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Extended Warranty - Keep or Trade In

Discussion in 'Gen 3 Prius Care, Maintenance & Troubleshooting' started by milstein1000, Oct 17, 2013.

  1. milstein1000

    milstein1000 New Member

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    I have a 2010 Toyota Prius II whose lease was up in August. I extended the lase for 6 months so now it runs through February. Residual value at the end of February is around 13,500. The car is past the 36,000 miles on the original warranty.

    I like but don't love my Prius. However, when I compare it to other cars which I test drove, it continues to come out on top. The problem is that an extended warranty up to 100,000 miles (car is at about 43k) is quoted at 2,000-2,500 which I believe is just way too high.

    1) Anybody know of a cheaper warranty out there for what constitutes as a used car? A family member owns the same car but got the warranty when they were under 36k and the warranty was about 1,000-1,200. Double that doesn't really make sense.

    2) I'm really hesitant to buy the car without a warranty. Sure, it's reliable but stuff happens. Between a) buying car getting warranty b) buying car, no warranty or c) getting something else as that'll be under warranty (probably around 21-23k), any comments on what you'd choose if all cars are similar.

    Thanks for any responses in advance.
     
  2. michinnom

    michinnom Member

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    got my Motorist Protection Plan(?) or MPP warranty at dealer with 22k miles for around 1300 here in PHX. It's the Platnium coverage for up to 125k miles. Ask them about this one. I can post a pic of the doc if they need proof. Don't quote me on that price as I'm going off of memory from a while ago. But I do have my papers.
     
  3. Mr.Electric

    Mr.Electric Member

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    If you want a long warranty period go with something like Hyundai. Toyota and Honda have a short warranty period in comparison. Any warranty coverage comes with the caveat that you will need to go to battle with the warranty provider to get free work done. Most owners just live with the uncertainty of paying out of pocket for repairs. Remember that in essence all extended warranty repairs are paid for by people who overpaid for extended warranties.
     
  4. michinnom

    michinnom Member

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    That's true. Got a new Hyundai Santa Fe for the wifey earlier this year. Comes with 5 year 60k full warranty and 100k/10 years powertrain warranty. Love it so far. Black, Sport model with the 2.0 turbo vroooom vrooom
     
  5. milstein1000

    milstein1000 New Member

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    Thanks. It's pretty much down to either just buying the car and paying for repairs as they come or getting a Hyundai. From other Prius owners I know, maintenance has not been a major cost and a warranty may not cover the type of issues I could end up encountering. Probably best to bring the car in the next future to see where it is now and make sure it has a clean bill of health. I'm only planning on keeping it even if I buy it for a couple more years.
     
  6. xpcman

    xpcman Senior Member

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    Just take the money you will spend on the warrant and put it in the bank. Don't you think they make money when they SELL you the warranty? You have a grater chance of saving money by NOT buying the warranty than you have of saving money buy buying it.