several 1000's in warranty work, it not common but it happens.
I would say the average high cost stuff usually breaks at over 100k-150k, I've seen F150 go over 100k and right when the warranty runs out exactly 1mile over the engine blows
I bought the extended warranty, guess I felt like blowing another 1000, when you don't have it you kick yourself and when you do your glad
If only we could tell what was gonna happen, but we can't
sharp4runr
New member
I bought one for piece of mind. This is my first ever new car purchase and also it was more than $30K. I've driven Toyotas since I've had my license and I know they are reliable, but things break just like on any other vehicle. The money for an extended warranty pays off in my mind...
TeryT
New member
The bumper-to-bumper on my 03 runs out in about 4,000 miles. I've wrestled with the idea of getting an extended warranty from Warranty Direct, and if so, what coverage. (They offer the full range from major mechanical to luxury bumper-to-bumper, at what seems to be a competitive price.) So do I sweat the "small" stuff & get a comprehensive one before the factory one runs out?
I bought the thing used, but have full maint. records on it. The previous owners (retired couple) got a couple TSB things fixed, but seemed to be no other issues.
I feel quite "insurance poor" as I spend several hundred dollars a month trying to idiot-proof my world. I guess I'm hoping that my 4R is idiot proof.
This is one of the great things about this forum. Where else could we get the collective intelligence to make an educated decision on such matters. Therefore, I'm leaning away from buying the warranty, as few on here have demonstrated the need for it!
(plus did you know that warranty companies actually make a profit on those deals?)
I bought the thing used, but have full maint. records on it. The previous owners (retired couple) got a couple TSB things fixed, but seemed to be no other issues.
I feel quite "insurance poor" as I spend several hundred dollars a month trying to idiot-proof my world. I guess I'm hoping that my 4R is idiot proof.
This is one of the great things about this forum. Where else could we get the collective intelligence to make an educated decision on such matters. Therefore, I'm leaning away from buying the warranty, as few on here have demonstrated the need for it!
(plus did you know that warranty companies actually make a profit on those deals?)
Hitman
New member
TeryT said:
Of course they make a profit. They make a HUGE profit!! Warranty companies know that a huge majority of policy holders will never make a claim....and that's not just with automobiles--you can buy an extended warranty on a $30 coffee maker if you choose.
Most people buy extended warranties because it makes them feel good, but what they don't realize is that extended warranties are just another insurance bill that they CHOOSE to pay.
Consider this:
Mike goes through his entire life buying extended warranties almost everything he ever buys. Over his lifetime, the cost of these extended warranties adds up to, say, $20,000.
Jim does the exact opposite of Mike. He buys the same exact things throughout his lifetime, but NEVER chooses to buy an extended warranty on anything. He has theoretically saved $20,000 in extended warranty costs.
Now, how much of Jim's stuff must break before he will recover the total cost of his extended warranty? Keep in mind that most items (such as motor vehicles) come with a manufacturers warranty. Also keep in mind that most credit card purchases (for smaller items) also offer a free extension of the manufacturers warranty.
The point here is that extended warranties play off the fears of consumers having to shell out cash for repairs. If I drove my 4Runner for 3 or 4 years and the engine blew up (right after the manufacturers warranty expires), I wouldn't have a problem paying for a new engine myself. This is because I've already saved so much money by NOT buying extended warranties that a new engine wouldn't put me in a hole.
BTW, how many times has anyone had to actually use a warranty? Pesonally, I can't think of one single time that I had to take advantage of a manufacturers warranty. And I definitely never wished that I bought an extended warranty for anything in the past. That's true of most people.... it has to be for warranties to make a profit.
TeryT
New member
About the only thing I remember is on my last laptop (Compaq). I bought it with American Express which warranteed it automatically for another year. Turns out I needed it when the DVD/CD burner & screen went out. They basically totalled it out. So I went quality & bought an IBM Thinkpad so hopefully it doesn't happen again.Hitman said:
But with that said, maybe the only times when an extended warratny makes sense numbers-wise, is when one buys a lower quality product. For instance, if I had got an Explorer, I would definately be buying the extended warranty!!!
If I could have, I would have bought the 4Runner on American Express - but they don't cover autos!
Hitman
New member
TeryT said:
Sure, there are some things more risky than others... that's undeniable. Laptops may fit that category, as does the plasma TV that I purchased last year. People will continue to buy extended warranties regardless of the assumed risk.
But does it ever make sense to buy that extended warranty on that $30 coffee maker?
TeryT
New member
You made a good point about the two people in the scenarios you presented. If one person always buys extended warrantees for everything, for sure they will loose out in the long run. It's much like gambling at the casino. People hit a few times, which keeps them going back, but in the long run loose big time! (I used to work for Harrah's & know whereof I speak.)
Strategically placed warrantees are a different matter, as indicated by things like laptops.
While information diseminators, like this forum, are good in that they are a good medium to show everyone what a solid vehicle the 4R is - it also has a potential downside. That is, if one person comes along & says "my tizzywiddle went out & cost me big bucks," everyone will immediatly know about it. There might then be a knee-jerk reaction with people flocking needlessly to buy extended warrantees.
Again, can we idiot-proof the world? Shoot mon, I can't even idiot-proof my self!
Strategically placed warrantees are a different matter, as indicated by things like laptops.
While information diseminators, like this forum, are good in that they are a good medium to show everyone what a solid vehicle the 4R is - it also has a potential downside. That is, if one person comes along & says "my tizzywiddle went out & cost me big bucks," everyone will immediatly know about it. There might then be a knee-jerk reaction with people flocking needlessly to buy extended warrantees.
Again, can we idiot-proof the world? Shoot mon, I can't even idiot-proof my self!
Hitman
So your engine blows up and you have the dealer put a new engine in and parts and labor total an easy 8k, yeah the extended warranty of 1000 or 1500 was a bad idea.
You said you hate the comparison of say a gallon of gas to a bottle of water or a gallon of milk but yet you compare a 30k+ purchase to a 30 dollar coffee maker.
Extended warranties are peace of mind, no real difference then all the insurance one has.
As far as anything goes, extended warranties for cars or big TV I've always heard to get them.
My 96 Nissan Pathfinder needed the extended warranty
:
So your engine blows up and you have the dealer put a new engine in and parts and labor total an easy 8k, yeah the extended warranty of 1000 or 1500 was a bad idea.
You said you hate the comparison of say a gallon of gas to a bottle of water or a gallon of milk but yet you compare a 30k+ purchase to a 30 dollar coffee maker.
Extended warranties are peace of mind, no real difference then all the insurance one has.
As far as anything goes, extended warranties for cars or big TV I've always heard to get them.
My 96 Nissan Pathfinder needed the extended warranty
:
TeryT
New member
So what's a good rule of thumb? All vehicles & big TVs, but not coffee makers? What about homes?
It's all risk vs. peace of mind. If it's worth it to you, then it's worth it, and then easily justified. Perhaps you don't even care if more of your money goes to the warantor - if so, then it's worth it. Then again, you may gamble & win, but still have peace of mind - what price is that worth?
It's all risk vs. peace of mind. If it's worth it to you, then it's worth it, and then easily justified. Perhaps you don't even care if more of your money goes to the warantor - if so, then it's worth it. Then again, you may gamble & win, but still have peace of mind - what price is that worth?
