Hendricks Platinum extended warranty 84mo. 60mi. is $3200. Worth it? Or should I look at Toyota care platinum, Fidelity or just not get an extended warranty. My newish MY19 has 13k miles on it.
Extended warranty worth it?
- Thread starter Angelo1
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when they talked me into the Platinum warranty, it just extended the factory warranty, wasnt' in addition. I ended up going through massive headaches to cancel and get refunded after the sale. My truck had just shy of 70k miles on it, and nothing that has happened since then (the past 6 years) would have been covered. Not worth it in my opinion, they are very reliable trucks with the key issues already known (radiator, water pump, starter), none any time soon if your starting at 13k miles.
Everyone will have an opinion. But the companies make money selling these policies. It's up to you to decide whether you can afford to fix any potential covered items on your own. Obviously from my tone, I never buy extended warranties. I try to be self-insured on anything that I possibly can.
If that's the case then, I would agree. Not worth it all. These are Toyota's, with *most *of the major maintenance items due around 100k miles.
Now if you bought a German car, that would be another matter.
- Thread starter
- #6
Nothing makes more money for the extended warranty companies, than buying a policy for the most reliable vehicle on the planet... carry on
There are many extended warranty threads on Mud. Here’s one with recent info on prices. The price you’ve been quoted for a non Toyota agreement is WAY too high.
forum.ih8mud.com
Where to get good deals on Toyota Factory Extended Warranty?
forum.ih8mud.com
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I respect everyone’s opinions, but be wary of others stating as facts. I run over 30,000 ROs through my shop every year and I see things fail all the time. Right now I have a transmission on a 2013 200 on the rack with a $5700 bill. I personally believe in them and buy them myself. I’ve had headlamps fail with moisture on my personal 200s twice and they are $1800 a piece. Point being, negotiate a fair deal if you see value. And to answer the question, I think that price is too high. PM me if you want Toyota Care pricing.
Like you, I respect everyone's opinion & certainly respect yours.
I just want to point out what was a fact 20-25 years ago when I spent a lot of time auditing auto dealerships. Back then the finance and insurance (F&I) department was very, very profitable for the dealerships. Extended warranties were certainly a large profit item. That's why the F&I guy's sales pitch resembled an infomercial - the profit margin and that his salary was based on sales. That's when I made the decision that over the long run, I'd come out to the good by never buying extended warranties on anything. Certainly I've had to pay for repairs over the years that an extended warranty would have covered. But after over 25 years, I'm 100% certain my repair payments that would have been covered are much less than the cost of the warranties would have been.
I'm assuming dealerships still make a good profit off the extended warranties. I'm no longer in the industry so I can't say that from personal verification, but my opinion is there's still good profit or the dealership wouldn't still be pushing these. However I bet the profit margin has went down on these over the years as the consumer is more educated & there's competition for the service now.
How long do you plan to own the 200? Maybe wait until factory warranty is close to expiring and then buy an extended warranty if you plan on keeping it a long time. You have plenty of time to decide. For now just enjoy the 200 and keep the money in the bank.
I bought my 2016 used in 2018 I got Toyota 100K warranty. Not that I think I will need it but piece of mind never hurts. I would not purchase anything but Toyota warranty on a Toyota. To date every car I have purchased the extended warranty it has payed for itself. The Pilot rack and pinion and pump, Infiniti front timing cover leak, T100 clutch bracket and firewall crack.
Good luck on your selection.
Good luck on your selection.
The extended warranty companies know very well what vehicles / models do well in the used car market reliability world and adjust the cost of the policies accordingly. The bigger trick is to have them actually pay for the repairs and part replacements without fighting or paying at least 50% of the cost of repair out of packet.
Often they will wiggle out of paying on technicality or very fine print the policy buyer isn't aware of... there is a reason they advertise heavily and are still in business today.
Some policies work in some cases, but for the most part they are not worth the price of admission.
Of course that is only my opinion and if someone's piece of mind is worth $3-5k be my guest.
It is a numbers game and it is played carefully for the warranty provider to win.
Often they will wiggle out of paying on technicality or very fine print the policy buyer isn't aware of... there is a reason they advertise heavily and are still in business today.
Some policies work in some cases, but for the most part they are not worth the price of admission.
Of course that is only my opinion and if someone's piece of mind is worth $3-5k be my guest.
It is a numbers game and it is played carefully for the warranty provider to win.
CharlieS
GOLD Star
I never used to get warranties, but I bought one for my '13 200 and '13 4Runner.
With the LC, I said no as usual, but the very decent F&I person told me that they are negotiable and gave me a bottom line price that was too good to refuse. I'm sure she made margin, but the cost was so low, I couldn't justify not buying. I don't begrudge someone making a fair profit. I never used it (ended at 100K) but had peace of mind in case something happened.
When I bought the 4Runner warranty, I negotiated it to a price I felt happy with. It ended up being value added when I sold it private sale, making it easier to sell for a premium price.
Both were transferrable Toyota Care Platinum warranties.
I guess my main feedback is that they are negotiable.
With the LC, I said no as usual, but the very decent F&I person told me that they are negotiable and gave me a bottom line price that was too good to refuse. I'm sure she made margin, but the cost was so low, I couldn't justify not buying. I don't begrudge someone making a fair profit. I never used it (ended at 100K) but had peace of mind in case something happened.
When I bought the 4Runner warranty, I negotiated it to a price I felt happy with. It ended up being value added when I sold it private sale, making it easier to sell for a premium price.
Both were transferrable Toyota Care Platinum warranties.
I guess my main feedback is that they are negotiable.
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FrazzledHunter
SILVER Star
I got the Toyota Platinum warranty. I usually NEVER buy these warranties for all the reasons stated. However, both my wife and I were shocked at the amount of electronics on these things. It's just that after 30+ years in IT I've become quite jaded by industrial hardened MIL-spec things that shouldn't fail but seemingly always do. So after hemming and hawing at the dealer I got them to add an additional year totaling 8 for $2800.00.
I will only add that if anything Toyota extended warranty is probably better than others.
To say that a friend of mine had it on his '07 Sienna and they did pay for some stuff like major AC failure, but refused to pay for cracked / totally broken front strut springs and other issues related to production / material quality you would normally not expect to fail (60k miles). I guess because I wrench on vehicles myself for the past 40 years (thanks Dad and Grandpa) I don't see the return on the money spent for additional warranties.
To say that a friend of mine had it on his '07 Sienna and they did pay for some stuff like major AC failure, but refused to pay for cracked / totally broken front strut springs and other issues related to production / material quality you would normally not expect to fail (60k miles). I guess because I wrench on vehicles myself for the past 40 years (thanks Dad and Grandpa) I don't see the return on the money spent for additional warranties.
I bought an extended warranty for my 13 LX. paid for itself when the parking sensors failed. (at 66K) Parking ECU along with multiple sensors needed to be replaced. $4300 total, so already paid for itself. I know Toyota/Lexus are ultra reliable but when buying used you can never tell.
