Should I cancel my extended warranty?

[Gearbanger]

Only suckers get the warranty. You got rolled.

[wrxgoose]

keep it, and go with the TRD parts (aren't they covered under warranty?)

[FRiSson]

The problem with extended warranties is that they are usually offered by companies that are fly-by-night operations and are essentially unregulated. They are started by the same con-artists who sell enlargement pills, colon cleansers and various other scams. They sell the policies to dealers very cheap and the dealers mark them up and make a huge margin.

Because they are basically unknown entities and have little to fear from governmental regulation or oversight, they have little reason to honor your claims. They will string people along as long as possible, and when the heat gets too strong, they simply fold up their tents.

There are some warranties that are reputable - most notably the ones offered directly by manufacturers.

However, they are inevitably a bad deal. In order to sell these instruments, the manufacturers know that on a statistical basis, the cost of the warranty will always be far more than the expected payout. That means that perhaps one-in-five buyers will actually gain more from the warranty than it cost. So while you might be one of those rare people who benefit from the warranty, the chances are 5-1 that you will not.

[javifl]

That 15% horsepower increase you're looking for will compound once you get used to the increase. Its a never ending thing.
You also want to consider your habits, keeping in mind that warranties are basically insurance. People who are hard on the car or don't maintain it properly sway the cost of the warranty upwards. So if you are nice to your car, you're not getting your money's worth out of the warranty.
In regards to the first model run perspective, many of the things that are being discovered will not be repaired by a warranty (e.g. loose speaker grills, rattles, etc.). The statisticians who come up with the warranty price probably accounted for the first model year issues anyway.

[Ravenlokk]

I didn't go for it because frankly i can't afford it. The car new was already pushing my upper limit for a car. Extra piece of mind is great if you're going to keep the car as is, and don't plan on racing it and/or taking part in activities or mods that will void your warranty.

Also, i will have definitely voided the warranty before it expires anyways. It will probably be void within a matter of weeks if not days once my other parts arrive .

[Buzzy]

it only takes one claim for the warranty to pay for it self. I am a finance Broker and I sell extended warranties, my customers love the warranty they save thousands. I bought my FR-S and bought the extended warranty for 72mo or 200,000km it was only $1900. Dealers get paid to do the claims from the warranty so it is in thier best interest to let mods slide. If you are worried ask the service manager at your local dealership. Dont ask a service writer.

[jeffsides]

I love reading all of these. I won't buy a car w/o a VSA (vehicle service agreement). Not a 3rd party extended warranty. A manufacture coverage ie Toyota. I like how people say they can't afford it. You can't afford not to. I've already had over $3000 worth of issues while the car is still new. What's going to happen when my car is 4-5 years old with 60-80,000 miles. I work at a Toyota dealer and see what goes wrong. It's all electronics and computers. When you do normal maintenance ie oil change etc. that only prevents power train issues in the future. There is a reason why every manufactures have a longer power train warranty than comprehensive. Power trains for the most part are the least of your worries and have the least amount of claims. You say you can't afford it ! Then you say you will void it with in a week! So you are dumping $ into mods first. Ok. I get it. But put $ into priorities first then mods. Even with the tunes that are out there. The service depts don't care. They get paid to fix the problems that all cars have. They all break, it's when, and what? That's my 2 cents.

[JLMtm]

I have the scion 75k extended warranty on my frs
the fact it's the first year on the market and part subaru\toyota, there's bound to be problems later on and mostly likely expenisve then nornal ,better to be safe then sorry unless you can afford a costly repair after your basic warranty is out.
I can careless about Mods , I think the car is great the way it is inside and out

[Hix]

You can always purchase the same extended warranty for the same price 3 years from now or whenever the regular warranty is about to run out.

[bestwheelbase]

Originally Posted by 636

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

It's not free.

[wbradley]

Firstly, can't help but notice how many people ask for advice making big decisions on this forum. Perhaps that is due to the relatively low average age of the registrants. Just an observation.

IMHO extended warranties are great...if you are buying a second hand high end car like a Merc or BMW that is at or close to the end of its bumper to bumper. I'd hate to lay out $5k unexpectedly to swap modules or something on a 2008 5 series. The warranty caps the maximum repair cost at the cost of the insurance, ensuring affordability. I couldnt justify doing that with a brand new Toyota or Subaru product. You have several years to determine if your vehicle will be reliable. I'm thinking huge repair bills are rare on these makes.

[whaap]

I'm well aware of the risks buying a first year production automobile. I'm also aware that most manufacturers, in the past, have held back on some design features so they can throw them on their second and third year production cars to make them much more desirable. I figure I'll be trading my present FR-S in before the original warranty expires so I'm not concerned about longevity. I am loving this car enough to think that I'll trade it in on another FR-S.

[jeffsides]

Originally Posted by Hix

You can always purchase the same extended warranty for the same price 3 years from now or whenever the regular warranty is about to run out.

It's not always the same price. I'm a finance manager for Toyota. At the time of sale the price is regulated by scion (it's much cheaper). After the fact, it's open game. We charge full retail. Most all dealers do the same.

[jmaryt]

Originally Posted by jeffsides

I love reading all of these. I won't buy a car w/o a VSA (vehicle service agreement). Not a 3rd party extended warranty. A manufacture coverage ie Toyota. I like how people say they can't afford it. You can't afford not to. I've already had over $3000 worth of issues while the car is still new. What's going to happen when my car is 4-5 years old with 60-80,000 miles. I work at a Toyota dealer and see what goes wrong. It's all electronics and computers. When you do normal maintenance ie oil change etc. that only prevents power train issues in the future. There is a reason why every manufactures have a longer power train warranty than comprehensive. Power trains for the most part are the least of your worries and have the least amount of claims. You say you can't afford it ! Then you say you will void it with in a week! So you are dumping $ into mods first. Ok. I get it. But put $ into priorities first then mods. Even with the tunes that are out there. The service depts don't care. They get paid to fix the problems that all cars have. They all break, it's when, and what? That's my 2 cents.

your electronics are all "solid state" so keep the money in your pocket!
car should last without major repair for a long,long,time,IF it's maintained properly!

Originally Posted by JLMtm

I have the scion 75k extended warranty on my frs
the fact it's the first year on the market and part subaru\toyota, there's bound to be problems later on and mostly likely expenisve then nornal ,better to be safe then sorry unless you can afford a costly repair after your basic warranty is out.
I can careless about Mods , I think the car is great the way it is inside and out

see above!

Originally Posted by wbradley

Firstly, can't help but notice how many people ask for advice making big decisions on this forum. Perhaps that is due to the relatively low average age of the registrants. Just an observation.

IMHO extended warranties are great...if you are buying a second hand high end car like a Merc or BMW that is at or close to the end of its bumper to bumper. I'd hate to lay out $5k unexpectedly to swap modules or something on a 2008 5 series. The warranty caps the maximum repair cost at the cost of the insurance, ensuring affordability. I couldnt justify doing that with a brand new Toyota or Subaru product. You have several years to determine if your vehicle will be reliable. I'm thinking huge repair bills are rare on these makes.

i agree! "see above!"