Did you buy an extended warranty?

[Tiller1k]

I was really torn about whether or not to do it but in the end, it made sense. I got the 100k Toyota factory extended warranty. I was able to negotiate a good price on one. The deciding factor was the NEW 5.7l engine and the NEW 6-sp auto tranny. I know it's a Toyota but....

What did you do?

[LeeinAZ]

I bought it for the same reason...new designed engine and trans. Plus, I wanted more than the 3 yr, 36,000 mile warranty on things like the air conditioning, rear end, etc.

[mln]

Hell yes I did! It's a new product from the ground up. Even the almighty Toyota can make mistakes.

[2004TundraDC]

Originally Posted by Tiller1k

I was really torn about whether or not to do it but in the end, it made sense. I got the 100k Toyota factory extended warranty. I was able to negotiate a good price on one. The deciding factor was the NEW 5.7l engine and the NEW 6-sp auto tranny. I know it's a Toyota but....

What did you do?

I did. I took the 100K or 7 years Factory Extended Warranty Got it included in the price of the truck. And as you mentioned, the new Motor and new Tranny where the deciding factors. I now have the peace of mind knowing that if something where to happen, I'll be covered Another good thing about the Warranty, is that it's transferable to the new owner if I sell the truck in 3 years. It just makes sense to go with the EW.

Cheers

[mwatch]

I also purchased the 100,000 milewarranty. New truck, new problems not yet discovered. After reading about the transmission and engine problems on this site(I am sure just isolated incidents), I am glad I did. My intention is to pull my Jeep around the country. Just want to make sure I am covered when I do. Besides, it's only money, you can always make more!

[steveaggie]

What did you guys pay for the extended warranty?

[bugchucker]

Glad to here that it is transferable .For those of you who bought it, what price did you negotiate?

[TundraMaxxer]

I bought Toyota's best extended warranty. I figured it was a good way to spend an extra $1200.

I'm a firm believer in the comparative superiority in quality compared to other makes, but I'm also somewhat superstitious. If I didn't buy that extended warranty, then I would surely need it at some point. If I want my truck to run good for the duration, then I need to buy the warranty.

I sincerely hope I wasted my money.

[MACSTER]

I got a 100k extended with $0 deductable. Dealer wanted $1900, got 'em down to $1016. I could have got the same thing from Troy (here on the forum) for $880. I just kept it simple.

I always get an extended warranty. I don't care that's it a Toyota. I know as long as I have it, I won't need it. The first time I don't get it is when I'll have something break a day after the standard warranty expires.

[Stripped Honda]

i havent bought it yet but i am getting the Toyota Platinum 7 yr / 100,000 mile Extra Care
plan w/ $0 deductible for $880.00


i am getting it from
Troy Dietrich@
Toyota of Greenfield
12 Olive Street
Greenfield, MA 01301

[Torch]

I didn't purchase it. Been proven too many times that for the most part these things don't pay off. I have the 4.7L engine which led to my decision. Its been around awhile. If I had the 5.7 with the new transmission I would have thought about it. My theory on these things is: Under the normal factory warranty if your truck isn't a lemon by the end of it then it probably won't be. If the truck is having lots of problems before the end of the factory warranty I am getting rid of it anyway. Save yourself the $1200. These policies are huge profit makers for the companies selling them.

[wileetundra]

The warranty companies only sell warranties because they make money on them. To make money on a warranty which has almost no upfront cost for the provider, they need to charge more than they pay out in claims. To ensure that they make a profit most warranties have exclusions, limitations, and details hidden in the extremely long and fine print legal text. They often give you a hard time before paying any major claims and your claim may not be settled to your satisfaction.

The real poll should have been "Have you ever used an extended warranty and received more benefits than the cost of the policy?" or something similar. I have heard at least 6 nightmare stories from relatives and friends about how their extended warranties turned into a major rip off and claims were either denied or not resolved properly. I have heard 0 stories about anyone using an extended warranty and making out like a bandit without any issues at all.

