Regret buying or not buying the Extended Warranty?

dancekat59 · 05-25-2007, 01:03 PM

I'd like to know so I can make a decision.
Thanks!

Charles Suitt · 05-25-2007, 01:48 PM

Howdy dancekat59

I did NOT buy the Extended Warranty from the selling Dealer... although the Finance Manager assured me that I MUST buy when I buy the car and pay their quoted $1,800. With a knowing smile, I declined. Just because I'm so 'nice,' I didn't call her an outright liar. Your post implies that you're about to run out of the 3/36K original warranty(?)

I have no regrets since I will consider buying before my bumper-to-bumper 3/36K warranty expires - and for somewhat less than the dealer wanted. Currently, you can buy the Extended Warranty from the PriusChat store for less than $1,000 (Same Warranty as the dealer's). The Extended Warranty is essentially an "Insurance Policy" which is based on historical and anticipated claims. That being the case, the current price may not be sustained if claims rise. Profit is the goal of the warranty issuer, so rates could change.

One thing you might want to do is go to the PriusChat store and read the provisions of the Extended Warranty, particularly to see what is *NOT* covered, might be a surprise or two there for you.

My conclusion... I probably will not buy an Extended Warranty.

ystasino · 05-25-2007, 02:23 PM

If I have the car and plan on keeping it after the standard warranty expires I will undoubtedly buy it. There are many things that can go wrong in any car and you are bound to be overcharged with a Prius

ny biker · 05-25-2007, 02:25 PM

I didn't get the extended warranty when I bought my car, even though the dealer said he was offering it at cost. I figured I could worry about it later. Then when I called my insurance company (Geico) to transfer the policy from my old car to the Prius, they said my coverage automatically included a 7-year extended warranty (with a deductible) because it was a new car. I mentioned that to the dealer when I went to pick up the Prius the next day, and he said it wasn't really the same thing. But then he was still hoping to sell me his warranty, so...

Mr.Vanvandenburg · 05-25-2007, 03:48 PM

The car is already expensive so I didn't want to add to that price (although I understand and believe Toyota loses money producing the Prius.) Since buying I have had a chance to read the factory warranty and in CA states like you seem to be in, the warranty covers a lot of expensive components for 15 years or 150000 miles, and 8/100 federal. Plus the hybrid battery separate warranty. Plus the powertrain is 5/60. I am stilll deciding yes or no, but it seems to me if I place even $1000 in a CD for three years I will have about $1150 to spend on repairs, $1250 in five years, in ten years any extended warrany will be over anyway, still relying on the originall no cost 15/150. I would worry about things like the smart key system, so it is sort of like gambling. On the other hand, the reason we buy Toyota is for reliability so the chances are better not to have a claim at all.

galaxee · 05-25-2007, 06:13 PM

we will be buying one soon (just hit 30k today) because even though DH could fix anything that went wrong, many parts are still expensive.

if you want the peace of mind, go for it.

IsrAmeriPrius · 05-25-2007, 06:47 PM

<div class='quotetop'>QUOTE(Charles Suitt @ May 25 2007, 10:48 AM) [snapback]449933[/snapback]</div>

Quote:

One thing you might want to do is go to the PriusChat store and read the provisions of the Extended Warranty, particularly to see what is *NOT* covered, might be a surprise or two there for you.[/b]

No surprises:

Quote:

Note: Platinum protection covers virtually all components on new vehicles. If your new vehicle's component does not appear on our List of Excluded Components, it is covered by Platinum protection.

Wheels and Rims
</span>Windshield Wiper Blades (Rubber Component)
New Vehicle Protection Plan Comparison

jhinton · 05-25-2007, 07:20 PM

I never buy warranties or extended warranties on any product simply because they are only an additional profit mode for the seller. For the dealer to make any money selling the warranty simple statistics and common sense tells us that it is more likely that you will spend more money purchasing the warranty than you will spend on repairs covered by the warranty.

I have a "car maintenance fund' that put $100 per month in until it reaches $500. This combined with my "general emergency fund" of $1000 will just about cover any major repair required.

200Volts · 05-25-2007, 07:54 PM

Having sold my 04 (and now with an 06 ) I did buy the warranty for my 06 through PriusChat.
Why? Because when I sold my 04 I THINK I lost about $2k because it did not have the extended warranty. (87k miles)
I plan on selling my 06 in 08 so the $1k for the warranty makes sense.

aaf709 · 05-25-2007, 08:19 PM

I got an extended warranty for a camcorder and never needed it.

I got an extended warranty for a refrigerator, used it and got a new one.

I got an extended warranty on my last car, needed it and it was worthless. This was due to the fact it was a third-party (not from a dealer), and the salesman never sent in the form (but kept the money).

I did get the extended warranty through PriusChat. I waited until it was about 700 miles to go until 36K.

It's a cr*p shoot. You may never need it, or you may need it at 40K miles.

