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Toyota Extra Care Platinum or Gold

Discussion in 'Gen 3 Prius Care, Maintenance & Troubleshooting' started by cossie1600, Dec 31, 2010.

  1. Judgeless

    Judgeless Senior Member

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    Was your last car a Toyota? This is a list the most reliable cars. Notice the top 3.

    [​IMG]
     
  2. chrisj428

    chrisj428 Active Member

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    ^This, in a nutshell.
     
  3. cossie1600

    cossie1600 Active Member

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    I only get sick once every three years and I get into car crashes once every 5-6 years, I still have insurance. The cost of that warranty is about $100 for every 10K miles, I am willing to take the risk even though I probably only get 30-50% of it back.

    You might want to use a newer graphic than 2005.....
     
  4. unkprius

    unkprius Member

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    ^ That, in a nutshell.
     
  5. Judgeless

    Judgeless Senior Member

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    You are comparing apple to oranges.

    You can get sick and it could cost you $300,000 in medical bills depending on how serious it is. You can crash into something that cost $200,000 plus medical bills. Both these types of insurance are meant to cover you in case something horrible happens.

    When you are buying an extended warranty it is to cover repairs after outside the factory warranty. Toyota makes the most reliable cars in the world. Chances are good nothing will break. If it does I doubt it will cost more than anyone spent on the warranty. The warranty is calculated to make money for Toyota and the dealer. The repairs will never exceed the price of replacing the car. You will not see $300,00 in repairs. I wonder if people that buy extended warranties buy them for

    Digital cameras
    Computers
    Home Appliances
    Flat Screen TV’s
    Home Repairs
    Cell phones

    Every financial advocate will tell you extended warranties are a waste of money. Some people will never listen and keep wasting money.
     
  6. cossie1600

    cossie1600 Active Member

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    Dealer charges nearly $100 per hour, it doesn't take more than one or two broken sensors to make up for the $1K you have to folk out in warranty coverages. The cost is less than $100 per 10K miles. I wouldn't have gotten it if I have to pay full retail for it, but the cost the guys are charging on the internet are excellent. It's a good bargain to me since all it takes is one or two repairs to make up for it. I am not saying you have to get it, but I just don't think it is all that bad to have given the cost.

    You don't buy extended warranty on the electronics you mention because they have no residual value on them after two or three years. If your transmission blows up at 80K miles, what are you going to do? Put $3K into the car to fix it or junk it even though the car might be worth $10K?

    I agree Toyota makes very reliable cars, but a lot of things can go wrong in 120K miles. This is not a Corolla or Camry, there are many things that are unique and therefore unproven. Also this is the first year of a new model, I am not willing to take the risk without the warranty.

    As I said, my last car had over $4K in repairs even though I only paid $1300 for it. I would have been pissed if I had to pay $3K out of pocket for it. Heck I sold the car early and got 50% of the money back!

     
  7. unkprius

    unkprius Member

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    "...Chances are good nothing will break. If it does I doubt it will cost more than anyone spent on the warranty..." No guarantees saying that, and the reason why I bought my extended warranty. For $1K+ Toyota now tells me chances are 0% and cost doubt is $0.00.

    One or more of us will get bit and have an expensive repair, that is a sure bet. We just don't know who, when, or where. We're all in Vegas placing our bets differently.

    Heck, just reading about the mold on the display and necessitating a dash pull freaks me out. My mold would hit at 3 years 1 month I'm sure. Now it will hit at 6yr+. [​IMG]
     
  8. bretaz

    bretaz Member

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    The nice thing about the warranty is that when something breaks, just get it fixed. There are alot of items covered by the warranty that are not mandatory to keep your car running. For example, on the Tacomas it is a known problem that the display that has the compass in it by the rear view mirror goes out. It is not a matter of if it will go out, but when it will go out. Depending on what dealer you take your truck to, they want anywhere from $400-$700 to fix this. Most people decide that they really don't need to know which way N is, and don't fix it. With the warranty, bring it in and get it fixed. Who cares how much it costs, you are not paying for it.

