One of the most controversial subjects on the site.....right there with what oil or octane to use.
With vendors here offering 100K mile warranties for under $1,000, I honestly don't understand not getting it........ESPECIALLY if you get 0% over a term.
So far I have not made any money on mine, but I also haven't missed the $17 a month.
I will do without the extended warranty. I have seen anything I couldnt fix myself show up on the forum. The air pumps require vilegence, but that's about it.
I'll also do without the extended warranty. Statistics prove that more often then not they're a poor choice. The people that make out with them are the warranty providers. In the past I felt especially confident with Toyota's products..maybe a bit less now. Many people on this forum seem to have much more money to spend than I do [replacing fenders to eliminate antenna holes for several hundred dollars???] Again it gets to your risk comfort level. If it makes you feel a $1000 more confident then do it.
I'll also do without the extended warranty. Statistics prove that more often then not they're a poor choice. The people that make out with them are the warranty providers. In the past I felt especially confident with Toyota's products..maybe a bit less now. Many people on this forum seem to have much more money to spend than I do [replacing fenders to eliminate antenna holes for several hundred dollars???] Again it gets to your risk comfort level. If it makes you feel a $1000 more confident then do it.
I didn't replace the fender yet that's for this winter.
As for the extended warranty I never buy them factory warranty is good enough for me. If for some reason I have a problem after the warranty is gone my dealer aka Sparks always looks out for me. Like this I did the trd lowering kit and they did a free alignment for me. I have a dealer that takes care of their customers.
I'll also do without the extended warranty. Statistics prove that more often then not they're a poor choice. The people that make out with them are the warranty providers. In the past I felt especially confident with Toyota's products..maybe a bit less now. Many people on this forum seem to have much more money to spend than I do [replacing fenders to eliminate antenna holes for several hundred dollars???] Again it gets to your risk comfort level. If it makes you feel a $1000 more confident then do it.
I already have 65K on my 2010 DC. I've had a wheel bearing die at less than 20K. I have another one howling, now. If my A/C compressor or alternator dies my $799 125K mile warranty just paid for itself. Not too many people on this board can rebuild their trans. There have been several rear diff failures, trans failures, water pump leaks, the AIP failure debacle, a guy with a window in the side of his block and a myriad of driveshaft issues. $799 for 125K warranty from Jerry at Midwest was worth every penny even if I don't use it. I drive from San Diego to KC several times a year. It's comforting to know that I'm covered if the thing shucks a rod (or the trans dies) on I-70 in the middle of Utah. Peace of mind has price tag. For me, it was $799.
I wasn't going to buy the warranty either, but when it became apparent that this truck isn't built like the 4Runner we traded in, I went for it.
YMMV.
I already have 65K on my 2010 DC. I've had a wheel bearing die at less than 20K. I have another one howling, now. If my A/C compressor or alternator dies my $799 125K mile warranty just paid for itself. Not too many people on this board can rebuild their trans. There have been several rear diff failures, trans failures, water pump leaks, the AIP failure debacle, a guy with a window in the side of his block and a myriad of driveshaft issues. $799 for 125K warranty from Jerry at Midwest was worth every penny even if I don't use it. I drive from San Diego to KC several times a year. It's comforting to know that I'm covered if the thing shucks a rod (or the trans dies) on I-70 in the middle of Utah. Peace of mind has price tag. For me, it was $799.
I wasn't going to buy the warranty either, but when it became apparent that this truck isn't built like the 4Runner we traded in, I went for it.
YMMV.
With SOCAL on this one as well! I am going through the issue with the bearings right now as well as the drive shaft being delivered to have installed at dealership. The dash rattle, clock time issue, battery going dead just after the 3 year, and serpentine belt replacement after 3 years have all been taken care of at no charge for parts or labor. I am a supporter for sure of extended warranties with what labor and parts cost.
I am wondering if it is possible to get another extended warranty beyond the 7 years/70K miles in case I consider a supercharger instead of getting the double cab; I only owe around 12K so it would probably be stupid to trade in or sell and add more debt.
