extended warranty

[EDGE]

Whats it worth, Insurance and Extended Warranties usually come with price tags

Like you said it's peace of mind, does 1 need an extended warranty, no but if you need it your glad you have it and we can't look into the future and tell if 1 is need, plus think about it if you could look at a car and figure out the problem the 1st time every time you could solve many problems

 

[Hitman]

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.

Who said anything about having my dealer put in a new engine?? I'd only go there if I wanted to get my ass reamed....

If my engine blew after the warranty period was over, I'd most likely buy a crate motor and replace it myself. I haven't checked prices, but I could probably do it for less than 3 grand.

But I do think you're missing my point. I've owned around 12 or so new cars in my life. I never paid for an extended warranty on any of them. If I did have to shell out 8 clams for a new engine now, then I'd still be ahead of the game because of the fact that I never paid for an extended warranty on any of my other new cars.

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.


No, I don't hate the comparison of bottled water/gasoline. I was just illustrating that people bitch about gas when the price goes up, yet they pay more (per unit) for water or milk.

And my point about the coffee maker is that extended warranties are EVERYWHERE!! Even the smallest, cheapest items sometimes off them.

[/B]

 

[sharp4runr]

The extended warranty for my truck is like a condom. I'd rather have it then not need it, than need it and not have it...

 

[Hitman]

Well, it all comes down to this:

If you have the means to be self-insured, they definitely do it.

Some insurance is mandatory, such as automobile liability insurance... we have no choice but to pay it if we want to own a motor vehicle.

Other insurance is optional. This is where wealthy people know how to play the game... they self-insure themselves as much as possible and avoid paying insurance companies.

 

[iFORCE]

What your looking for is an ASSURANCE that you'll be looked should your car break down or need repairs. It won't pay you a monetary amount.

INSURANCE is where the policy will compensate the policy holder with a monetary amount should something happen.

I bought my extended warranty for my T4R, and so did my parents. Like sharp4runr said "I'd rather have it then not need it, than need it and not have it..."

 

[horsey]

Everyone has a good point Thanks everyone!

 

[wm69]

Well, it all comes down to this:

If you have the means to be self-insured, they definitely do it.

Some insurance is mandatory, such as automobile liability insurance... we have no choice but to pay it if we want to own a motor vehicle.

Other insurance is optional. This is where wealthy people know how to play the game... they self-insure themselves as much as possible and avoid paying insurance companies.

Put the money in the bank and let it draw interest. If your car breaks down, use the money to fix it. You bought a Toyota because chances are it won't break down. Your putting yourself in a pretty safe position as far as the car breaking down/not breaking down just by buying a Toyota. All cars break down, but you'll find few Hondas and Toyotas that will break down before that extended warranty runs out. Has anyone here looked at the profits insurance companies are posting? Extended warranties on a Honda or Toyota are right up there with getting the $400 carpet protection and undercoating; there to seperate money from the buyer. My wife got suckered into buying the extended warranty once. It won't happen again....... If you are going to buy an extended warranty you should just go buy an American made POS for 60% of what your 4 runner costs and then you're covered when it breaks down. Buying an extended warranty for a Toyota completely misses the point of buying a Toyota.

 

[sharp4runr]

haha, the .0025% that the bank gives you is really worth it.

I don't care about how reliable a Toyo is, like every other car something is going to break.

 

[iFORCE]

Put the money in the bank and let it draw interest. If your car breaks down, use the money to fix it. You bought a Toyota because chances are it won't break down. Your putting yourself in a pretty safe position as far as the car breaking down/not breaking down just by buying a Toyota. All cars break down, but you'll find few Hondas and Toyotas that will break down before that extended warranty runs out. Has anyone here looked at the profits insurance companies are posting? Extended warranties on a Honda or Toyota are right up there with getting the $400 carpet protection and undercoating; there to seperate money from the buyer. My wife got suckered into buying the extended warranty once. It won't happen again....... If you are going to buy an extended warranty you should just go buy an American made POS for 60% of what your 4 runner costs and then you're covered when it breaks down. Buying an extended warranty for a Toyota completely misses the point of buying a Toyota.

