Extended warranty ?
- Thread starter hamad974
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IHMO if you plan on ownership beyond factory warranty it is worth it.
Toyota's extended warranty is the best in terms of ease of use and getting coverage.
Not sure if it's tariffs, perceived quality, or actual quality - but Toyota parts and repairs are not cheap.
Labor cost at the dealer seems high too. 120/hr in my neck of the woods. Compared to 95/hr at a Chevy dealer down the street.
IMHO I don't think the mechanics are any more skilled between the two. Maybe the free cookies in the waiting room are gourmet and that's the reason for the extra cost.
Anyway IMHO - the extra warranty is worth it if you plan on keeping it outside of factory warranty.
Mine needed a new nav unit which was $3500. Toyota Extended Warranty, which I paid $1500, covered it.
Speaking of reliability. LC has this legendary reliability history. But I'm starting to be skeptical.
On here I see issues with water pumps, starters, alternators, fuel sending units, cracked radiators, leaky shock towers, leaking steering racks...
Toyota's extended warranty is the best in terms of ease of use and getting coverage.
Not sure if it's tariffs, perceived quality, or actual quality - but Toyota parts and repairs are not cheap.
Labor cost at the dealer seems high too. 120/hr in my neck of the woods. Compared to 95/hr at a Chevy dealer down the street.
IMHO I don't think the mechanics are any more skilled between the two. Maybe the free cookies in the waiting room are gourmet and that's the reason for the extra cost.
Anyway IMHO - the extra warranty is worth it if you plan on keeping it outside of factory warranty.
Mine needed a new nav unit which was $3500. Toyota Extended Warranty, which I paid $1500, covered it.
Speaking of reliability. LC has this legendary reliability history. But I'm starting to be skeptical.
On here I see issues with water pumps, starters, alternators, fuel sending units, cracked radiators, leaky shock towers, leaking steering racks...
I am debating this as well. My plan is to keep the cruiser to try and get 200k on it. Meaning... in the best case, I can get a warranty to 8/125k. Anything that breaks after that regardless of whether I bought a warranty or not I'd have to pay for out of pocket.
Saying you got a warranty for $1500... is that for platinum/gold/powertrain? Is it to 60/75/125k? Most of the quotes I've received out to 125k are in the high $2k to low $3k margin. We all know things will eventually break and have to be fixed, the question is do I spend $2800 now and hope they all break before 125k or gamble that they'll break after and now I have that $2800 to cover it. I don't think it's a bad bet to wait.
I had the full platinum warranty to 100k on a 4Runner some time ago. With one exception I found that all of my trips to the dealer where something went wrong the warranty did NOT cover it. Trim pieces came loose, wear and tear items, etc. In fact, the only time I've had warranty work done on a car that was really expensive and I thought "thank goodness I had the warranty" were on cars where I generally expected things to go wrong: F-150, Audi S4, GMT800 Tahoe.
That's not to say that I'm not considering a warranty here in the next couple thousand miles....
Saying you got a warranty for $1500... is that for platinum/gold/powertrain? Is it to 60/75/125k? Most of the quotes I've received out to 125k are in the high $2k to low $3k margin. We all know things will eventually break and have to be fixed, the question is do I spend $2800 now and hope they all break before 125k or gamble that they'll break after and now I have that $2800 to cover it. I don't think it's a bad bet to wait.
I had the full platinum warranty to 100k on a 4Runner some time ago. With one exception I found that all of my trips to the dealer where something went wrong the warranty did NOT cover it. Trim pieces came loose, wear and tear items, etc. In fact, the only time I've had warranty work done on a car that was really expensive and I thought "thank goodness I had the warranty" were on cars where I generally expected things to go wrong: F-150, Audi S4, GMT800 Tahoe.
That's not to say that I'm not considering a warranty here in the next couple thousand miles....
$1500 was for 8yr / 100k platinum.
There used to be deals on warranty only purchases but what I've learned is Toyota cracked down on it. Folks posted on here about calling around and getting quoted $800 for a similar warranty. When I called around I was quoted "list" prices. $2200 for the 8yr/100k plat. Every dealer I called had the exact same number. But when buying the warranty during vehicle purchase I was quoted $1500.
So it seems like there is more structure around pricing and markup than before.
Structure, it seems, that is aimed to advantage the dealer that sells the vehicle.
There used to be deals on warranty only purchases but what I've learned is Toyota cracked down on it. Folks posted on here about calling around and getting quoted $800 for a similar warranty. When I called around I was quoted "list" prices. $2200 for the 8yr/100k plat. Every dealer I called had the exact same number. But when buying the warranty during vehicle purchase I was quoted $1500.
So it seems like there is more structure around pricing and markup than before.
Structure, it seems, that is aimed to advantage the dealer that sells the vehicle.
