Should I buy extended warranty? please help chime in.

[hmong337]

I got a letter in the mail stating that I am still eligible for extended warranty. I purchased my car with only the basic warranty 3yr/60,000kms.

Having owned the car for only 1.5 years (purchased July 2013), I'm already at 48,000kms! So I'm pretty much out of warranty within the next 6 months. But I'm financed for 5 years. And given the fact I do ~32,000kms a year (125km daily round-trip to work), should I opt for the extended warranty?

My biggest fear is expired warranty but still financed then having something major fail- having to pay out of pocket to repair on top of the loan.

Originally, I went into buying this car with extreme confidence in reliability- saying no to all the extended warranty options. But I'm having second thoughts now. I maybe should have put warranty coverage to cover the length of my financing term with enough mileage protection too. Hmmm...

They gave me an option of an extended 3 years/200,000kms for $2100+taxes. That would cover most of my finance term and also cover the mileage I rack up within the term.

Please chime in. What should I do? I don't track this car or beat it up much. I drive it like a Toyota Camry for the most part (except for corners ahah), and it will likely be 99.7% stock for the duration of my financing period. Reliability is number one to me and I take extreme care of all my vehicles.

Go for the extended warranty and pony up the cash just to be safe?

Or no, this car is bomb-proof and will last 500,000kms! Just change the oil.

[Burrcold]

Take that money and put it in a savings account in case something goes wrong. The chances of a $2k+ repair that's actually covered by the warranty is slim. Also you never know when you might want to sell the car. The money would be better suited with you rather than Toyota.

[hmong337]

Originally Posted by Burrcold

Take that money and put it in a savings account in case something goes wrong. The chances of a $2k+ repair that's actually covered by the warranty is slim. Also you never know when you might want to sell the car. The money would be better suited with you rather than Toyota.

I get this answer a lot too. Thanks!

2100+tax for "in case shit happens", is kinda pricey. And even still, these stealership crooks usually do everything in their power to null any sort of claims.

Still scared though- going into unwaranted car payments. But still, $2100 in cash for surprise repairs should be comfortable.

This car is a keeper. It will never be for sale.

[RockRoll]

You have to watch out for extended warranties in the mail. Some are scams.

[Burrcold]

Originally Posted by hmong337

I get this answer a lot too. Thanks!

2100+tax for "in case shit happens", is kinda pricey. And even still, these stealership crooks usually do everything in their power to null any sort of claims.

Still scared though- going into unwaranted car payments. But still, $2100 in cash for surprise repairs should be comfortable.

This car is a keeper. It will never be for sale.

Just remember you'll still have your powertrain warranty that will cover big ticket items.

[jamies31]

Its all preference in the end, If its a Toyota warranty usually they pay for themselves, Just had a guy with a release bearing in his 2011 tC come in with a 166,000kms and now hes getting full new tranny clutch etc and I hear a lot of these stories. Some people need a extended warranty just out of financial security knowing there not going to have a few thousand laying around in case of a big repair.
If its a aftermarket warranty run, don't even look at it or think about it. Just my .2

[nzer]

Ask me in 3.5 years time and I'll give you a definitive answer. Just dusting off my crystal ball for you now.

[hmong337]

Originally Posted by jamies31

Its all preference in the end, If its a Toyota warranty usually they pay for themselves, Just had a guy with a release bearing in his 2011 tC come in with a 166,000kms and now hes getting full new tranny clutch etc and I hear a lot of these stories. Some people need a extended warranty just out of financial security knowing there not going to have a few thousand laying around in case of a big repair.
If its a aftermarket warranty run, don't even look at it or think about it. Just my .2

No, this is extended warranty through Toyota. It's legit.

Still on the fence. $2100 set aside is a decent cushion in case any unwaranted repairs come up. And if nothing happens (I'm betting 90% that nothing won't), I'd be out $2100. But if the motor or gearbox goes outside of warranty, I'll definitely be in a bind. But I'm also pretty confident in the reliability of this car. Especially how easy I am on the car since its duties are to be daily driven. Hard decision, I'm undecided at the moment.

[1GiantTurtle]

my reasoning was that there are more than enough aftermarket parts on the market if anything happens,

[BRZnut]

save your money..put the $2,100 in a bank account or a mutual fund as a rainy day car repair fund. Do it every time you buy a car and that should grow to help cover unexpected repairs.


And as Burrcold said above...you still have the powertrain warrantee for 5 yrs/60K miles which I would expect would cover motor repairs (which seems to be the issue with the twins when something does happen)

[Tcoat]

Originally Posted by hmong337

Having owned the car for only 1.5 years (purchased July 2013), I'm already at 48,000kms! So I'm pretty much out of warranty within the next 6 months. But I'm financed for 5 years. And given the fact I do ~32,000kms a year (125km daily round-trip to work), should I opt for the extended warranty?

.

I am in the same boat as you and chew up a warranty in under two years. Even with that I did not get it for the reasons already stated several ties above.

[Caspian]

There are legit dealers selling Toyota extended warranties for a lot less than the typical dealer. A 7 yr 80,000 mile (I think) warranty was offered to me for $2,000 when I bought my car. There are dealers selling the same warranty for around $900 if you shop around. Same Toyota warranty, same coverage.

LD

[Tcoat]

Originally Posted by Caspian

There are legit dealers selling Toyota extended warranties for a lot less than the typical dealer. A 7 yr 80,000 mile (I think) warranty was offered to me for $2,000 when I bought my car. There are dealers selling the same warranty for around $900 if you shop around. Same Toyota warranty, same coverage.

LD

OP is in Canada so the warranty costs are radically different and dealerships are rare (comparatively) so cross shopping can be tough.
Even then when you have mileage as high as he does you use it up fast.

[hmong337]

Originally Posted by Caspian

There are legit dealers selling Toyota extended warranties for a lot less than the typical dealer. A 7 yr 80,000 mile (I think) warranty was offered to me for $2,000 when I bought my car. There are dealers selling the same warranty for around $900 if you shop around. Same Toyota warranty, same coverage.

LD

Interesting. I'll definitely will look into this. If it's only like $1200 or whatever for a legit Toyota extended warranty, I would get it. $2100 makes it hard to decide since those monies already could be used to pay for repair bills IF anything were to happen.

Thanks for the heads up.