extend warranty. (1 Viewer)

[2garfields]

I am going to get a 2001 LC with 55k, anyone has any real life expenience with extend warranty. I have done a lot of reseach on this subject on line, and there are alot of different between prices & terms on coverage. Your opinion please.

What is the powertrain warranty from Toyota? Shoulc I get extend warranty form Toyota dealer before it expire?

 

[rule303]

I've had a good experience with the one warranty I've bought. I wouldn't think an extended warranty would cost too much on such a normally reliable vehicle such as the LC. I wish I had bought one. I've had over $2000 in repairs on mine in six months. And It only had 62k on it when I bought it. The LC repairs can be very expensive, more so than typical SUVs. Typical problems with these are starters( $900), Exhaust manifolds( $800 each!), TPS sensor( $350). From reading these forums, I've learned those are somewhat common failures and an extended warranty would pay for itself with just those issues. Plus a warranty makes it very easy to sell it down the road. I sold my last vehicle(88k miles) with a 100k warranty and the buyer barely checked it out because of that. I'm selling my 66k mile LC and potential buyers are very paranoid about it.( with good reason!) I've got it running perfectly and it looks almost new in and out. But without that warranty, it hasn't sold yet. The key is finding a good company, not just the cheapest.

 

[NMuzj100]

If most people who got the warranty got thier money's worth out of them then they couldn't sell them. I say it makes no sense to to insure against small losses. If you had all the problems rule303 had you would only be out a little over 2K. Not worth insuring IMOP. A good prepurchase inspection including the manifolds and other problem areas would be a great investment though.

 

[trainrech]

There was a thread on this a few months ago - do a search.

 

[rule303]

I agree, they don't really make financial sense to the buyer on a repair basis alone. But peace of mind and the ability to sell a warrantied vehicle faster put me on the extended warranty bandwagon. Odds are you'll get half the purchase price back on repairs and the other half on added value when you sell.
Used car buyers LOVE to buy cars with existing extended warranties. Even if you end up a few hundred in the hole, the peace of mind knowing you won't be hit with a $4000 transmission job or something huge like that is nice. I'd say given the well known and expensive problems 100s have after 50k miles, well worth $1200-1500. Depends on how long you keep the vehicle too I guess. I wouldn't buy one for a corolla or something cheap like that, but for a technologically advanced SUV like the LC, not a bad idea.
A lot of the warranty company's profit comes when people trade in their vehicle after just a few years. Most extended warranties are not transferable through a dealer, so their exposure ends there. I'd bet they collect quite a lot of cash from warranty buyers who never even see any miles out of manufacturer warranty. Even though some allow for a refund if you never use it, a lot will forget or not even bother to get theirs. That said, a lot of extended warranty companies have gone bust and you have to be careful. The rising cost of repairs is making them more expensive to the buyer and less profitable to the warranty companies.

 

[rtyson]

I purchased a 2000 LC (60000mi) from Linerty Toyota in Libertyville IL. Initially the guy was not going to certify the vehicle but he ultimately did after I told him that I could not purchase it with out even maintenance records.

When I purchased the vehicle the sales manager(paperwork guy) tried to sell me an extended warranty, he started at $1300 and came all the way down to $900 (why he did not just quote me a price of $900 to begin with kills me dealerships/stealerships)). I turned all of this down, I informed him that 100Kmi extended warranty at my current mileage was not worth it. Its suppose to be a good reliable vehicle so I gambled that no problems would probably happen with 100kmi and if it did I could then spend the $900 for repairs.

I have 83K and have been totally satisfied with the vehicle to this point. I took it to Toyota today and they informed me that I have a cracked manifold($12xx).
But guess what, my 100Kmi Certifed Vehicle plan covers this!!!!! Callec and they told me just have Toyota give them a call and pay my $50 deductible!

RTyson In Missouri

 

[Jim_Chow]

Do all certified Toyota/Lexus plans automatically include a warranty up to 100K miles? I thought the certified thing meant that the dealer merely checked it out fully. If you buy a non-certified vehicle, can you still buy an extended warranty, or can you only buy it before the original factory warranty expires?

 

[trainrech]

My e-w paid off - new antenna, driver side exhaust manifold, and pass. side window motor for the sum total of $100 in deductibles.

 

[Campfire]

Not all Extended Warranties are created equal. I spent 18 years in the auto trade (dealerships, independant repair mechanic) and I thought I had heard all the lines. But they just keep coming up with more. A factory certified vehicle must be inspected by the FRANCHISE DEALER, and ALL repairs must be made to bring that vehicle up to the "standard" before it it sold. So if those exhuast manifolds are leaking when inspected, the antenna mast is bent, brake rotors are at minimum, etc, they must be repaired FIRST. So remember, a Toyota dealership is the ONLY place to buy a Toyota Certified Used Car. "Joe's Toyota's Only" lot is NOT the same. They can sell you something from American General, Western General, AUL, or some other. These differ greatly and can bite you if you are not aware of the clauses. "Joe's Toyota's Only" may sell you their own warranty that "covers everything bumper to bumper" but is only good at "Joe's Toyota's Only" authorized repair shop, not anywhere else. Also look out for warranties that express pre-authorized repairs only. Be sure to read a complete contract that's offered before you purchase one. Most all good warranties have levels, Bronze, Silver, Gold, etc. Gold costs the most, has the lowest deductible, and covers the most "included componets" where as the Bronze might not cover damage caused by "belts and hoses" so if you blow a heater hose outside of Bishop, and drive to Vegas and fry your engine, you lose big time. Sorry about getting preachy here folks, but I've been screamed at because the Shmuck up front told him "it covers everything" and the poor service writer (there are a FEW good ones) just calls it in and gets denied the claim. Want more info for a dealer your not sure of? Call the BBB in the area and ask about their record, or call the local DA and see if their being investigated for fraud.
Best bet, find a recent Toyota customer of the dealership and ask questions, or first thing Monday morning, drop by their Service department and just watch what goes on. You probably won't see 45's and 60's in there, but you might see 80's and 100's or Sequoia's, ask the owners their history and how well they've been taken care of.
Bottom line, if you've never seen starter contacts from a ND starter, or can't retap a 12X1.25 threaded hole, buy a warranty! Lets just say my tool box is worth more than a NEW 2006 LC. I am my warranty.