Is extra warranty worth the price?

<div class='quotetop'>QUOTE(jcristus @ Nov 25 2007, 10:12 PM) [snapback]544080[/snapback]</div>

search for extended warranty from troy here on priuschat.com

 

<div class='quotetop'>QUOTE(jcristus @ Nov 25 2007, 09:12 PM) [snapback]544080[/snapback]</div>

In our case being retired, and not having won the lottery, we are on a fixed income so for us having an extended warranty is basically a backup in case the worst happens.
Like any insurance the amount you carry is directly related to how you can cope with bad luck financially. If you can survive a big hit on your pocketbook you probably can gamble and, with luck, be able to brag how much you saved by not being insured.
No much help in making a decision for you but it's pretty basic.
Gary

 

Don't do it. Instead invest the $1,000 or buy a bank CD and make a little profit. If you can't afford an unlikely big repair, it suggests that you can't really afford to buy a new car.

 

<div class='quotetop'>QUOTE(jcristus @ Nov 25 2007, 10:12 PM) [snapback]544080[/snapback]</div>

I pick up the 2008 Prius yesterday, november 24, 2007, is a good car

the salesman also trying his best to convince me on extended warranty beyond the original 3 years 60,000km warranty, I refused it because I trust Toyota quality. They are just trying to make more money

that is all to it in my opinion.

 

As noted it is a form of insurance. Clearly the warranty company makes money on the warranty's or they would not sell them. So, on the average, the repair costs for the Prius are less than the wholesale price of the warranty. However, large ticket item components have been known to fail on a Prius.

There is also the question of how you maintain your vehicle. If my MFD failed I would look for a used one to replace it. Lots of people would just take it to the dealer and pay full retail. So, I could get my MFD replaced for about $750, but the dealer would charge about $2500. The way you get your vehicle repaired affects the value of the warranty to you.

 

<div class='quotetop'>QUOTE(jcristus @ Nov 25 2007, 10:12 PM) [snapback]544080[/snapback]</div>

Certainly, don't buy it from the dealers.
Buy the ext warranty thru Priuschat here.
7/100K -> $990
7/75K -> $690
Remember that all major hybrid components are covered by 8/100K (CA: 10/150K) warranty aready by Toyota.
Basically, you are buying warranty for everything else that is not tear-&-wear.
Take an ABS unit for example, it will cost you $2000 if it went.
Buying it or not really depends on how deep is your pocket and how well you can take a sudden hit financially.

 

<div class='quotetop'>QUOTE(richard schumacher @ Nov 25 2007, 10:38 PM) [snapback]544117[/snapback]</div>

Guess I must have missed that Toyota statement in their brochure that says " Folks who do not have the means to afford unlikely big repairs are directed to our previously-owned vehicle car lot".
Gary :lol:

 

Double post.... slow loading today must be a busy forum
Gary

 

<div class='quotetop'>QUOTE(ceric @ Nov 26 2007, 03:01 PM) [snapback]544346[/snapback]</div>

I couldn't agree more.

Also, at those prices available through Troy/PriusChat, I think the extended warranty is a very good insurance buy:

* Historically, the Achilles Heel of almost all cars and car manufacturers with otherwise good reliability ratings (Toyota, Honda, Volvo, Saab, Mercedes Benz, BMW) has been the cars' electrical system. And I think this electrical system weakness has only worsened and gotten more expensive to repair with the advent of electronics/ECUs/computers in cars. And with all the electronics the Prius has, it is certainly not an exception. If you take a look at Consumers Reports' reliability ratings for the Prius, the one area where its reliability has been worse than average is its electrical system.

* And repairs --- especially the price of parts --- are expensive. I understand that galaxee (who, with her husband, a certified Toyota Hybrid mechanic, would provide the labor themselves), purchased the extended warranty here because she thought it was a good insurance buy against the price of parts alone.

* At the MSRP of $1800 (and some dealers charge even more) for the 7 years/100,000 miles warranty, I would have to think about it. But at $990, I think it's pretty much a no-brainer, and at minimum, a very good insurance buy.

 

<div class='quotetop'>QUOTE(richard schumacher @ Nov 25 2007, 10:38 PM) [snapback]544117[/snapback]</div>

Guess I must have missed that Toyota statement in their brochure that says " Folks who do not have the means to afford unlikely big repairs are directed to our previously-owned vehicle car lot".
Gary :lol:

 

I negotiated the extended warranty down to $850.00.Since I drive 150miles daily to work it was piece of mind for me. On a further note, they ''programs available" to off set the cost of the warranty from Toyota, you just have to keep after the closer.

 

<div class='quotetop'>QUOTE(Canuck @ Nov 26 2007, 04:13 PM) [snapback]544364[/snapback]</div>

i must have missed it also, should i return my $30k prius so i dont have to suffer any loss.

 

Self-insurance is on average the least expensive option.

<div class='quotetop'>QUOTE(Canuck @ Nov 26 2007, 05:13 PM) [snapback]544364[/snapback]</div>

<div class='quotetop'>QUOTE(lefat1 @ Nov 26 2007, 06:00 PM) [snapback]544386[/snapback]</div>

Does this mean that you bought the extended warranty? Let us know if you come out ahead on the deal.

 

Remember folks, the extended warranty does *not* cover everything in the car. Many items are not included.

I will maintain our Prius according to the maintenance schedule. I have decided we will save our $1000 and go without the extended warranty. Chances are, we won't need it.

I've yet to read more than one or two instances on this board where the platinum warranty really paid for itself. Like all extended warranties, they are ways for the company to make more money off the fears of the purchaser.

 

I've already posted my vote above for getting the extended warranty for $990 from Troy/PriusChat.

So I just wanted to mention one other thing: You don't have to get the extended warranty at the same time you buy the car. You have up to 3 years/36,000 miles to decide whether to get it. So, if you have doubts about buying it now, then just wait and see. The gamble you take in waiting to decide is that the price may go up.

 

I have a 2004, and I purchased the extended warranty through Troy (at 35,800 miles) because it was the first year of the redesigned model, and the [expensive] display failure was a known problem. If I were getting a new one, however, I would not get the warranty. As Evan said, most of the kinks have been worked out by this time, and Toyota does make very reliable vehicles. It all depends on your comfort level.

Edited to add...I drive a lot, so I got the 6-year/100,000-mile warranty for something like $875

 

<div class='quotetop'>QUOTE(richard schumacher @ Nov 25 2007, 11:38 PM) [snapback]544117[/snapback]</div>

Hey Richard,

Your signature says that "Pinto Girl rocks! Godiva rolls! galaxee rules!". I agree. So, I think that if any one of those three bought the Platinum Care extended warranty (I know that galaxee did, and I think that Godiva and/or Pinto Girl did), then that's good enough for me. I vote for the extended warranty. But only if it's from Troy or other vendor at a similar price.

 

<div class='quotetop'>QUOTE(Boo @ Nov 26 2007, 11:44 PM) [snapback]544606[/snapback]</div>

Hey Richard, I agree with Boo. You sound like a broken record with your insurance statement for the extended warranty. I'll bet that if you have warranty problems after 36K, Priuschat will never hear about it. You will be cashing out your high yield CD to pay for your new MFD, and will discover that the 99 cents that you made, won't pay for the time the phone call to the dealer costs you. I do wish you good luck on your venture. Sherri