You guys are great! I have 24 hours to decide if I buy the Extended Warranty with has been reduced!

Congratulations on your car purchase. The extended warranty is a good idea. Prius doesn't break often, but when it does it's expensive to fix.

 

It depends on you lifestyle and financial situation.

An extended warranty is not a service plan. It is basically insurance.

If you drive a lot, it's probably not worth it, as you will soon exceed the mileage period.

The hybrid components are already warranted by Toyota for a long period in California, which is a CARB state.

If you are a natural saver, I'd just save your money for an emergency fund.

If you have no issues in the period of the intended warranty, all the CASH is yours.

Most issues with Prii occur in older cars, which is usually beyond the period of the extended warranty.

 

I purchased an extended warranty for right around $1000. It extended the warranty up to 5yrs/100k miles.

 

In that case, you should save your money. You can use the CASH for any sort of emergency.

In 45 years of car ownership, I could have used an extended warranty on one of six cars. The loss added up to about $6,000 on the one particular car. So, an extended warranty has never been for me.

Whole life insurance policies are a really bad investment. But for someone who can never save, it is better than nothing at all.

You be the judge.

 

I recently bought my PiP through Cecille at Glendale Toyota. She was great through the buying process, not so much afterward, but that's off topic.

Regarding the warranty and all the other crap they try to up-sell you on... In my case, it would have been a complete waste, as I don't keep my cars more than 2-3 years, and I drive fewer miles than average. Based on what I've seen for resale values, this may even make good financial sense when the time comes. If you're the type of person that drives very little, and keeps one car forever, you may consider the warranty, but honestly 75k miles is not a lot. If you have a decent emergency fund, you're probably better off earmarking a few thousand right now for future repairs and, in all likelihood, you'll never need it. The drivetrain/emissions warranty covers most everything critical.

 

If I had bought those special "insurance policies" for everything I owned, I would have bee out many thousands of dollars. I an remember, in my younger days, how may I bought and NEVER used.

The best insurance policy is READY CASH. You can use it for anything. If you don't use it, it's ALL yours.

The real bummer is for those who purchase these "insurance policies" on credit and pay carrying charges for them.

 

In my opinion, the only time it clearly pays to buy the extended/aftermarket warranty is if you're buying a used car with extremely expensive repairs and known common failure modes (12cyl Mercedes for example), with unknown maintenance history. In these cases, they almost always pay off, frequently in the first year.

 

No. Save your $1000 for something else. A lot of the expensive stuff is already covered under standard warranty.

 

Let's just say I always buy them for the Wife's cars. Being a mechanic by trade, I know my vehicle characteristics and when something is going sideways, but generally only drive hers when it needs attention. We've been married 28+ years and had many vehicles since and my conclusion is: keep the wife, keep buying her the extended warranties and do not buy GM, Ford or Chrysler products. $1,000 is a good price from a Dealership if it's the "Toyota Platinum Warranty", but I would bump the mileage up to 100,000. Don't buy there in-house or Third Party plans though. YMMV

 

The ploy is nothing more than a high pressure to sell an "insurance policy," of which the retail price is the second and reduced price offering, anyway.

There was no intent, or I would doubt that any of these so called extended warranties were ever or have been sold at $2,500.

The offer is to entice the potential buyer into thinking that he or she got a deal at 60% off, when in fact, they are buying at the full sale price.

Adding the stipulation that it has to be purchased in 24 hours, again, is a pressure tactic that the buyer will "miss out."

 

I wouldn't get it. If your car is gonna break, it will usually break shortly after purchase (very rare) or last 8-10 yrs before breaking. I would save my money.

 

If someone's initially offered you something for $2400, and then dropped to $1000, is this someone you want to do business with?

 

Save your money. Don't buy it.

 

You have 3 years/36000 miles to buy the extended warranty. On average if the extended warranty is a good deal for the buyer two questions come to mind:

Why is the seller offering it?
Why do you want to buy a POS car?

Save, or better yet, invest your money.

 

I purchased recently a Prius 3 during the Labor day (8/30/2014) sale for $21,300. I was very happy with the price. Now I am seeing that the extended warranty for 5 years/100,000 miles, they have charged me $ 3,450. This is Zero deductible Platinum warranty! Do I need to keep it or it is OK to cancel it. I am reading that I have 60 days to cancel my extended warranty. Please advise. Thanks in advance.

 

Question about extended warranties have been asked many times on this board. General consensus is they are not worth it. But if the money you spent is worth peace of mind, then keep it. It really boils down to individual preferences. Understand that if you plan to keep the car a LONG time, expect to have to pay something for repairs at some point or another.

 

I'd cancel that policy ASAP. Or sooner.