Also, my 2002 Tacoma had 110K miles on it and never needed a single thing done other than routine maintenance outside of the original factory warranty. And I drove it hard and it was wrecked 4 times but still no issues at all.

So no warranty for me, thank you. It just doesn't make good financial sense. As others have said, put the $1,000 or so into an interest-bearing savings account and then you can use this fund as an emergency vehicle repair fund if you ever need it. If you don't need it then you get all your money back with interest!

[Beelzebub]

I finally picked up my truck yesterday afternoon. Or I should say, it finally came in and I left work early to go get it. At any rate, I have to say that I love this forum. I had already seen a post like this before, and guys mentioned where to get the EXT. Warranty for much cheaper than dealer, yet it is a Toyota warranty. Well, when the F&I guy started into his 'your a good guy, and I will offer you this package for $1,800, normally it is $2,500' I just smiled. And then politely declined his 'good deal'. I will be getting the 75k package for less than half what he wanted to charge for the 100k. I figure, I probably won't keep this truck much past 5 years, and if I do, I'll just pony up, if the need arises.
Anyway, long story short, thanks to this forum, I will be getting the extended warranty, and saving a lot of money by doing it. Thanks guys.

[walterj7]

Originally Posted by wileetundra

The real poll should have been "Have you ever used an extended warranty and received more benefits than the cost of the policy?" or something similar.

I have purchased extended a warranty (for my son) on his used car that had 33,000 miles and only 3,000 miles untill end of 3yr/36000 warranty extending it to 77rs/100,000.

We had 3 claims and each claim was each claim was in excess of the policy cost (policy listed at $1,600).

There for I was very happy to add the 3yr/100,000 $0 deductable extended warranty to my new 35K tundra (as well as Lojack and gap coverage. The dealer made it painless by extending the financing contract 3extra months (apx.$1,800). I sleep better and happier..Regards

[TundraMaxxer]

Originally Posted by wileetundra

The warranty companies only sell warranties because they make money on them. To make money on a warranty which has almost no upfront cost for the provider, they need to charge more than they pay out in claims. To ensure that they make a profit most warranties have exclusions, limitations, and details hidden in the extremely long and fine print legal text. They often give you a hard time before paying any major claims and your claim may not be settled to your satisfaction.

The real poll should have been "Have you ever used an extended warranty and received more benefits than the cost of the policy?" or something similar. I have heard at least 6 nightmare stories from relatives and friends about how their extended warranties turned into a major rip off and claims were either denied or not resolved properly. I have heard 0 stories about anyone using an extended warranty and making out like a bandit without any issues at all.

Also, my 2002 Tacoma had 110K miles on it and never needed a single thing done other than routine maintenance outside of the original factory warranty. And I drove it hard and it was wrecked 4 times but still no issues at all.

So no warranty for me, thank you. It just doesn't make good financial sense. As others have said, put the $1,000 or so into an interest-bearing savings account and then you can use this fund as an emergency vehicle repair fund if you ever need it. If you don't need it then you get all your money back with interest!

Well, think about this for a moment. Yes, it's a money-maker for the manufacturers but only in the same way that homeowners or car insurance is money-maker for the insurance company. It's all based on actuarial numbers and percentages. Out of 100 guys who bought the extended warranty, only a few will actually consume the cost of their warranty in repairs. Even if they double or triple it, the company still makes lots of money on all the other guys who either use very little of their warranty, or none at all.

But from an INDIVIDUAL standpoint, who knows what tomorrow brings. Maybe you are one of the guys who won't need the warranty, but if you do you'll wish you had it. As for your remarks about the horror stories, it should make no difference whether you are still in your basic warranty period, or into the extended period. It's the same. Have you never heard horror stories about basic warranties, too? I'm not dissing your relatives and friends, but I dare say they were wrong. It's all in writing. It's a contract. Contracts stand up in court. If they were denied a claim, they had recourse but if they didn't push it then they probably knew they didn't have a claim.

I'm hard-pressed to believe there is any tendency to treat extended warranties more harshly than the basic ones.