    If you are selling your car, it is a great selling point. I would rather buy a car with 102k miles on it that was covered to 100k miles by warranty than one that was not. Most people who have the warranty are going to take advantage of it. Everything should work.

    If you are a smart consumer, you are going to get your moneys worth out of the warranty. Not to mention, the dealer is going to look for things that they know are prone to failure on these cars and fix it.

    Although it is still early in the game, my friend that is a service advisor for a large Toyota dealership here in Phoenix said he has not seen anything that seems to be a common problem yet. But, most people don't have more than 50k or 60k miles on their 2010s yet.
     
  9. Judgeless

    Judgeless Senior Member

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    If the dealer told me my transmission is “Blown” after 80,000 miles I have a huge problem because my car does not have a transmission. It has a single planetary gear that is driven by the gas engine and two electric motors.

    I put 305,000 miles on my last Toyota. Nothing broke until I was over 190,000 miles that would be covered under any warranty. Why does everyone think the concept of the Prius is brand new? It has been out for over 10 years and it is on its 3rd Generation. Very little changed from generation to generation.

    Was it a Toyota?
     
  10. Judgeless

    Judgeless Senior Member

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    Bretaz answer this simple question? Assuming everyone paid $1,000 from the internet for their extended warranty, do you really think that Toyota is losing money on extended warranties?

    It is calculated profit center for Toyota. Uneducated people buy it for peace of mind.
     
  11. bretaz

    bretaz Member

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    First of all, Toyota does not make money on every single warranty they sell. Collectively, yes they do make money on warranties or they wouldn't sell them. That is a no brainer. That is how all insurance works.

    Secondly, the OP asked which plan to buy, platinum or gold. Not whether he should buy a warranty or not. His mind is made up, he is buying one. I think after 3 pages everyone understands that you are not in favor of extended warranties. To each their own. If you don't like them don't buy one.
     
  12. Judgeless

    Judgeless Senior Member

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    So if collectively Toyota makes money on extended warranties and the consumer loses money. If you look at the big picture, the AVERAGE consumer will not make out on an extended warranty. The odds are against you. A few get lucky, just like Vegas. The majority do not gett lucky just like Vegas.

    Your right car/medical insurance works the same way. The insurance company always makes money. The difference is the max pay out on insurance is a lot higher than most people can afford. It could $300,000 or higher. If I knew the max I would ever have to pay out for health insurance or auto insurance is $15,000 I would not have either. My auto insurance detectable is $2,000 now and my medical insurance detectable is $1,500.
     
  13. Judgeless

    Judgeless Senior Member

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    I say if you are going to waste money go for the max!!! Just like vegas play the high dollar tables.
     
  14. cossie1600

    cossie1600 Active Member

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    You can call it whatever you want, but you still need it to put power to the ground. The last time I checked, transmission still transfer the power from the engine to the driving wheels.

    Your car lasted 195K miles, it doesn't mean everyone's car is going to do the same thing. You are right that Toyota will make money on it in total, no $hit, but I don't want to be the one getting stuck with a $2000 repair bill. $100 every 10K is worth the investment to me. You win some, you lose some. So what? New cars are money pit, yet we are all stupid enough to buy them.

    My insurance cost goes from $1400 to $1300 if I elect a $1K deductible over my $250. Even though I have never made a claim on my insurance in six years, yet I still think it is worth it as the saving isn't great enough to make it worth while. You are right that I might never get my investment back on my extended warranty, but the cost is relatively small given what could happen.

    The 3rd gen is not the same as the old car. It might have evolved from the old ones, but there are a lot of parts that are unique to it. What's to say the LEDs won't fail? Heck, an ABS sensor will cost you $250 minimum.

    Also when you purchased your last car, dealer didn't charge $95 per hour....