Let me tell you that by putting $2000 in the bank, won't generate enough interest to buy yourself much. $2000 in mutual funds might get you a couple oil changes a year, but then again, capital gains/management fees/inflation would make that profit vanish.

Best bet = buy extended warranty. Provided you belive it will help and that you OWN your car. Purchasing extended warranty on a leased vehicle... isn't the smartest thing to do.

 

[Hitman]

haha, the .0025% that the bank gives you is really worth it.

Check out ING Direct

2.6% with zero minimums or restrictions.

Not a bad place to park a few bucks liquid cash....

 

[TeryT]

haha, the .0025% that the bank gives you is really worth it.

I don't care about how reliable a Toyo is, like every other car something is going to break.

Watch out - could be a self-fulfilling prophecy!:awais:

 

[TeryT]

Let me tell you that by putting $2000 in the bank, won't generate enough interest to buy yourself much. $2000 in mutual funds might get you a couple oil changes a year, but then again, capital gains/management fees/inflation would make that profit vanish.

Best bet = buy extended warranty. Provided you belive it will help and that you OWN your car. Purchasing extended warranty on a leased vehicle... isn't the smartest thing to do.

Another point to make in this is that while many would advise to take that money & bank it for the posibility that you will use it - not many (of us po folk) are disciplined enough to keep their hands off the money until the time we might need it to fix the problem.

 

[ksneubec]

with this talk about extended warranties, I wonder if all the modifications we do might void the warranty anyway???

 

[Hitman]

with this talk about extended warranties, I wonder if all the modifications we do might void the warranty anyway???

Only if the modification causes the failure of the part/system in question.

Have you ever heard of the Magnuson Moss Act?

 

[ksneubec]

I haven't heard of that act . . . . but, if what you are saying is true, that's good since everything I've messed with still seems to be functioning. Except of course for the mod I just tried on the rear "empty" fog lights, but I'm still working on that one . . .

http://www.toyota-4runner.org/showthread.php?postid=79614#post79614

And I guess since there weren't lights there in the first place I may be okay

 

[Hank]

To clarify my original question, what I meant to ask is whether an extended warranty be a good idea for a person who drives a lot (i.e.- myself, I did ~55,000miles last year; luckily most of it on my other older vehicle which did 45k of the 55k). 90% of the mileage is for work, but since my baby's already at ~21k miles, when she gets near 36k, I might want to get an extended warranty not because I'm fearful of minor quirks down the line, but with more advanced tech stuff like: torsen, diffs, electrical, etc. Does anyone think that these are potential major problems in the future? I plan on getting out of the consulting business I'm currently in, but the mileage on my 4R has already been racking up. My buddy's dad is a mechanic and he has been servicing all my vehicles, but he's thinking of retiring, so I'll have to take her to the stealers in the future.

 

[wm69]

haha, the .0025% that the bank gives you is really worth it.

I don't care about how reliable a Toyo is, like every other car something is going to break.

Let's see, put my money in the bank at say 2% where the money is still mine, OR give it all to some sleazy salesperson for a warranty that there's a .9975 chance I'll never need. That's not a real tough one for me. If you expect problems the warranty is a good idea. I bought a Toyota so I don't have to expect problems, thus the warranty is insurance I don't feel like I need. If ya'll want to keep padding the insurance companies pockets for that "peace of mind" go right ahead. I'll keep my money in my pocket where it belongs.

 

[Koz]

Based on the mileage you put on in a year, I don't think an extended warranty is worth getting. The warranty would expire within two years. Plus highway miles are not as tough as city miles.

Koz

 

[EDGE]

Someone said with the Toyota Extended Warranties, they will refund you your money if you never make a claim or you can just transfer it to your next vehicle, but you have to ask for it

Is that really true, I think it was MOMO but Im unsure

 

[sharp4runr]

I'm not sure about transferring it to another vehicle (probably not likely), but if you sell the truck you can transfer it to the new owner (small fee required). This could really give the buyer and incentive to purchase...