I planed to buy the warranty, in fact I talked about it with the wife, then she said well we never bought a warranty before. That's the whole deal. I've never bought a ext. warranty before or needed one. Never Anythang over 1000$ repair on a vehicle with less than 100,000 miles except for a wreck, This is my first Toyota but aren't the suppose to be bullet proof. We shall see. I'm not loaded with money, but I'm not broke either, if thangs go south I'll just unload and buy another one cash, just like I did my Tundra. course I've always spend A extra 1,000$'s or so on overmaintance on every vehicle I've ever owned, then just let the chips fall where they may, hope this strategy continues to works out
I planed to buy the warranty, in fact I talked about it with the wife, then she said well we never bought a warranty before. That's the whole deal. I've never bought a ext. warranty before or needed one. Never Anythang over 1000$ repair on a vehicle with less than 100,000 miles except for a wreck, This is my first Toyota but aren't the suppose to be bullet proof. We shall see. I'm not loaded with money, but I'm not broke either, if thangs go south I'll just unload and buy another one cash, just like I did my Tundra. course I've always spend A extra 1,000$'s or so on overmaintance on every vehicle I've ever owned, then just let the chips fall where they may, hope this strategy continues to works out
Totally understand! We do what we can do and it is what it is, we deal with whatever happens when it happens with the means and conditions. Great luck brother........
Saw this today online. It kind of sums up my view pretty well. Regarding Life Insurance I purchased that until my last kid finished college after that I'm self insured. Medical insurance is a no brainer for me. It's paid for in the first few months of each year. Again it's all about individual's Risk / Comfort threshold.
Biggest Car-Buying Ripoffs
By Peter Valdes-Dapena | CNNMoney.com – Mon, Jun 27, 2011 5:39 PM EDT
"What if something goes wrong?"
Most cars today come with warranties that cover the engine and transmission -- in other words, the stuff you're really worried about -- for five or five to 10 years while covering everything else on the car for about three years.
If someone tries to sell you an "extended warranty" keep in mind that the parts you really care about, the expensive parts that make the car go, are already covered for a long time. In fact, there's a good chance you won't even have the car longer than that.
WT I do not know as well...I keep enough liquid assets to take care of it if needs be. You can what if yourself to death. Now, if Sears offered me a warranty on a new fridge for a year then I would tell them to stick it. Big difference though.
Saw this today online. It kind of sums up my view pretty well. Regarding Life Insurance I purchased that until my last kid finished college after that I'm self insured. Medical insurance is a no brainer for me. It's paid for in the first few months of each year. Again it's all about individual's Risk / Comfort threshold.
Biggest Car-Buying Ripoffs
By Peter Valdes-Dapena | CNNMoney.com – Mon, Jun 27, 2011 5:39 PM EDT
"What if something goes wrong?"
Most cars today come with warranties that cover the engine and transmission -- in other words, the stuff you're really worried about -- for five or five to 10 years while covering everything else on the car for about three years.
If someone tries to sell you an "extended warranty" keep in mind that the parts you really care about, the expensive parts that make the car go, are already covered for a long time. In fact, there's a good chance you won't even have the car longer than that.
When people write things like that, ask them if they'll take the money and cover you if it's such a sure thing.
The powertrain part of the warranty is very limited and generally covers the parts that do not go out. What tends to happen on the powertrain warranty is some obscure sensor or other "non-covered" part goes and you're SOL.
In addition, our PT warranty is good for only 60K........the people here that buy them go 100K-125K for a LOT more coverage than just powertrain.
The bottom line for me is I know I'm ahead on my warranties from just the 2 transmissions on my last truck. Yes, there's also been vehicles I did not break even on.
And like the RCSB Tundra we just traded in, I cancelled the warranty and will be getting a substantial refund.
I'd rather pay the +- $17 a month than come up with a $1,000-$8,000(?) lump sum if something goes T/U.
WT I do not know as well...I keep enough liquid assets to take care of it if needs be. You can what if yourself to death. Now, if Sears offered me a warranty on a new fridge for a year then I would tell them to stick it. Big difference though.
I have the 8 year platinum warranty and even if I never use it, I'm happy that I bought it. If I need just 1 major repair in 8 years time, that means the warranty has paid for itself. As has already been mentioned, there are certain things that are still not covered by the factory warranty... and the platinum warranty fills in the gaps.
