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Extended Warranty questions

Discussion in 'Gen 2 Prius Main Forum' started by MuttleyHybrid, May 21, 2010.

  1. MuttleyHybrid

    MuttleyHybrid New Member

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    Greetings all,

    I will be picking up the 08 Prius on Wed., and I know the finance manager will offer me a number of extended warranties. I am getting a Toyota Certified vehicle with 58,000 miles on it, and wondering if anybody has some knowledge as to the type of warranties they might offer, and your opinions. I am not opposed to purchasing one, if it's reasonable. I am in the Auto Warranty business,so I don't want to be a hypocrite, but the deal has to make sense.

    Any thoughts are much appreciated, even some sarcastic ones :p
     
    #1 MuttleyHybrid, May 21, 2010
  2. firepa63

    firepa63 Former Prius Owner

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    Since the car is beyond the 36K original warranty you cannot get a Toyota extended warranty. The Toyota warranty must be purchased before the 36 month / 36000 warranty expires. Stay away from any 3rd party warranty.
     
    #2 firepa63, May 21, 2010
  3. sktn77a

    sktn77a Member

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    Most CPO (manufacturer-certified) pre-owned vehicles come with a warranty. If you need an additional warranty, it doesn't sound like it's a CPO vehicle. And if not, it's an aftermarket extended warranty. And if you're in the business then you know what that means (think Fidelis)!
     
    #3 sktn77a, May 21, 2010
  4. MuttleyHybrid

    MuttleyHybrid New Member

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    Hey guys,

    I was able to get the funds to clear and picked up my silver 08 today. This might be something new, but, with 58k on this certified car they were able to extend the 3 month/3,000 mile comprehensive portion of the warranty to 7 years/100,000 miles. This is through Toyota, not a third party, and I paid $890 for it. The way I rationalize this is that this car will save me at least $250 a month is gas. That is about $5,000 over the next 2 years when I expect to cross the 100,000 mile threshold. Therefore, in my case, the $890 is paid for through my gas savings.

    It figures...as soon as I drive the car home the thunderstorm starts. I will have to play with it tomorrow.:D
     
    #4 MuttleyHybrid, May 21, 2010
  5. Prowler

    Prowler Newbie

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    U got a good deal. i just bought a Toyota certified 08 Prius with 42k on it and they gave me the same bumber to bumper warranty u got. They called it a wrap around warranty. Toyota charged me $1650 for it and said I was getting the warranty at thier cost. Seems like u got one below thier cost. They said the retail cost of the warranty was $2400.
     
    #5 Prowler, May 21, 2010
  6. MuttleyHybrid

    MuttleyHybrid New Member

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    Prowler,

    I think, because the finance manager knew I was in the auto-warranty business, she cut me a break on the price. She sort of hinted at at, but she talked so damn fast I couldn't be sure.
     
    #6 MuttleyHybrid, May 22, 2010
  7. sktn77a

    sktn77a Member

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    Wow, if that's legal, you got a great deal! I think the dealer cost on the Platinum warranty is around $900-$1000 (depending on the vehicle). There's a guy at a dealership in CT that sells these Toyota warranties to PriusChat members for around cost; someone can confirm exactly what that is.
     
    #7 sktn77a, May 22, 2010
  8. richard schumacher

    richard schumacher shortbus driver

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    You can expect to recover less than half of that cost, and quite possibly nothing.
     
    #8 richard schumacher, May 22, 2010
  9. Prowler

    Prowler Newbie

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    Life

    You can say that same thing about your full coverage auto insurance or home insurance or any other insurance. for some, it is just a piece of mind to know that when it breaks it wont cost. It always seems like things break when u aint got no moneys to fix it.
    It kinda like buying stocks sometimes u win sometimes u lose.
     
    #9 Prowler, May 23, 2010
  10. richard schumacher

    richard schumacher shortbus driver

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    It's much more like playing roulette because, like most roulette players, most insurance buyers certainly lose money on the deal. If you come out ahead it's pure luck. In both cases you do better on average by taking the money and buying a bank CD. I find that money in the bank provides excellent peace-of-mind :_>

    Self-insurance is always least expensive. Insurance should be reserved for catastrophes that cannot be covered out-of-pocket, which for most people includes things like their house burning down. I would postulate that if someone can't afford to pay for any reasonably expected car repair (something approaching $1000) out of pocket then that is evidence that they can't really afford that car. Notice that I'm *not* talking about liability insurance, or completely wrecking a car.
     
    #10 richard schumacher, May 23, 2010
  11. MuttleyHybrid

    MuttleyHybrid New Member

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    You all have valid points. Somtimes the "piece of mind" is worth the additional money. Bear in mind that I do my own repairs, and have used car forums, from whichever car I own, to help me along when I get into trouble. They have proved to be invaluable. IN my case, my job takes me all over the state, many times overnight, and I like knowing I have the warranty to get my Prius fixed at any Toyota dealer, should something go wrong. I just don't have the luxury of relying on my garage and tools 100% anymore, as I could be anywhere in the state of Michigan on any given day. The days of doing car repairs in hotel parking lots are over for me.

    But, being in the auto-warranty business, I realize that we STAY in business when we don't have to pay claims. The same as any insurance/risk-based business.
     
    #11 MuttleyHybrid, May 23, 2010
  12. MAcycle11

    MAcycle11 New Member

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    There's a guy at a dealership in CT that sells these Toyota warranties to PriusChat members for around cost; someone can confirm exactly what that is.[/QUOTE]


    Thanks for the heads up! I went online and got an 8 Year/100,000 for $1100... my dealer in NH was asking $2500 for the same plan.

    call Scott Doherty @ Action Toyota 978-431-5853/ he was really helpful & knowledgable. I bought off their website. The whole thing took about 10 minutes. :cheer2:
     
    #12 MAcycle11, Jun 7, 2010
    1 person likes this.
  13. lepprius

    lepprius Junior Member

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    MAcycle11,

    Thanks for the info. I assume the $1100 8yr/100K was for a $0 deductible Platinum plan. For me, Acton's website is quoting $1249 8yr/100K for a 2008 Prius. Or is the $1100 deal only available directly through Scott Doherty?



     
    #13 lepprius, Jun 7, 2010
  14. hill

    hill High Fiber Member

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    Then there are those of us who had to replace the SKS ECU, the MFD, a rear window control switch, and a wheel hub ... ALL under the zero deducttable extended warranty ... in essence recovering the whole cost, plus saving over $1,000 on what the parts/labor WOULD have cost ... had there been no extended warranty purchase. Not too shabby! Still, they are a crap shoot.
     
    #14 hill, Jun 8, 2010
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