Just to be clear, who did you turn down?I turned mine down this past weekend. Should I have done otherwise?
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Just to be clear, who did you turn down?I turned mine down this past weekend. Should I have done otherwise?
I guess it all depends on how long you are planning on keeping the vehicle and what your vehicle came with. You should know that you are able to purchase the Warranty from any Toyota Dealer, so it may be worth your time calling around to see what other dealers can/will offer.Extended Toyota Warranty on a CPO 2017. I can't recall the exact years but up to 104k miles for $2500
I absolutely do agree with you. For me, it was simply a matter of peace of mind for a Truck that I am planning on keeping for 25+ Years.Gentlemen
just my 2 cents on extended warranties
(As they relate to Toyota vehicles anyway)
Take the cost of the extended warranty that you are quoted and set aside that
Amount in a savings/ investment account
If you have an unexpected event that would have been covered, then use the money towards the repair
if you don’t have an unexpected event in the warranty time frame, then you have “free” money to use however you wish
based on my prior experience with Toyota’s, the odds of having an unexpected event that would need the warranty coverage is under 10%
The cost of the warranty is an immediate 100% loss to your wallet
given the low odds of ever using the warranty- it doesn’t make economic sense to purchase one
(now for other brands- Range Rover, Mercedes, bmw, etc. it may make more economic sense)
just my 2 cents. Use your own judgement.
I’m curious what you mean by “rated” in this context. Average service fees or something?
Makes sense, thanks for the explanation.Every VSC cost is generated by the rating of the vehicle from cost of repair, likelihood of a breakdown, and average length of ownership. Most VSC's are designed around an average person having a length of ownership at 42 months. Only have a 6 month window of needing a repair is pretty good so that is how they make their money. Vehicles that cost more and are kept longer bring that cost up as the amount of exposure for that VSC is much higher. If you keep a car 3-4 years, don't buy a VSC, but f you keep them a long time then absolutely go for the longest one ya can. A Tacoma costs less on average to repair than a Cruiser so a VSC costs less as that puts it in a lower rating category. I'd say an LC is kinda upper middle of the pack overall but definitely the most expensive VSC on a Toyota, almost double cost of other models. The most expensive ones I have rated are a BMW M8 and a Tesla X so avoid those like the plague lol.
I somewhat disagree. It depends on the cost for the warranty, the cost of the product you're covering, and your personal financial situation (i.e. particularly on a used or CPO truck, could you cover a $15k repair if your engine sized?) Warranties are a bad ROI when viewed statistically across a large number of purchases. However they are an insurance policy for a single purchase. One failed Nav unit will set you back far more than the cost of the warranty. How many Nav units go bad on average? Very very few. But if you're the one that does go bad, it pays for itself.Gentlemen
just my 2 cents on extended warranties
(As they relate to Toyota vehicles anyway)
Take the cost of the extended warranty that you are quoted and set aside that
Amount in a savings/ investment account
If you have an unexpected event that would have been covered, then use the money towards the repair
if you don’t have an unexpected event in the warranty time frame, then you have “free” money to use however you wish
based on my prior experience with Toyota’s, the odds of having an unexpected event that would need the warranty coverage is under 10%
The cost of the warranty is an immediate 100% loss to your wallet
given the low odds of ever using the warranty- it doesn’t make economic sense to purchase one
(now for other brands- Range Rover, Mercedes, bmw, etc. it may make more economic sense)
just my 2 cents. Use your own judgement.
I would disagree. As reliable as Toyotas are there will almost always be some type of issue. Especially electronic issues.Gentlemen
just my 2 cents on extended warranties
(As they relate to Toyota vehicles anyway)
Take the cost of the extended warranty that you are quoted and set aside that
Amount in a savings/ investment account
If you have an unexpected event that would have been covered, then use the money towards the repair
if you don’t have an unexpected event in the warranty time frame, then you have “free” money to use however you wish
based on my prior experience with Toyota’s, the odds of having an unexpected event that would need the warranty coverage is under 10%
The cost of the warranty is an immediate 100% loss to your wallet
given the low odds of ever using the warranty- it doesn’t make economic sense to purchase one
(now for other brands- Range Rover, Mercedes, bmw, etc. it may make more economic sense)
just my 2 cents. Use your own judgement.