Another thing that has not yet been mentioned, are the additional benefits of the platinum coverage. I don't have the details in front of me now, but I believe towing is covered as well as roadside assistance... and there is also a food and lodging benefit up to $250, depending on how far you are away from your home when a problem comes up.
An 8 year 125,000 mile package platinum warranty can be purchased for around $1150... for me personally, that's a better gamble than hoping I never need to pay for a major repair.
The difference is with health care one incident can easily cost 100K.
There are two aspects, one is the multiple on your cost (or the margin they make). The second is the total magnitude of the incident and the fraction as compared to your net worth.
In all cases you would mathematically do better to self insure. In the case of medical, most people wont be able to save 100K plus for a major medical incident. However for a car most people can afford a few thousand for a mechanical failure. Also health insurance is highly regulated so the profit margins are well known. Extended warantees have much larger profit margins.
The difference is with health care one incident can easily cost 100K.
There are two aspects, one is the multiple on your cost (or the margin they make). The second is the total magnitude of the incident and the fraction as compared to your net worth.
In all cases you would mathematically do better to self insure. In the case of medical, most people wont be able to save 100K plus for a major medical incident. However for a car most people can afford a few thousand for a mechanical failure. Also health insurance is highly regulated so the profit margins are well known. Extended warantees have much larger profit margins.
Well, being in the EMS business I can tell you you will get medical care with or without insurance; you will not get a new transmission @ 90,000 miles without an extended warranty.
Regardless if I could pay $3K for a mechanical problem, I'd much rather pay +-17 a month not to have to come up with that lump sum.........and I understand you not wanting to pay the $17.
As far as profit margins, you have a source???
Fairly certain health care is one of the most maligned businesses out there concerning their lucrative profit margins.
I can tell you as FACT that the smart shoppers here at T/S are paying no more than $150 over cost on their warranties. As far as what Toyota makes, that's irrelevant simply because they also control the parts/labor......we can't fix the car for as cheap as Toy can. (It's also why some low-life dealers shy away from warranty work)
There are people that don't shop and pay $2,500 for generic products. Unfortunately, I think that's were a LOT of the bad rep comes from.
I've gotten back about $200 from my extended warranty for some electrical part in the wiring on the tow side. (rectifier??) I'm down $760 with 3 years left.....
The bottom line is I've never missed the $17 a month..
At the risk of being redundant.....and just because I'm curious, would you keep comp & collision on your paid off vehicle???
Now ya know you bring up a good point, cause I have full coverage on my tundra, but not on my frontier that was hit by a drunk with no insurance. Repaired my self for around a 1,000$'s. How much extra for full coverage, 1.000 a year, do the math.
How many new vehicles have I owned that have had a 1,000 dollar repair in the first 100,000 miles? zero
Now ya know you bring up a good point, cause I have full coverage on my tundra, but not on my frontier that was hit by a drunk with no insurance. Repaired my self for around a 1,000$'s. How much extra for full coverage, 1.000 a year, do the math.
How many new vehicles have I owned that have had a 1,000 dollar repair in the first 100,000 miles? zero
'01 F-250 ate 3 transmissions.....Ford wouldn't goodwill the 3rd because I was a couple days over the extended warranty period (the reason behind my user name) Along with a few other minor repairs, probably was +$3,000 on that contract.
My '02 Lexus had the sunroof mess up under warranty.
The shift lever assembly came apart in my hand
Rear window screen went T/U.
'03 Marauder had a couple window regulators go out....probably broke even after cancellation refund.
'07 Lincoln left us stranded 3X's (Nevada lemon law is 4....)
'08 Shelby has an alternator during the original warranty....will get refund on cancellation.
My "luck" dictates I get the warranty......
As for doing the math concerning comp and collision:
Not sure the value of your Frontier, but I have no qualms paying +-$400 extra a year while my truck still books in the +$20K range.........even if the insurance company makes money.
BTW, a MINOR collision (my fault) cost $4,000 on my Tundra recently........that math is looking real good!!!
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