Yet another warranty question - used Prius

Greetings!
Since it's been a couple of years since this seems to have come up, here it is again. I just bought my first Prius (used) today from my local Toyota dealer, and it's a bit unusual. It's a 2005 model, but it has only 12,600 miles and is in awesome condition. We were in a rush filling out the paperwork (time constraints with work schedule), and so I made the snap decision to take the used car warranty they offered, since of course the original warranty has expired.

The used car warranty is Toyotal "Platinum Protection" -- good at any Toyota service department, and supposedly just like the new car warranty. It is good for 60 months/60,000 miles. So essentially, either the next 5 years, or 48,000 miles, whichever comes first. I drive about 8-10k miles/year, mostly in-town driving.

I've been having a bit of buyer's remorse about the warranty the rest of the day today, wondering if I should cancel it (and go through the hassle of re-doing the paperwork). It was $1770. I got a good deal on the vehicle (it was about $1500-$2000 less than other used Prii that I was considering, which actually had higher mileage). So I could just consider it as part of the purchase price, bringing it back into the range of other used Prii; on the other hand, I just traded in my 1995 Corolla, which in 14+ years has only needed scheduled maintenance and replacement of worn-out stuff (tires, brakes, belts).

So I guess the question is... how likely is something big to happen to this Prius? Which counts for more, the fact that it's already 5 yrs old, or that it only has 12k miles, and any major repairs would more likely to happen at higher mileage than 60k?

Thanks for your opinions!

--Andrew

 

Thanks for the responses!
paprius -- I did give Troy Dietrich a call yesterday. He said he can only do extended warranties for new Prii (still w/in the original 3 yr/36k limit).

Patrick -- the time frame is 5 yrs from now (if it was from time of original date of sale, it would already be expired, and then I'd just be giving the dealer a gift! ;-)

I'm leaning toward your thinking, though, to just bank the money -- seems like a very low risk of anything major happening in the next 48k miles, if the car is as well taken care of as it seems.
--Andrew

 

Update:
My DW (and co-signer) did not want to go back in and deal with all the paperwork over again. So looks like I'll just consider that warranty to be part of the purchase price of the vehicle -- and if I ever need to use it, it'll be there.