05-25-2007, 01:48 PM	#2
Charles Suitt Senior Member Join Date: Oct 2004 Location: Dallas TX Posts: 1,622 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Howdy dancekat59 I did NOT buy the Extended Warranty from the selling Dealer... although the Finance Manager assured me that I MUST buy when I buy the car and pay their quoted $1,800. With a knowing smile, I declined. Just because I'm so 'nice,' I didn't call her an outright liar. Your post implies that you're about to run out of the 3/36K original warranty(?) I have no regrets since I will consider buying before my bumper-to-bumper 3/36K warranty expires - and for somewhat less than the dealer wanted. Currently, you can buy the Extended Warranty from the PriusChat store for less than $1,000 (Same Warranty as the dealer's). The Extended Warranty is essentially an "Insurance Policy" which is based on historical and anticipated claims. That being the case, the current price may not be sustained if claims rise. Profit is the goal of the warranty issuer, so rates could change. One thing you might want to do is go to the PriusChat store and read the provisions of the Extended Warranty, particularly to see what is NOT covered, might be a surprise or two there for you. My conclusion... I probably will not buy an Extended Warranty. __________________ Charles Suitt Dallas Texas 2007 Touring Edition (Former Prius: 2004)

05-25-2007, 02:25 PM	#4
ny biker Senior Member Join Date: May 2007 Location: Arlington, VA Posts: 416 My Car: 2007 Prius Package: #4 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I didn't get the extended warranty when I bought my car, even though the dealer said he was offering it at cost. I figured I could worry about it later. Then when I called my insurance company (Geico) to transfer the policy from my old car to the Prius, they said my coverage automatically included a 7-year extended warranty (with a deductible) because it was a new car. I mentioned that to the dealer when I went to pick up the Prius the next day, and he said it wasn't really the same thing. But then he was still hoping to sell me his warranty, so... __________________ 2007 Silver Pine Mica with package #4 Purchased April 22, 2007 (Earth Day)

05-25-2007, 07:20 PM	#8
jhinton Senior Member Join Date: Jan 2007 Location: Birmingham, AL Posts: 839 My Car: 2005 Prius Package: N/A Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I never buy warranties or extended warranties on any product simply because they are only an additional profit mode for the seller. For the dealer to make any money selling the warranty simple statistics and common sense tells us that it is more likely that you will spend more money purchasing the warranty than you will spend on repairs covered by the warranty. I have a "car maintenance fund' that put $100 per month in until it reaches $500. This combined with my "general emergency fund" of $1000 will just about cover any major repair required. __________________

05-25-2007, 08:19 PM	#10
aaf709 Ravenpaw of ThunderClan Join Date: Apr 2005 Location: San Diego, CA Posts: 3,838 My Car: 2005 Prius Package: #6 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I got an extended warranty for a camcorder and never needed it. I got an extended warranty for a refrigerator, used it and got a new one. I got an extended warranty on my last car, needed it and it was worthless. This was due to the fact it was a third-party (not from a dealer), and the salesman never sent in the form (but kept the money). I did get the extended warranty through PriusChat. I waited until it was about 700 miles to go until 36K. It's a cr*p shoot. You may never need it, or you may need it at 40K miles. __________________ "Blue Belle" Seaside Pearl Purchased April 16, 2005 MODS: Wheelskin Steering Wheel Cover, GT Seat Covers, DashTopper Dash Cover, MFD Sun Hood, Pioneer AirWare XM radio, DICE Silverline iPod Integration, BT Override, Goodyear ComforTreds, Coastal Tech's Auto-Lock kit, NAV Enhancement kit & EV mod

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05-25-2007, 01:03 PM	#1
dancekat59 Join Date: May 2006 Posts: 220 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I'd like to know so I can make a decision. Thanks!

05-25-2007, 02:23 PM	#3
ystasino Senior Member Join Date: Apr 2007 Posts: 370 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	If I have the car and plan on keeping it after the standard warranty expires I will undoubtedly buy it. There are many things that can go wrong in any car and you are bound to be overcharged with a Prius

05-25-2007, 03:48 PM	#5
Mr.Vanvandenburg Senior Member Join Date: Mar 2007 Posts: 130 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	The car is already expensive so I didn't want to add to that price (although I understand and believe Toyota loses money producing the Prius.) Since buying I have had a chance to read the factory warranty and in CA states like you seem to be in, the warranty covers a lot of expensive components for 15 years or 150000 miles, and 8/100 federal. Plus the hybrid battery separate warranty. Plus the powertrain is 5/60. I am stilll deciding yes or no, but it seems to me if I place even $1000 in a CD for three years I will have about $1150 to spend on repairs, $1250 in five years, in ten years any extended warrany will be over anyway, still relying on the originall no cost 15/150. I would worry about things like the smart key system, so it is sort of like gambling. On the other hand, the reason we buy Toyota is for reliability so the chances are better not to have a claim at all.

05-25-2007, 06:13 PM	#6
galaxee running WOT until out of fuel Join Date: Mar 2005 Location: central NC/ western WI Posts: 9,033 My Car: 2005 Prius Package: #5 Nominated 5 Times in 3 Posts TOTM Awards: 0 Friends: 21	we will be buying one soon (just hit 30k today) because even though DH could fix anything that went wrong, many parts are still expensive. if you want the peace of mind, go for it.

05-25-2007, 07:54 PM	#9
200Volts Senior Member Join Date: Nov 2004 Location: Northern CA Posts: 346 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Having sold my 04 (and now with an 06 ) I did buy the warranty for my 06 through PriusChat. Why? Because when I sold my 04 I THINK I lost about $2k because it did not have the extended warranty. (87k miles) I plan on selling my 06 in 08 so the $1k for the warranty makes sense.