Was offered a 10 year/120k Mike extended warranty on my new 200 for $1700. I passed.
Toyota Extended Warranty Thoughts and Opinions
- Thread starter ocLC200
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Crush 4
SILVER Star
Did you try and negotiate? We’re you offered tire warranty?
There was a dealer that used to offer this warranty for 1k.
Was not offered tire warranty. I did not try to negotiate because i don't want extended warranty.
Be very careful about the language of the warranty, whether or not it’s actually offered through Toyota or a third-party, and whether or not they will actually cover anything.
Southeast Toyota was notorious for selling a Fidelity extended warranty on all of their vehicles, but when you read the fine print, a lot of stuff was not covered, and they had the option to use their in-house brand remanufactured/third-party parts which were garbage.
Southeast Toyota was notorious for selling a Fidelity extended warranty on all of their vehicles, but when you read the fine print, a lot of stuff was not covered, and they had the option to use their in-house brand remanufactured/third-party parts which were garbage.
latest I’ve seen for 10yr are:
$2200 for 100K
$3000 for 125K
that’s a big jump from 100K to 125K
$2200 for 100K is still a bit too much in my opinion. $800 for another 25K seems like a big jump.
I’ve got a ‘21 with 400 miles, so plenty of time to consider. Those numbers just feel a little steep.
That’s dirt cheap, if it’s an actual Toyota Platinum warranty. If so, I would buy it immediately if keeping it through warranty.
You guys balking over a 10yr 125k warranty for under 2800 is a bit surprising. I get we have a very reliable 200 but it still has electronics and the nav system alone costs more than the warranty. Those dang things do go out or eventually start to glitch. Just for reference, my Porsche extended warranty was $6800, BMW Plat. warranty $3700(paid for itself after manufacturers warranty ) and my neighbors Range Rover was about equal cost of 7k(wouldn’t own without). A 80k land Cruiser with a $2800 or less warranty is freaking cheap compared to other vehicles in similar price range. I’m all for rolling the dice on the 200 but electronics don’t last and the odds are against you after 7yrs. Do you buy a $7k+ tv or Apple MacBook Pro without a warranty? Why the heck would you not get one for your $80k truck? Plus, if you end up selling it, the warranty really makes a difference to the potential buyer. I’ve sold over 20 personal cars in the last 10yrs and some to people on this very site and they all felt more comfortable buying a vehicle with a transferable extended warranty which makes it easier to sell if you go that route. It really does pay for itself.
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I can afford the truck. It is very reliable. If something breaks i can afford to fix it. Not that concerned.
I buy everything without warranties.
My point was that it’s considerably cheap insurance for the cost of the vehicle. Some of us don’t have money falling from the sky that isn’t being blown into private schools, church, charities, college funds, cancer treatment for a family member, all I’d much rather pay for. So I am happy to pay for piece of mind of the low warranty cost Toyota provides for the LC. But like you, everyone has different priorities and cash outflows.
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Paid $2k for Toyota platinum $0 deductible 8/125k.
Entertaining it having it refunded on a prorated basis.
Entertaining it having it refunded on a prorated basis.
Seems to be a decent price for that plan. If I could get 10/125k for $2500, I’d take it. The common items seem to pop up in the 100K-125k range, but at 8/125, I’d hit the time before the mileage.
As most know, any extended warranty is a loss for the consumer - when looking at a large population. Just like any insurance. Homeowners is the biggest waste, but if you need it you're sure glad you have it.
With that said, cancelling a policy early has got to be a pretty bad financial decision. You're paying for the early miles when there's very low likelihood of usage of the insurance, and letting the insurer off the hook for the most costly miles.
TLC2013
SILVER Star
When I purchased my 6 year old LC the dealer offered a 3rd party warranty. knowing that I could cancel it and get a pro-rated refund I figured it would be cheap insurance.
Be cautious of the fine print. I ended up canceling mine after a few months as the disclosers said any modifications, even as neglegable as tires or wheels would void the warrabtly. Add on the deductible to actually use it i was happy to cancel it.
Everything i have read here and unfortunately experienced is that when things break on the 5.7 they can get expensive quickly if you dont do the work yourself.
Oil leaks, coolant valley leak, starter and radiator are known weak spots of the 5.7 motor.
My LC is 8 years old and approaching 100k and so far i have had to deal with a radiator and unfortunately a rear main seal leak.The radiator was expected and was actually denied by the warranty as the crack was not leaking. I canceled immediately after hearing this. rear main seal leak was pricey and cost about as much as the warranty.