I wonder if the LC repair costs are indeed more than Tacoma because most of LC parts are of higher quality and have to be imported from japan vs. Tacoma is made here in USA or Mexico. And like you said, there is a lot of Tacomas…so, USA dealers/distribution centers have Tacoma parts readily on hand.@linuxgod
My opinion regarding extended warranties mostly relates to the original question posted in this thread- ie: purchase of a new '21 Cruiser. The major components of the 21 Land Cruiser - engine, transmission, (and yes even electronics), have been refined over the last 13 years of production of the 200 series, to the point that a failure of any of these major systems is an extreme rarity. I would crudely estimate the odds at less than 1 % ( less than 1 out of 100 vehicles). Even with those odds, I would argue that most major problems with a new vehicle are going to manifest themselves during the time frame of the factory warranty- Thus my original recommendation of not purchasing an extended warranty on a “NEW” Toyota vehicle still stands.
As for a used or CPO Toyota Vehicle - My recommendation would still be the same IF the vehicle being purchased has an adequate documented maintenance history / no prior accidents, etc.
Your post indicated that the cost of your 7 / 100 extended warranty was $1,300. At that price it starts to sound a bit more reasonable - I would gently argue that even $1,300 is too high. Others have indicated they have received quotes of $2000 - $6000 or higher.
@AverageJones stated "A Tacoma costs less on average to repair than a Cruiser so a VSC costs less as that puts it in a lower rating category. I'd say an LC is kinda upper middle of the pack overall but definitely the most expensive VSC on a Toyota, almost double cost of other models."
--- My take on this is that the Land Cruiser is no more expensive to repair than a Tacoma, and likely has a lower overall failure rate. They base their pricing model on repair statistics that are developed by third parties (and their own history). There are plenty of Tacoma's on the road, but there have never been enough Land Crusiers /LX570's sold to develop reliable statistics - thus they raise the price on Land Cruisers /LX570's to compensate for the unknown factor. In addition, since the Land Cruiser and LX fit into the luxury category, their pricing model reflects a "Luxury" price.
Several members have shared their experience where their extended warranty paid off in a big way - however I'll bet that there are significantly more that never use their extended warranty - they just don't post about it...
Note that I am not against insurance and extended warranties - I just think they are significantly overpriced on Land Cruisers (and Toyotas in general). (and don't even get me started on home appliance extended warranties)...
Having said all this, and reading the many comments above, my advise is IF you want or need an extended warranty, then at least shop around with different dealers and negotiate on the price - it would appear their first offer is not always the best they can do...
We're alike. We NEVER buy extended warranties. I sold my 100 series bought in 2000 and sold 11/2019 with 135K miles on it and I expect the same rate of mileage for the 200. However, there's more electronics on that 200 series than on any car I've owned. We got the car at a relative bargain so we bought the extended warranty from Toyota. It was definitely the electronics that made me and my wife nervous.Thought I'd ask the same question, but little different situation. I bought a '21 LC last April that's just sitting in the garage, with 28 miles, as I run a '01 MB station wagon and '00 LC into the ground. Didn't really need the '21 right now, but it was an impulse buy because of the end of the 200 series.
Fact is, I'll probably have less than 5k miles when my warranty expires and I'm guessing maybe 25-40k miles in 10 years. Any opinions on my getting the 10yr/100k warranty? I tend to self-insure a bit with high deductibles, so I'm leaning on taking the gamble of no warranty. Didn't get the extended for my '00 and really only had the exhaust sensor(s) as a problem. But if the 200 typically has more failures, then I'd get it.
Transmission only came out in 2016 and it is the only vehicle on Toyota’s lineup to have it……@linuxgod
My opinion regarding extended warranties mostly relates to the original question posted in this thread- ie: purchase of a new '21 Cruiser. The major components of the 21 Land Cruiser - engine, transmission, (and yes even electronics), have been refined over the last 13 years of production of the 200 series, to the point that a failure of any of these major systems is an extreme rarity. I would crudely estimate the odds at less than 1 % ( less than 1 out of 100 vehicles). Even with those odds, I would argue that most major problems with a new vehicle are going to manifest themselves during the time frame of the factory warranty- Thus my original recommendation of not purchasing an extended warranty on a “NEW” Toyota vehicle still stands.
As for a used or CPO Toyota Vehicle - My recommendation would still be the same IF the vehicle being purchased has an adequate documented maintenance history / no prior accidents, etc.
