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Should we buy the waranty?

Discussion in 'Newbie Forum' started by John Lombard, Apr 1, 2015.

  1. John Lombard

    John Lombard New Member

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    Hello all! My wife and I are about to buy a 2008 Prius this weekend from our local dealer. It's got 77k miles, one owner and has been dealer serviced it's whole life including hybrid battery maintenance less than 10k miles ago. The dealership is pushing the extended warranty pretty hard. My gut instinct is to say no but I was hoping someone with more experience could give us some insight! We're right at our budget as is and I'm really not trying to go over. Thanks for all your help! Looking forward to joining the Prius family!
     
  2. bisco

    bisco cookie crumbler

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    welcome to priuschat! what is 'hybrid battery maintenance'? extended warranty is a philosophical decision, so you will get opinions. without the details, it's hard to offer one up.
     
  3. The Electric Me

    The Electric Me Go Speed Go!

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    The question "Should I Buy A Warranty" get's asked often.

    Even though I have never bought an extended warranty or used car warranty, I am neither FOR nor AGAINST people doing so.

    I pretty much tell people that IF they really want one, just be fully aware of how much you are paying and exactly what you are getting.

    But really just follow your instincts. If you are at budget and buying one would be a hardship? If your feeling is NOT to get it? Then I think passing is a perfectly acceptable decision.

    My only "concern" or red flag in your statement above is do you know exactly what "Hybrid Battery Maintenance" means or was?
    For the most part the Hybrid Battery is pretty maintenance free. My concern would be was it showing some signs of failure or difficulty 10,000 miles ago, that led directly to the previous owner trading it in?

    I'd want to know exactly what was done or deemed needed to do to the hybrid battery.
     
  4. The Electric Me

    The Electric Me Go Speed Go!

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    Exactly my thought and concern as well.
     
  5. bisco

    bisco cookie crumbler

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    great minds think alike.:p i could see an older car with higher miles, maybe someone takes the battery apart and cleans all the connexions?
     
  6. John Lombard

    John Lombard New Member

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    The way it was explained to me is that it's a preventative measure that's recommended that not many people do? Apparently there is a fan that helps cool the battery to keep it from getting overheated and they brought it in to get the fan cleaned out as a preventative measure, not because anything was actually wrong
     
  7. bisco

    bisco cookie crumbler

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    okay, that makes sense. doesn't really help, unless it was clogged with pet hair. you're getting a great car with extremely high reliability. that being said, it's like life insurance. every now and again, someone gets lucky. or unlucky.
     
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  8. frodoz737

    frodoz737 Top Wrench

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    Aside from the flag already waving, the concern is buying a used anything a max budget. If the cost of the warranty throws you over, what will an uncovered repair do to you? Prius are not cheap to fix when they do break.
     
  9. John Lombard

    John Lombard New Member

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    I've seen several people mention buying warranties thru here? can anyone enlighten me on that?
     
  10. bisco

    bisco cookie crumbler

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    you can't buy them over the phone anymore. if you drive to western mass, there's a guy who is pretty cheap, iirc.
     
  11. frodoz737

    frodoz737 Top Wrench

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    There is a Dealership that used to by phone, but the other "Toyota Regions" stopped that. You can buy from them in person last I talked to them though. Don't have to listing at hand but they were all over this site at one time. Perhaps some one faster that I can assist.
     
    #11 frodoz737, Apr 1, 2015
    Last edited: Apr 1, 2015
  12. The Electric Me

    The Electric Me Go Speed Go!

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    Fan cleaning IS about the only maintenance issue. Good that it was done.

    I was just concerned because it was worded as "Hybrid Battery Maintenance".
    Technically it's Hybrid Battery FAN maintenance.

    OK...carry on....my advice concerning the warranty purchase choice remains the same.
     
  13. frodoz737

    frodoz737 Top Wrench

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    Troy Dietrich @ Toyota of Greenfield MA was the guy.
     
  14. John Lombard

    John Lombard New Member

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    Thank you guys very much!
     
  15. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    Warranties are not a wise purchase.
    They're doubly unwise when purchased from the dealer or financed.

    If a dealer tells you that a manufacturer's warranty can only be purchased from the dealer, then they are lying.

    You have to be very careful with used cars. Many unscrupulous dealers sell "coverage" or "insurance" cleverly disguised as a MANUFACTURER'S warranty.
    If you really think that you really have to have a warranty, then make sure that you're buying what you think that you're buying.

    One last thing.
    Why didn't your dealer mention that NY is a CARB state?
    IIRC, then hybrid components are covered for 10 years and 150,000 miles.

    Double check me on the CARB coverage, but I think that I'm right.
     
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  16. bingee3

    bingee3 Active Member

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    How many more months , how many more miles , will the warranty cover , what is the deductible
    How much money do they want ,,,, is it a dealer warranty , some 3d party , or toyota warranty
     
  17. mikefocke

    mikefocke Prius v Three 2012, Avalon 2011

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    When you buy a warranty (on anything), you are paying for:
    sales expenses
    administrative expense (in the case of a dealer, both at the dealer and at the warranty company)
    repair expense (what the warranty company pays out in repair expense)
    profit

    Consumer Reports has estimated that the warranty companies pay out somewhere around 30% in repair costs.

    As someone said above, if you need one to sleep well at night, buy one.

    But read the contract, know what the corporate structure is behind the warranty, know the financial stability of the company behind the warranty. After all, you want someone there and able to pay if needed.

    And read the contract, not the sales literature, to know what is covered and understand that the contract was written by clever lawyers and not with your interests in mind.

    Another complication is some mechanics won't deal with insurance companies (too much overhead and delay, they need to get the car off the rack and get on to the next car). Nor will they accept what the insurance company is willing to pay as a labor rate. And sometimes the insurance won't pay for doing it right, just for the cheapest way.
     
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  18. frodoz737

    frodoz737 Top Wrench

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    Change a word or two and you are describing insurance as well.
     
  19. Mike500

    Mike500 Senior Member

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    As stated, extended warranties are really insurance policies that can be used for one specific item with special limitations.

    The insurer has an algorithm that calculated the amount of usage compared to the premium paid. Home, auto liability and health insurance are without question necessary.

    Extended warranties are often sold and purchased by those who cannot really afford them or those who live "paycheck to paycheck." A lot of times it is included as a part of the car loan.

    Note that they are high profit items for car dealers and the underwriters.

    They are touted as "peace of mind" for the buyer. If you cannot save and figure that you have to purchase one, I'd contact a bank or a credit union and arrange a $50 a month automatic transfer to a savings account to an online bank like Capital One 360. You will not notice it unless you just cannot leave money in that account without spending it.

    You will be surprised how quickly the money accumulates. If you need it, it will pay for ANY repair on any possession. If NOT, ALL the money is still yours. If you don't use the extended warranty, ALL THE MONEY YOU SPENT IS GONE.
     
  20. frodoz737

    frodoz737 Top Wrench

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    I still say if you are going to keep a car for extended periods, can't afford unexpected high dollar car repairs (just like unexpected accidents or medical events) and you do not know how to fix vehicles yourself, extended warranties have their place. They are not for everyone though...especially if you turn out new cars every couple a years for a new payment.