Opinions on Getting Platinum Warranty for Used 2007 Prius

That and you might have to pay capital gains.

 

I just purchased a CPO '08 package 6 and sprung for the platnum warranty. It is only usefull for another 45,000 miles, but my logic is that I drive 60 miles a day (at least) and if I am going to break it, it will be before the 100,000 mile mark. My cost was $1995 with $0 deductible. After the warantee is up I am considering a 4Kwh plug-in conversion.

FYI - I purchased Apple at $16, Siris at $0.50 and gold at $400/oz. All are still good long term buys. I would wait a few days on the stock, as people will most likely sell to make some profit, and the price will dip a few % points, then buy (and be sure to diversify).

 

Extended warranties, like all insurance policies, are priced to make a profit for the seller. It is almost certain that you would get back less than half what you paid for it, and quite likely nothing at all. Both financially and for "peace of mind" it would be far better to spend that $3K to get a newer and/or lower mileage car, or put it in the bank.

 

Mike,

I bought an 07 a couple of years ago. Low miles then (28800). The middle screen went bad. Dealer replaced for free, but informed me it would have been $400 when out of warranty! Hmmmm... better get the Platinum Package. Which I did from a Toyota dealer on PriusChat. I never had to use it, but also just sold that car for a 2010 Prius. ( I am getting a very nice refund on that warranty) What I am suggesting is that there are a LOT of unknowns about Prius yet (costs ahead). I felt it was worth the piece of mind for the "what if's". Now if I can just find a new home for a recent 07 bra.

My best,
Pablo

 

For what it's worth I bought a certified 06 last week at a toyota dealer with 7/100,000 on the power train. At time of purchase the car had 27,500 miles on it. After negotiating, I upgraded to the platinum certified warranty (with zero deductible) for $590.00 It came out to $19.00 a month. Normally I never buy the extended warranties for anything, but in this case I think I got a great end of year deal. Opinion?
thanks
Wayne

 

^Nicely done u two.

 

You may WELL be in for a refund.... I got one! Call the warranty folks at Toyota. I paid $1000 and am getting $771 back next week!

 

Good job, Wayne!

 

I bought my 07 with 41,000 miles on it a month ago (Read out of dealer warranty as per your statement above). Platinum warranty offered to me at the time was $957.00. That was for 7 year total and 100,000 miles. I declined but thats my choice. My Point is I think you could have gotten a better price.

 

which is a whopping 15% on the gains if long term or just taxed at your regular rate if short term. Of course interest is short term. And it is only on the gain, if you lost you get to deduct that come tax time. But I digress.

 

My humble opinion is that 3K is too much money for the coverage of the platinum plan. I'm not sure what we paid for the platinum coverage but I know it was less than a grand, three weeks ago, on a 2007 package 5 with 56,000 miles.

The HID lamps have already been replaced and the dealer is tracking some small intermittent issues. With dealer labor prices I suspect we will come out ahead in the long run. Had the platinum plan been more than a grand we would not have sprung for it.

I do not anticipate significant problems with the Prius or we would not have purchased the vehicle. It was sold originally by the dealer we bought it from and traded in by the elderly couple who were original owners. We have a print out of all service performed on the vehicle which I reviewed prior to purchasing.

The only reason we went for the Platinum is that it covers the more expensive items excluded from the basic warranty and I tend to be a bit rough on vehicles sometimes...

 

Now that you have some extra cash and don't have the warranty, time to blow some money on MODIFICATIONS!

 

Just saw a post of a guy with a bad hv battery at 105k miles. Those are $3500 or somewhere around that. Its really up to you. My wife bought a used 03' escape a few years back and they pressured her into agreeing on a $3000 service plan. I had her cancel it. I was furious. I can understand a little better on a prius but not a regular (American made) smal suv. The main problem you may have from your decision is after 30 days, you may owe a considerable amount over what your car is now worth and you will be stuck with it for at least four years. I never sign for stuff like that but its because I've got enough money to cover any expenses that may arise. A lot of folks barely have enough money left over to replace tires, let alone major repairs. If you fall in that bracket, you are better off paying that extra $80 per month for the warranty. You also have to factor in the interest charges on that $3k. You'll wind up paying closer to $4k when its all said and done.