Your post indicated that the cost of your 7 / 100 extended warranty was $1,300. At that price it starts to sound a bit more reasonable - I would gently argue that even $1,300 is too high. Others have indicated they have received quotes of $2000 - $6000 or higher.
@AverageJones stated "A Tacoma costs less on average to repair than a Cruiser so a VSC costs less as that puts it in a lower rating category. I'd say an LC is kinda upper middle of the pack overall but definitely the most expensive VSC on a Toyota, almost double cost of other models."
--- My take on this is that the Land Cruiser is no more expensive to repair than a Tacoma, and likely has a lower overall failure rate. They base their pricing model on repair statistics that are developed by third parties (and their own history). There are plenty of Tacoma's on the road, but there have never been enough Land Crusiers /LX570's sold to develop reliable statistics - thus they raise the price on Land Cruisers /LX570's to compensate for the unknown factor. In addition, since the Land Cruiser and LX fit into the luxury category, their pricing model reflects a "Luxury" price.
Several members have shared their experience where their extended warranty paid off in a big way - however I'll bet that there are significantly more that never use their extended warranty - they just don't post about it...
Note that I am not against insurance and extended warranties - I just think they are significantly overpriced on Land Cruisers (and Toyotas in general). (and don't even get me started on home appliance extended warranties)...
Having said all this, and reading the many comments above, my advise is IF you want or need an extended warranty, then at least shop around with different dealers and negotiate on the price - it would appear their first offer is not always the best they can do...
@AverageJones stated "A Tacoma costs less on average to repair than a Cruiser so a VSC costs less as that puts it in a lower rating category. I'd say an LC is kinda upper middle of the pack overall but definitely the most expensive VSC on a Toyota, almost double cost of other models."
--- My take on this is that .......
On a new 21, I'm with you and probably would not purchase the extended warranty, unless I drove a LOT and expected to burn through the bumper-to-bumper and powertrain warranties well before the vehicle was paid off. But I also only drive maybe 10k/year right now.@linuxgod
My opinion regarding extended warranties mostly relates to the original question posted in this thread- ie: purchase of a new '21 Cruiser. The major components of the 21 Land Cruiser - engine, transmission, (and yes even electronics), have been refined over the last 13 years of production of the 200 series, to the point that a failure of any of these major systems is an extreme rarity. I would crudely estimate the odds at less than 1 % ( less than 1 out of 100 vehicles). Even with those odds, I would argue that most major problems with a new vehicle are going to manifest themselves during the time frame of the factory warranty- Thus my original recommendation of not purchasing an extended warranty on a “NEW” Toyota vehicle still stands.
As for a used or CPO Toyota Vehicle - My recommendation would still be the same IF the vehicle being purchased has an adequate documented maintenance history / no prior accidents, etc.
Your post indicated that the cost of your 7 / 100 extended warranty was $1,300. At that price it starts to sound a bit more reasonable - I would gently argue that even $1,300 is too high. Others have indicated they have received quotes of $2000 - $6000 or higher.
@AverageJones stated "A Tacoma costs less on average to repair than a Cruiser so a VSC costs less as that puts it in a lower rating category. I'd say an LC is kinda upper middle of the pack overall but definitely the most expensive VSC on a Toyota, almost double cost of other models."
--- My take on this is that the Land Cruiser is no more expensive to repair than a Tacoma, and likely has a lower overall failure rate. They base their pricing model on repair statistics that are developed by third parties (and their own history). There are plenty of Tacoma's on the road, but there have never been enough Land Crusiers /LX570's sold to develop reliable statistics - thus they raise the price on Land Cruisers /LX570's to compensate for the unknown factor. In addition, since the Land Cruiser and LX fit into the luxury category, their pricing model reflects a "Luxury" price.
Several members have shared their experience where their extended warranty paid off in a big way - however I'll bet that there are significantly more that never use their extended warranty - they just don't post about it...
Note that I am not against insurance and extended warranties - I just think they are significantly overpriced on Land Cruisers (and Toyotas in general). (and don't even get me started on home appliance extended warranties)...
Having said all this, and reading the many comments above, my advise is IF you want or need an extended warranty, then at least shop around with different dealers and negotiate on the price - it would appear their first offer is not always the best they can do...