Extended warranty and service - Which one? (1 Viewer)

[rscoleman]

In 30 years of driving I have purchased 3 new vehicles, 1 with no extended warranty and 2 with extended warranty. I have purchased 3 used vehicles 2 with no warranty and 1 with. The one new with no extended used factory body warranty to replace a clutch pedal bracket that broke and cracked firewall (Toyota T100). 2 new with extend Pilot had zero issue in warranty but Infiniti need cam cover removed and replaced, paid for by extended warranty. The 3 used were 77 Ford F100 old when I got it. 84 Thunderbird no warranty. Finally a used LC extended purchased and might get used as I have leaking rack and pinion. So all in all I would say that my experience with extended warranties is they paid for them selves in 1 out of 3 and maybe 2 out of 3 will see with LC.

 

[cpcc]

absolutely correct., What JohnPW as stated. That being said, I'll never have to worry how much the repair bill will be for the duration of 125k miles.
The Platinum warranties paid huge dividends on my 2013 ls460LAWD and on my 2004 LX470.

 

[Fishinsea]

I never understand why people who can afford $85k trucks buy warranties that mathematically lose them money.

Here is a thread on the subject

Toyota Extended Warranty Thoughts and Opinions

Hello all! I'm brand new to the forum and recently purchased a 2017 Land Cruiser in late January. So far, I absolutely love it! Looking forward to upgrading it in the future and will be spending a lot of time in the forums doing research. Background on me I never buy extended warranties of...

forum.ih8mud.com

Yes, well folks who buy 85k car feel like what the heck, its only 2k more.....

 

[M1911]

sorry for the rant but these are bad financial decisions for most people.

It is their money and it is their decision.

 

[04UZJ100]

Isn’t buying a new car the worst financial decision you can make?

 

[4wheelgreg]

I did buy warranties in the past buying new but never used them , If you bought a GM , Ford , Dodge all are problematic ... I have only bought Tacoma / Tundra / 4Runner and my current new 2019 land Cruiser and did not purchase the extended warranty . As others have said if your doing any modifications and you don’t have a good relationship with the dealer , if you put a ICON stage 6 all cranked up and the dealer did not install the lift and your CV axles go bad the warranty is not going to help you .
I have a good relationship with my dealer , I buy alot of vehicles and send them alot buyers . I also have other brands trucks I have a 2019 GMC 3500 Denali and did get the extended because I know GM is not as dependable as a Toyota product .

 

[fogby]

I did buy warranties in the past buying new but never used them , If you bought a GM , Ford , Dodge all are problematic ... I have only bought Tacoma / Tundra / 4Runner and my current new 2019 land Cruiser and did not purchase the extended warranty . As others have said if your doing any modifications and you don’t have a good relationship with the dealer , if you put a ICON stage 6 all cranked up and the dealer did not install the lift and your CV axles go bad the warranty is not going to help you .
I have a good relationship with my dealer , I buy alot of vehicles and send them alot buyers . I also have other brands trucks I have a 2019 GMC 3500 Denali and did get the extended because I know GM is not as dependable as a Toyota product .

I think what you're saying here is that you have outsmarted the insurance companies b/c they are not smart enough to know that GM is less dependable than Toyota. If this is true (GM is less dependable), then I'm sure they've factored this into the equation and adjusted cost accordingly.

Think about this for a moment. The insurance companies have a lot more data than we do, and I'd venture to say the folks actually setting the formulas used for determining the rates are brighter when it comes their job than we are - at least I know they are better than I.