     
  15. 32kcolors

    32kcolors Senior Member

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    With a Toyota, you're unlikely to be stuck with a $2,000 bill until after the extended warranty expires, assuming you keep the car for longer than 6 years.

    I agree with keeping the deductible low for car insurance purposes, but it's because we can't control accidents/thefts happening no matter how careful we are. We can't prevent cars or road debris running into us. There is no external influence causing Toyota to break down, unless you (the driver) happen to be that influence in abusing or neglecting the car.

    People act like the 3rd gen is so much more complicated than the 2nd gen. There might be new parts but it uses the vast majority of the same technology. Again, LEDs and ABS sensors are unlikely to fail within 6 years.

    I don't see this in practice. When I go to the dealer and they find something wrong, they'll give me a fixed quote to get X replaced and that's roughly the price I get charged no matter how long the repair takes or something goes wrong. If it's too expensive for me, I go to an independent shop.
     
  16. Much More Better

    Much More Better Active Member

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    I'm 34, owned 5 cars, some new some old, no more than 225000km on any one car, all Japanese makes, 4 auto tranny, 1 manual.

    I have never blown a transmission. I don't what people are doing to cause themselves a 3K repair. If you're driving domestic or German makes, then that's your fault.
     
  17. cossie1600

    cossie1600 Active Member

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    You very well could be right, but there is no guarantee. You can't say for certain that the car isn't going to fail. It's just a calculated risk. I think it is worth my $100 per 10K miles, some people might think it is not worth it. The difference between this and gambling is that I know I could lose more than what I might put down. Do I want to be stuck with a big repair bill before the car turns 100K miles? As I said, the likely hood of that happening is very low. Yet there is a good chance I will need 2-3 trips for a few minor things. With the average rate of repairs being $400, I think I can get very close or if not get all my money back.

    If you read the other categories on the forum, you will see some people complain about problems with the car. The car is not perfect, you just don't know what you are going to get. I have an early built 2010, so I am covered for any TSB fixes. It's just a piece of mind for as I know my maximum exposure is $1000.

    Joe at the gas station isn't going to have the equipment to fix your SRS/ABS/TPMS/ECU/Hybrid/TCS/VSC. You think the dealer will give you a free estimate? Try again. I was charged $95 before they would even reset a TPMS light that a tire shop broke. This is 2011, not 1981.

     
  18. cossie1600

    cossie1600 Active Member

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    I have had 15 cars and I am younger than you. I have had problems with Japanese / American / Europeans made car. My Mazda 626 (built in Michigan) lost a tranny at 76K (common problem). My old MR2 turbo was nothing but problems. My Subaru SVX lost a tranny too. Of course I do drive harder than most people, but I still prefer to minimize my exposure to the best I can.

    It's all personal preference, no right or wrong answer on it. You do whatever you feel comfortable as the cost is relatively minor all things consider.
     
  19. 32kcolors

    32kcolors Senior Member

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    Maybe you don't have them where you live but independent shops that specialize in Toyota and/or Japanese cars have the equipments. If you're a regular customer or have a relationship with a dealer or an independent shop that specializes in Japanese cars, they'll be happy to give you a free estimate (the 10k miles check up at a Toyota dealer will be around $95 or cheaper anyway). If you DIY or go cheap by taking your car to quick lube places (where you'll have to fight their attempt to rip you off with unneeded repairs), then yeah they're way more likely to charge you for inspection.
     
  20. Judgeless

    Judgeless Senior Member

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    There will always be people like cossie1600 that will make one bad decision after another and defend it to the end.

    They always have to take their car to a dealer for repairs. They refuse to save a buck taking it to a trusted repair shop.

    They refuse to try a simple repair on their own.

    They dump money into extended warranties.

    They do not do research to find out typical reliability of a car they are buying. Nor do they care.

    They act like money does not matter to them. Pease of mind is more important.

    They fall for every scam the dealer throws at them when they go to pick up their new car.

    I find most of these people make a lot less money than average yet they spend more than most. They get to a point in their life and wonder were they went wrong.