Opinions on Toyota Extended Warranty

[Dadhawk]

Originally Posted by sdwagonjp

Wait can you add the extended warranty after you leave the lot?

Maybe not a manufacturer's direct warranty after 30 days or so, but there are lots of ways to purchase an extended warranty. Usually as long as your car is still under manufacturer's warranty you can find someone willing to sell you an extended warranty.

I've seen them available for any car that has less the 100,000 miles on them.

[billyk]

Originally Posted by sdwagonjp

Wait can you add the extended warranty after you leave the lot?

Typically you can. You can also look online and buy the coverage from the dealer with the best price.

Or you can do what I do, and never buy manufacturers extended warranties.

GEICO's "Mechanical Breakdown Coverage" was included in my new policy with them 2 weeks after I purchased my FRS.

[sdwagonjp]

Originally Posted by billyk

Typically you can. You can also look online and buy the coverage from the dealer with the best price.

Or you can do what I do, and never buy manufacturers extended warranties.

GEICO's "Mechanical Breakdown Coverage" was included in my new policy with them 2 weeks after I purchased my FRS.

Interesting...I use geico for my motorcycle but mercury for my cars. Ill have to look what that is.

[nos145]

i got the extended warranty.
single issue and you get your moneys back.
i can sleep better at night

[Koa]

Originally Posted by nos145

i got the extended warranty.
single issue and you get your moneys back.
i can sleep better at night

not expressly true, has the potential to get your money back, but market research has pinned down that extended warranties typically don't pay out to the solid majority of the people who purchase them. That is to say their net intial outlay by purchasing the warranty did not equal the sum of repairs covered by the extended period.

I'll quote a Consumer Reports article that details it: "...Surveyed 8,000 owners of five- and six-year-old vehicles that had been covered by extended service plans. Sixty-five percent of those surveyed said they spent significantly more for the contract than they got back in repair-cost savings. Respondents said their extended warranty cost them $1,000 on average while providing an average benefit of $700. That means the average loss was $300. A big reason: 42 percent of extended warranties in our survey were never used, in most cases because the vehicle didn't need repairs or the standard manufacturer's warranty sufficed."

Now you do hit on one vital thing here, though. Peace of mind. That is a subjective value.. one that the OP needs to determine for himself whether or not it is worth the premium up front. Both paths are valid, at the end of the day it comes down to whether the move puts one's mind at ease most.

[JoeC]

I bought the extended warranty after my first BRZ died on the 3rd day of ownership at 60 miles. It had the well known CEL/SL/Idle issue. It was knocking so loud and acted like the engine was gonna jump out from under the hood. I told the dealer that I wanted another car. They obliged and I made an emotional decision to get the warranty.

I usually never buy any kind of extended warranty but ultimately, I had a bit of an epiphany; this is the first generation of a car built by two different manufacturers attempting to combine features\functions of each. That's kind of a recipe for disaster and who knows what kind of issues will pop up 5 years from now and 60,000 miles later.

[86geek]

Way back when I had a 91' Honda Civic Hatchback I did purchase a extended warranty. It paid off because I had to have my air conditioner condenser replaced after only 2 yrs then 1 week before the extended warranty expired my air conditioner evaporator had to be replaced. Big bucks when it comes to paying for A/C repairs. My next car was a Scion XA which I didn't buy a extended warranty. I did not have issues with that car. I did buy one for my FRS because of the fuel pump issues which I don't know if they have been resolved or not. Anyway for me it's peace of mind because I tend to have shitty luck at times. Just my opinion on the extended warranty topic!