I think the extended warranty choice is largely dependent on the vehicle. With the LC, I did not buy it. I am at 5 years at 211,000 miles with no issues and only routine maintenance so far. I'm sure some things are going to wear out eventually, but I got out of even the extended warranty coverage a long time ago.
These trucks are a different breed.
These trucks are a different breed.
My advice on this has changed 180 over the last few years. 15 years ago I would have said the service contracts are a waste of money for the cosistently reliable brands like Toyota/Lexus. 10 years ago I started hedging my bets a bit and began looking at them with a more open mind. 7 years ago I bought my first one on a CPO Highlander and a rare water pump failure covered by the contract made the contract worth it. But even as late as 4-5 years ago I was not generally recommending buying one for a vehicle purchased new. Now, I recommend buying a service contract that covers the vehicle for as long as you plan to own it, or as long a time as possible. Parts and labor have become very expensive and electrical components obscenely so. Dealer profit centers are now in parts and service, since sales have become so competitive. Just one repair can easily pay for the contract if a covered part fails and over the life of a typical contract that has become all too likely.
Three huge caveats on extended service contracts:
Make sure you get the manufacturer brand contract
Pay close attention to the details like what parts are covered and the deductible per visit.
NEGOTIATE like a crazy person; these things are highly profitable for the finance departments and it's "normal" for the initial quote to be literally almost twice what you'll pay in the end if you shop around.
Three huge caveats on extended service contracts:
Make sure you get the manufacturer brand contract
Pay close attention to the details like what parts are covered and the deductible per visit.
NEGOTIATE like a crazy person; these things are highly profitable for the finance departments and it's "normal" for the initial quote to be literally almost twice what you'll pay in the end if you shop around.
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If I found a warranty for that cheap I'd probably get it.
- Thread starter
- #10
It's weird the toyota dealer quoted me a crazy number for a extended warranty .. around 4500 .. I'm like ohh hell noo.. I purchased extended warranties on my 2007 Camry that I never was able to use because it just never had any problems and the same for my 10 fj cruiser no problems .. what companies do you purchases serviced contracts for extended warranties ?
I have Ford PremiumCare warranty (bought 2011 LX from Ford dealer). Noticed steering rack seepage on the boots, they covered the repair and alignment at Lexus dealership to the time of $3300. Not a single issue, they just had to send an inspector out before the claim was approved.
Warranty is 3yrs 36k miles paid $2600 with 96k miles on the truck.
Warranty is 3yrs 36k miles paid $2600 with 96k miles on the truck.
I had my front cover, and both cam towers resealed under the CPO warranty and last week they also replaced a seeping steering rack under the same warranty.
This is like $7,000 in repairs at a cost of the CPO platinum plan.
While they were in there I had them install a new water pump, spark plugs, and radiator.
The warranty cost me $2,000 for the plan.
Truck was bought from Atlanta Toyota as a CPO with 80k, warranty worth every penny purchased from the dealer.
This is like $7,000 in repairs at a cost of the CPO platinum plan.
While they were in there I had them install a new water pump, spark plugs, and radiator.
The warranty cost me $2,000 for the plan.
Truck was bought from Atlanta Toyota as a CPO with 80k, warranty worth every penny purchased from the dealer.
- Thread starter
- #14
My LC is a 2011 with 83k miles still have a warranty till 2018 but just wondering if I should still purchase extended warranty .. even tho I drive it only when I take the family out during the weekend most of the time it's garraged
You didn't have any of the issues that pop up here?
Not even water pump or cracked radiator?
I'm not sure I would in terms of price vs time/miles of coverage. That $4500 quote is just too much. The trouble free miles you've had so far will likely continue. The warranty companies only want to cover the most trouble free time in the life of a vehicle. In this case 8yr and 100k or less. 125k at most - but with a premium.
If they focus on coverage for the trouble free years they have the least risk and best bet of winning. They also bet that most owners won't keep the vehicle for the full term of coverage. Which means free money.
At that high of a quote I wouldn't get the warranty. Based on the repairs folks have posted on here you'll probably break even.... Assuming the issues occur during coverage. You mentioned the vehicle is garaged much of the time. Which means you might not put very many miles on. Which means you would hit the time limit before miles. In terms of time, warranties tend to max out at 8 years old. Could you get to 100k or 125k between now and 2019? Another 17k to 42k miles in 1.5 years for the weekend vehicle?
I guess at that price and considering how much time you'd get - I'd pass IMHO.
That's nice to hear. I'm glad those issues aren't a sure thing for everyone.
I got the Toyota Platinum 8-year warranty. Do some shopping around as some dealers overcharge for it. While I suspect that I won't need it, all it takes is one big repair to pay for it. If the transfer case actuator goes, that repair alone will likely be over $1k.