So in my experience if nothing large or labor intensive breaks i think its unnecessary for the warranty. With that said having the peace of mind for the next decade of ownership that if a starter, leak or pricey electronics goes south you are covered would definitely be a nice luxury.
Be cautious of the fine print. I ended up canceling mine after a few months as the disclosers said any modifications, even as neglegable as tires or wheels would void the warrabtly. Add on the deductible to actually use it i was happy to cancel it.
Everything i have read here and unfortunately experienced is that when things break on the 5.7 they can get expensive quickly if you dont do the work yourself.
Oil leaks, coolant valley leak, starter and radiator are known weak spots of the 5.7 motor.
My LC is 8 years old and approaching 100k and so far i have had to deal with a radiator and unfortunately a rear main seal leak.The radiator was expected and was actually denied by the warranty as the crack was not leaking. I canceled immediately after hearing this. rear main seal leak was pricey and cost about as much as the warranty.
So in my experience if nothing large or labor intensive breaks i think its unnecessary for the warranty. With that said having the peace of mind for the next decade of ownership that if a starter, leak or pricey electronics goes south you are covered would definitely be a nice luxury.
Everyone has their own comfort levels.
It depends on the car. For my C6 Z06 there was a chance of the engine blowing up so I bought a Fidelity Platinum warranty on that.
I bought an M5 used with a few months of factory warranty left, I didn't get the extended warranty and for 20k miles I only had to replace the AC compressor which was like $500 installed covered by my last month of factory warranty. The extended warranty was $4000.
I've bought a few Mercedes CPO but even getting them to cover expected stuff (harsh downshifts, locked into certain gears, fuel tank issues) is such a hassle so I opted not to extend beyond the CPO.
Carmax offers Fidelity Platinum which is a comprehensive and good warranty, lot of people have good experience with it. You can buy it at other dealers too. I don't know how they are now but they do price their Range Rover plans accordingly at $7k+.
It's not that I'm trying to save money exactly by not going the warranty route, it's just getting things warrantied aggravate me rather than give me peace of mind so I set some money aside for potential repairs and move on.
It depends on the car. For my C6 Z06 there was a chance of the engine blowing up so I bought a Fidelity Platinum warranty on that.
I bought an M5 used with a few months of factory warranty left, I didn't get the extended warranty and for 20k miles I only had to replace the AC compressor which was like $500 installed covered by my last month of factory warranty. The extended warranty was $4000.
I've bought a few Mercedes CPO but even getting them to cover expected stuff (harsh downshifts, locked into certain gears, fuel tank issues) is such a hassle so I opted not to extend beyond the CPO.
Carmax offers Fidelity Platinum which is a comprehensive and good warranty, lot of people have good experience with it. You can buy it at other dealers too. I don't know how they are now but they do price their Range Rover plans accordingly at $7k+.
It's not that I'm trying to save money exactly by not going the warranty route, it's just getting things warrantied aggravate me rather than give me peace of mind so I set some money aside for potential repairs and move on.
Yeah and now due to a change in work arrangements instead of 20k/year I’ll likely be at less than 3k/year
it’s a garage queen.If you are buying an 80k+ vehicle, i would hope you can afford to repair it if something breaks.
This has come up a few times in this thread and I keep thinking to myself’: yeah, I can afford the $80K+ and I’m also willing to throw a couple more grand at it to get out of paying for a rare but not unheard of massive repair bill, it’s a couple of percent of the overall cost. Hell, I’m yanking and tossing more than that value in parts that I’d be replacing with mods anyway. I’ve seen $1,700 for the cost of the warranty listed on here and I’ve seen a few repairs that would exceed that. I’m more curious to actually read the fine print of the warranty as I’d be buying for electrical stuff and if adding the Navi plus car play thing voids replacement of the head unit then I could pass on warranty. Idk, everyone is different but once you start to modify one of these a couple grand for the warranty is chump change with the possibility of a return should you need it.
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And statistically, you are extremely likely to be wasting your money on a warranty. The warranty company knows it will make money selling you the warranty. How much of the $1700 is commission to the dealer? Half? How much is profit to the warranty company? A couple hundred? These are just guesses but you get the point. What is your deductible on your auto and homeowners? Do you choose a higher deductible to save premiums? I do, because I can afford a higher deductible if I have a claim. Yet you’re willing to spend 1700 in case of a $3000 repair that is very unlikely. (If it wasn’t unlikely the warranty wouldn’t be offered at $1700). For those who can afford the repair it is an illogical purchase.
If it makes you feel comfortable, by all means buy the warranty. To each his own. But recognize you are buying insurance on something you can probably afford to self insure, and statistically it is overwhelmingly likely that it will lose you money, or it wouldn’t be offered at that price.
