Should I cancel my extended warranty?
 

Sorry if this sounds like a stupid question, but I feel very conflicted. I have a few more weeks to cancel my ext. warranty and get my money back, and revert to the standard 3 year warranty.

The problem: I want to mod my car. This car just feels a tad bit underpowered. If I could tune it up now and get it that extra 15% I feel it wants/needs, I would - but I have that 6 year extended warranty staring back at me!

The responsible thing to do, would be to keep the warranty and just wait it out. Its just a car right, and really what's 15% more power going to do when my engine enivitably goes out the day after I install a supercharger?

So, I'm wondering... do you guys think I should cancel, and just mod away (maybe wait a few years probably), or just keep it? I can't see myself waiting the full 6 years, but maybe 3-4 years to start modifying it... good thing is, if I do modify it if anything else breaks it would still technically be covered, but really that's just stupid things like power windows, etc...

I just really like the peace of mind of a 6 year warranty! One thing I could do, is wait until TRD releases a supercharger. I think that would still be covered, right? I'd be very happy with that route. But there's always that conflict - I just love modifying my things :iono:

I don't ever buy any extended warranty or protection plan for anything, ever.

I work at a Toyota dealership. Our service dept was told to be very lax on mods done to fr-s because so many will have it. You shouldn't cancel it. I have to get mine in tomorrow for the high pressure fuel pump. We've had them get dropped right off the transport with bad cam's. it's a first year vehicle that was a collaboration with Subaru. You would end you severely kicking yourself if you cancelled it. The claim I have tomorrow is over $2500 just for that 1 claim. The average Toyota claim is over $2000. Over 90% of all claims are electronics etc.

Snake oil! I've never bought one for any vehicle or appliance and have yet to regret it. Sure there's the exception but for certain they take in more money than they pay out.

I'm gonna go with nope. Just nope. Call me old fashioned, but I like getting new things for free if something breaks.

What does the warranty not cover? I'd be interested to know. And who offers it? Is it through Toyota or is it through a bank/financial institution? Valid at any Toyota dealer?

Per Beaver Scion, we will not cover any modification including TRD parts installed by us that cause issues to the car. I cancelled mine right then and there.

Cancel it. Then take what you were going to pay monthly and deposit it in a savings account. If you should run into problems with your car dig into that savings for repairs. I bet that you'd probably end up with a sizeable savings account by the time you decide to sell your car.

All warranties are "in case shit happens" type of deals. The reason why banks offer it is becuase, for most people, nothing happens. It's a gamble. Take into account what you, or most people, pay monthly for health insurance (it's probably in the $250 - $500 per month). Most people, me included, don't ever go to the hospital for anything. Now imagine how much I/we would save, if I cancelled my health coverage and just put that money away each month. The only reason that I don't do this is that, "in case shit happens" scenario. Makes you think doesn't it?

Interesting, I'll be calling my dealership soon and see what their reaction is to me moding it. I do love the service I get at Toyota, and would love that for 6 years (instead of the standard 3) - and the warranty is by no means breaking the bank. But, at the same time, it'd be nice to stick that $1000 back into the car instead of service.

Its the standard 6 year toyota extended warranty. I'm not sure if its through the dealership, but I'd be its through toyota in general (that's the feeling I got at least). It covers quite a bit, including engine, transmission, brakes, electrical, etc.

And the warranty doesn't cover - not 100% sure, but I'll be checking that soon (currently working) to see. Under the Magnuson–Moss Warranty Act anything that you do to the car, that has the "potential" to break the car, the dealer can use that to argue that you broke it. Otherwise, its covered.

For example, if you install a body kit, and your engine goes out, they must fullfill your warranty. But, if you install a turbo kit, and your engine goes out, the probability of you getting your warranty fullfilled is very low. Its sort of a grey area.

You have 3 years 36 on the whole car and 5 years 60k on the powertrain from the jump. The powertrain warranty covers most anything that would get real expensive on this car. I would say to ditch it but that is just me.

Yea, 60k powertrain is pretty long...

I usually never buy extended warranties, and never really regret doing so. I'm not really a fan of "warranties" (then again, never owned a new car either)... But of course people were there (family) when I bought the car and being my first "new" car 6 years of no worries sound appealing.

Thanks for the responses so far guys!

I'm conflicted:
Yes, cancel b/c they are normally a bad idea. Also, you car will probably do something to create a CEL and you can bitch to Scion and get free extended warranty.

No, keep it because this car is already proving to be unreliable and parts will be pricey.

How is the car "already proving to be unreliable"? I'm aware of the CEL issue, and a few other issues, but everything I've heard has been pretty minor.

I just called Toyota, and I'll probably be cancelling tonight.

It's my opinion based upon the large number of CEL issues with no real resolution yet from Subaru or Toyota. I feel that the issue will become much larger. I may be biased as my car has been in the shop for 5 weeks today.
I spend more time in the problems section than the others.

1st year cars usually have problems at a higher rate and joint venture car can't help that statistic.