You buy a brand new car you’re statistically guaranteeing you lose money on it the second your names goes on the paper and it’s titled. Even if you don’t drive it!
Such is life.
Toyota Extended Warranty Thoughts and Opinions (1 Viewer)
- Thread starter ocLC200
- Start date
This site may earn a commission from merchant affiliate
links, including eBay, Amazon, Skimlinks, and others.
Such is life.
So go ahead and try to lose more??? Don't understand this logic.
There is no right or wrong choice. It is about risk and whether you want to mitigate it with a smaller potential sunk cost.
With many brands, a warranty makes sense 110% of the time.
My personal experience is it is generally a waste with Toyotas, but there are random issues where a warranty can pay for itself, and while rare, if the more common radiator and water pump get covered, and potentially a valley or cam tower leak, it would be money well spent. Most likely, these will all fail right after the extended warranty expires.
It depends on the cost. I paid for the 10yr/125k platinum coverage, because it was 3100 which I have easily spent over ten years maintaining any car, beyond brakes, fluids, tires, and filters. Yes, I'm also betting something more breaks, but you never know, and I like knowing I don't have to deal with the headache when it does. It's getting harder and harder for me to find time to tackle home projects. Just be careful with third party warranties, however Fidelity seems to be spoken of highly here.
If you get the Toyota warranty please use Jennifer or Jerry (many threads on here and other forums w contact info). It will save you a lot compared to what most dealers charge.
And if you did buy it at purchase from your dealer at their inflated cost, get a refund! Even the prorated amount back could put a lot back in your pocket...
And if you did buy it at purchase from your dealer at their inflated cost, get a refund! Even the prorated amount back could put a lot back in your pocket...
LC Platinum Extended Warranty
I was quoted $2550 for 7yr / 100k mile Toyota extended warranty for my 2019 LC. I thought it was a little pricy based on my reading on this forum. How much have you guys paid?
forum.ih8mud.com
Crush 4
SILVER Star
I have talked to Jen before but tried recently and her email was no longer valid. Anyone have her current info.?
maybe try through their website, I think this is the dealer she is with and they have a contact form for her.
https://www.gowolverinetoyota.com/meet-our-staff/?tokenID=X9D04XFBFW1ISPL36P7MAGS3VY9TV1XH1
let us know what you find. Sounds like you just picked up a new LC. I’m in the same boat and trying to decide on warranty
edit: had this in her profile jtaylor@gowolverinetoyota.com
Well put.There is no right or wrong choice. It is about risk and whether you want to mitigate it with a smaller potential sunk cost.
With many brands, a warranty makes sense 110% of the time.
My personal experience is it is generally a waste with Toyotas, but there are random issues where a warranty can pay for itself, and while rare, if the more common radiator and water pump get covered, and potentially a valley or cam tower leak, it would be money well spent. Most likely, these will all fail right after the extended warranty expires.
I'll add, your risk level may change depending on a number of factors. I for instance would not have purchased an extended warranty if I picked up my LC new, but since I bought it used with 49k miles on it (thus I didn't know how well it had been maintained or treated, or if the PO dumped it because of a known issue) ,*and* I ended up taking out a loan which ensured I'd be paying on the truck until it hit ~100k miles, *and* I'd had a simple Nav DVD drive fail in my prior vehicle (Acura) which was a $3500 part, I felt that the ~$1300 for the 7/100k warranty made sense. I didn't want to be making $700/month payments *and* get hit with a $3000 bill for something unexpected.
FWIW I used my warranty exactly once to replace the radiator, so the $1300 expense ended up being about $600.
FrazzledHunter
SILVER Star
We NEVER get warranties on anything except this one time and we used reasoning similar to yours. to decide to buy it.
We bought our 2018 as a leftover in 11/2019, untitled with 6300 miles on it. That means we weren't really the first users of the car even though the car was purchased never titled so we could buy it "as new" on a technicality. Looking at all the electronics which scared my wife to death, coupled with the fact we got a great deal on the car plus perks from Toyota due to the fact it was a "new" sale we decided to get the warranty.
Since we've had the car I have found a few independent garages that will not work on it AT ALL. This means that any service is more likely to come from a dealer and we all know what dealers charge even for simple stuff like oil changes.
So, time will tell whether buying this warranty was a dumb idea. Hindsight is 20-20.
Maybe we should ask whether we all have enough life insurance. All we need to know is when we're going to die, under what circumstances and how financially well off we'll be.
I think the first 4 quotes from the finance guy were for local dealer aftermarket warranties $3500 down to $1500. When he realized I wasn't budging for a loan warranty 400 miles from home, the Platinum Lexus came up. I think any of it is close to 100% profit for selling dealer, then Lexus and Servicing dealer split the pain on fixing any issues.
@ 70K+ miles still is quieter than neighbors that have new Land Rovers, Escalades and Audi Q7s with less than half the mileage. Amazing.
I've been in the car biz for 20 years now and a lot of it in F&I. Yes, I am the service contract guy muahahahaha. So here is the skinny.... Service contracts are designed around the average person keeping their vehicle 42 months. Your factory warranty is 3/36 so that is only 6 months of exposure for the service contract so they roll the dice (and win most of the time) that things will change and you will not keep the vehicle long enough to have a claim. There are basically 2 types of ways dealerships have service contracts which are participating and non participating. Participating means the dealership or group only use the service contract company to do admin and the repair costs come out of their piggybank. Non par is not as profitable for a dealer or group, but there is less exposure. If you are getting a vehicle from a dealership that has a bunch of stores, they are 100% par and have a lot more leeway on what they can approve repair wise so be nice to the service guys there and they will take good care of you lol.
I'm on my second Cruiser (first was a 17 now a 21 HE) and am planning on keeping this one a loooooong time. I was not going to trade my 17 but since I work at Toyota I got a triple net deal on an HE and they aren't bringing any more in. I went with a 10 year 150k service contract on mine and although it was steep as hell even at cost, it will pay out in the long run. If you keep you vehicles less than 48 months and don't drive a ton, don't bother with them.
I'm on my second Cruiser (first was a 17 now a 21 HE) and am planning on keeping this one a loooooong time. I was not going to trade my 17 but since I work at Toyota I got a triple net deal on an HE and they aren't bringing any more in. I went with a 10 year 150k service contract on mine and although it was steep as hell even at cost, it will pay out in the long run. If you keep you vehicles less than 48 months and don't drive a ton, don't bother with them.
7000ft
SILVER Star
Who offers a 10 year 150,000 mile warranty? Toyota Platinum max is 10 years / 125,000.
I work in an SET dealership and we can go as far as 11 years and 150k on the Platinum through Fidelity which is SET's service contract provider.
7000ft
SILVER Star
I used it as a sales tool when I sold my 03 LC. Buyer was excited to have the 100k Platinum warranty transferred to him for the pro-rated amount. It clinched the deal!
How does the Fidelity warranty vs. Toyota Plat. compare? I would be interested in the 11yr.150k warranty but I’m sure it’s pretty expensive.
Last edited:
Same thing, just SET's version of it.
7000ft
SILVER Star
I've owned one Series 100 and an early 200 and both were sold with over 100k on them. Both were mechanically sound, but neither had the amount of new electronics like my 2020 HE, so I opted for a Toyota Platinum 10year 100k warranty from Jerry Johnson. jerryj@midwestsuperstore.com Jerry has been selling Toyota warranties for a long time. He'll be my go to guy if and when the 300 arrives.
