Extended Platinum coverage for 2006 CPO LC

[up5799]

I just bought a CPO 2006 LC with 60,000 miles. Since it is CPO, it comes with a 12 month comprehensive warranty. Unfortunately, the 7 year powertrain warranty is set to expire around the same time (vehicle was purchased new in 12/06, so 7 year powertrain warranty will expire in 12/13) Dealer offered me an extended warranty (Toyota Platinum, 24 months, no deductible) for $2700. Vehicle was serviced at dealer and has excellent maintenance records.

What do you say, should I go for the extended Platinum warranty for $2700 or not?

 

[OregonLC]

What are you worried about breaking? There's no way I'd ever buy a warranty for one of these trucks. I'd rather take the risk and self insure.

 

[Trunk Monkey]

So you get one extra year for $2700? Or you get lift, bumper, tires, . . .

 

[2garfields]

There is a thread few years back, about a member on mud who sells Toyota extend warranty for far less. Or you can all call few other dealers around, they may offer the same warranty for less.

 

[ENGINE er]

210k miles on my powertrain and i trust it more than my bmw nissan or VW with half as many miles each. There is a reason this platform has been a key player in so many revolutions, YOU CANT KILL THEM.

i got a full warranty on my VW touareg and it paid for itself TWICE in 8 months. Sold that and got my 200k mile land cruiser and it has NEVER let me down. Just completely unnecessary with these.

 

[Ronulus]

Im in the car biz and ive seen all kinds of makes and models at all kinds of mileage and there are certain cars where an ext warranty makes sense but with the hundy just save the money and regularly maintain it

 

[OregonLC]

Not to start a huge debate, but the only time I've seen warranties make sense is to backstop an inferior brand/model that someone is buying on emotion. And in that case I have to ask why someone would want a vehicle that is subject to that many problems in the first place?

In general, these products are one step above payday loans in my book. Huge profit centers for dealers and fly-by-night warranty companies. Sure there are good and legitimate warranty companies, but the math still doesn't work for the majority of the consumers (or the warranty companies would go out of business!). So many people crow about how their warranty saved them a $1000 repair and how glad they are that they have it. But if you ask the question of how much the warranty cost they forget that they just paid $2500 to have $1000 of work done. Those same folks are the ones who are happy when they get a big tax refund or score at the blackjack table. Do the math people, the deck isn't stacked in your favor. Same goes at the electronics store. They push the service because of $$$ not because they're nice people who care about your future. Especially with a Toyota, this is insurance you don't need. Go put the $2500 in the bank if you're that worried. It will be there when you sell the vehicle.

 

[patrickfinley]

If you had a Range Rover or Jaguar get the warranty. With an almost new 06 100, I'd save the $2700 for maintenance.

If you ever plan on getting bigger tires, or pretty much any other mod be careful, it will void the vast majority of warranties. Warranty companies love to void your claim because you've modified the vehicle.

That being said a Toyota CPO is about the best out there, don't go with anything else if you do decide to spend the money.

 

[Anthony.L]

but the only time I've seen warranties make sense is to backstop an inferior brand/model

Bingo! The LC doesn't fall in that category, save the money and spend it on yourself of the LC in upgrades.

 

[r3run33]

i agree times 2 the CPO warranty will help with the AHC which the 2006 has similar to the Lexus. that is the only issue you may experience which is problematic i would not get the extended thing.

 

[mcgaskins]

Not to start a huge debate, but the only time I've seen warranties make sense is to backstop an inferior brand/model that someone is buying on emotion. And in that case I have to ask why someone would want a vehicle that is subject to that many problems in the first place?

In general, these products are one step above payday loans in my book. Huge profit centers for dealers and fly-by-night warranty companies. Sure there are good and legitimate warranty companies, but the math still doesn't work for the majority of the consumers (or the warranty companies would go out of business!). So many people crow about how their warranty saved them a $1000 repair and how glad they are that they have it. But if you ask the question of how much the warranty cost they forget that they just paid $2500 to have $1000 of work done. Those same folks are the ones who are happy when they get a big tax refund or score at the blackjack table. Do the math people, the deck isn't stacked in your favor. Same goes at the electronics store. They push the service because of $$$ not because they're nice people who care about your future. Especially with a Toyota, this is insurance you don't need. Go put the $2500 in the bank if you're that worried. It will be there when you sell the vehicle.

I totally agree with the above sentiment - I wouldn't purchase a 3rd party warranty. The only brands I'd own and get an extended warranty on are German, and coming from 3 BMWs and 7 Audis I can attest to the validity of having a true CPO manufacturer backed warranty. It's especially true with complex AWD drive and turbo systems and expensive infotainment options. After the CPO runs out on those cars, I run away. I think with a 100 series, the money would be far better invested in maintenance and upgrades, and the fun upgrades would nullify your third party warranty anyway!

Full disclosure - I did purchase a third party warranty on a Honda S2000, and the only equipment failure that I experienced was of course not covered and cost me $1,100 out of pocket on top of what I wasted on the warranty.

 

[GaFJC]

Many years ago I owned a Chevy Tahoe Z71 and purchased an extended factory warranty before the standard warranty expired. I saved a lot of money calling around to different dealerships and shopping costs. By traveling to a dealership that was around 70 miles away I saved big $$$$.

With Toyota delivery/dealer channels appearing more sophisticated than GM there may be not be as much wiggle room.

If you feel it's something you have to do just shop around.

For the record I've owned used Toyota products since without warranties of any kind.

 

[ntsaint]

Just an FYI, i bought my '06 with 70k miles on it, bought extended warranty for up to 100k (before i found MUD).

During that time a bad alternator fried my NAV, several fans, and then died itself. Paid for the extended warranty 2-3 times over.

Drivetrain and other components are still as strong as the day i bought it.

 

[KuroCruiser]

ntsaint does make a good point: you're purchasing insurance on the off chance something major does go wrong and if it does the warranty will pay off. Also, if you happen to be one of those people for whom that 0.001% failure always seems to happen (karma, bad luck, call it what you like) then an extended warranty makes sense. In general though, I'd say skip it, especially if the PO used it as a mall cruiser. There are better things to spend $2,700 on with these rigs.

FWIW, I did purchase an extended warranty with my '06 (was worried about nav or other electronic failure at the time) and if I had it to do over again, I'd trust in the LC's reputation for reliability (that's why I bought it in the first place after all) and spend the money elsewhere.

 

[sosodefcane]

ntsaint does make a good point: you're purchasing insurance on the off chance something major does go wrong and if it does the warranty will pay off. Also, if you happen to be one of those people for whom that 0.001% failure always seems to happen (karma, bad luck, call it what you like) then an extended warranty makes sense. In general though, I'd say skip it, especially if the PO used it as a mall cruiser. There are better things to spend $2,700 on with these rigs.

FWIW, I did purchase an extended warranty with my '06 (was worried about nav or other electronic failure at the time) and if I had it to do over again, I'd trust in the LC's reputation for reliability (that's why I bought it in the first place after all) and spend the money elsewhere.

It's an expected value analysis. If you think you have a 30 percent chance of incurring $3,000 in costs, don't pay more than $900 for the warranty (30 percent times $3k) - and that does not even factor in the time value of money. When I bought my '04 in 2007, I was really only worried about the NAV system, and paid $500 for an extended warranty. Having owned several Toyota/Lexus before, I'd roll the dice on the mechanical side. These trucks are damned near bullet proof.