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Extended Warranty?

Discussion in 'Gen 3 Prius Main Forum' started by bnaccs, Nov 19, 2012.

  1. bnaccs

    bnaccs bnaccs

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    I want to purchase an extended warranty for piece of mind on my 2010 Prius that has 30,000 mies on it. I found a Toyota Platinum plan 0 deductible from a dealer in Kansas for $985. Are these plans still available on Prius Chat? If so how much are they and where can I find them?
     
    #1 bnaccs, Nov 19, 2012
  2. ny_rob

    ny_rob Senior Member

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    #2 ny_rob, Nov 19, 2012
  3. bnaccs

    bnaccs bnaccs

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    Thank you! Do you think the warranty is a bad move?
     
    #3 bnaccs, Nov 19, 2012
  4. ny_rob

    ny_rob Senior Member

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    The 2nd gen Prius has been very reliable, the 3rd gen cars have been very reliable so far...
    Many ppl only keep their cars for 2-4 years, so the extended warranty is not a good investment. If you plan on keeping your P for a long time the extended warranty may be a good idea. Who knows.. in 7 years the 3rd gen Prius may look like a museum relic compared the the 5th gen Prius.
     
    #4 ny_rob, Nov 19, 2012
  5. bnaccs

    bnaccs bnaccs

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    I plan to keep it at least 7 years.
     
    #5 bnaccs, Nov 19, 2012
  6. Aleckin

    Aleckin Maximizing utility from a depreciating asset.

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    I can provide information from Consumer Reports to help you make an informed decision. Based on CR's research data, I refused the extended warranty on my previous purchases: 2003 Toyota Corolla, 2007 Honda Civic, and 2012 Toyota Prius. I would never purchase an extended warranty for a Honda or Toyota vehicle listed as "Much better than average" in CR's reliability ratings. From CR's data, I concluded that purchasing an extended warranty on the Corolla, Civic, or Prius would have been a net financial loss. My hypothesis has been proven to be correct based on the 5 years of ownership of the Toyota Corolla and 6 years of the Honda Civic.

    Consumer Reports' advice on warranty:
    "Don’t purchase an extended warranty on a car with a good reliability record. In a 2008 CR survey, 65 percent of respondents said they spent much more for the contract than they got back in savings on repairs."

    [​IMG]

     
    #6 Aleckin, Nov 19, 2012
  7. suri

    suri New Member

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    I bought a 2012 prius 2 in southern californaia 2 weeks back. Paid $1580 for 8 years 72K miles. I think I overpaid for the warranty. Can someone tell me if I can buy warranty for less than the price I paid. Also, If I buy warranty from a different state will I still be covered in California ?
     
    #7 suri, Nov 19, 2012
  8. Judgeless

    Judgeless Senior Member

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    Why would anyone ever buy and extended warranty after seeing those stats. Toyota makes the most reliable cars in the world. There are many people in these forums with over 100,000 miles with zero repairs. Put your money in the bank and save it for your next car. Your Prius is never going to break.
     
    #8 Judgeless, Nov 20, 2012
  9. ewxlt66

    ewxlt66 Active Member

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    Never?
     
    #9 ewxlt66, Nov 20, 2012
  10. Judgeless

    Judgeless Senior Member

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    Never buy a extended warranty on a Gen III Prius? Yes

    Never going to break? Maybe, Maybe not but based on the stats above your chances are slim.

    This is key. Consumer Report has done extensive research on this subject.

     
    #10 Judgeless, Nov 20, 2012
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