To warranty or not?

[Tranimal]

Guys, new member here. Going to pick up my new 2007 T4R SR5 on Friday.

I have an option of adding a 4/48 extended warranty for about $2,400. I just sold a Tahoe that cost me about $3K a year WITH A WARRANTY, so I'd love the piece of mind, but so far I understand with these T4R's there really is no need...

It's an open policy which means if it's not listed, it's covered. All that is listed is maintenance and cosmetics so it's robust. So, what is y'all's experience for the 07 model - do I need the warranty? Is there a common problem associated with the 07 models I should be concerned with? Thanks.

 

[4x4runner2002]

try searching through the 4th gen section for common issues.

 

[Burt]

Well, I got a 2008 with 94K on it and it has never been in the shop for repair. Just do routine lube changes and maintenance, your good to go. I never go for warranties, they are just a way for dealers to pad profits.

 

[LandCruiser]

Lots of those policies are overpriced, many are offered by third parties that are more reluctant to pay (or have some paragraph in them that you may get reman/non-OEM parts if it's cheaper to do so), many policies are sold by the big geographic Toyota dealer networks (like SE Toyota) that if you move may not be as easily covered since the paperwork has to bounce around, many offer some bullshit service plans that attempt to con you into paying for oil changes, wipers, etc. to then get them "free" as part of some trumped up VIP treatment, not all cover things like the AC, wiper motors, sunroof, etc.

Dealers are good at making up schemes to con people out of money when they're buying the car, and the "extended warranty" has really become that if it's not offered by a reputable vendor/underwriter. I stopped buying them years ago when SE Toyota's warranty plan refused to deal with my FJ Cruiser's drivetrain problems.

 

[KidVermicious]

Don't warranty. They don't offer those warranties out of the goodness of their hearts, they offer them to make more money and it's your pocket that money comes from. Warranties and insurance should always be limited to things you absolutely can't do without if something happened - if you use them to try and protect stuff you don't absolutely need or save money on maintenance, you'll always lose in the long run.

If you're worried about maintenance costs, take that $2400 and use it to seed a bank account reserved for truck repairs. That way it stays your money until/unless you need it, and you keep the interest on it.

 

[Martinjmpr]

If you're worried about maintenance costs, take that $2400 and use it to seed a bank account reserved for truck repairs. That way it stays your money until/unless you need it, and you keep the interest on it.

:iagree::iagree: x 10.

The only way I would agree to an extended warranty like this would be if it was one of those policies where, if you don't use it, you can get your money back at the end of the term. That way you're only out the cost of the interest on that money.

Here's a way to think of an extended warranty: The warranty seller is making a bet. They are betting your vehicle will not need a covered repair within the warranty period, and by buying a policy, you are betting that it will.

They wouldn't offer a warranty if it wasn't, statistically, a good bet for them. :

Isn't one of the reasons people buy Toyotas because of their legendary reliability and longevity?

If you buy the warranty (unless it is a "full refund" policy), you are 100% guaranteed to be out the money of the repair. OTOH, the chance of you needing a transmission, T-case or major engine repair is pretty low, probably less than 5%.

Unless you have reason to believe the vehicle will fail, there's little reason to buy a warranty (and if you think the vehicle is likely to fail, why would you buy it in the first place?)