Regret buying or not buying the Extended Warranty?

<div class='quotetop'>QUOTE(New Guy @ May 25 2007, 11:52 PM) [snapback]450253[/snapback]</div>

Oh, one more thing ... I used to sell Toyotas. EVERYTHING is negotiable. They were asking more, I paid like 1300 for the platinum and about the pricyness of the Prius, we're all about stuck with above sticker, however, you CAN negotiate for extras. I did my research - found an 06 with stickers and 450 miles on the engine with platinum warranty. The owner had bought it cash for his son who did not want it. Pkg 3 he was asking 26,500. I went to the dealer and said I had found this car, I said I would give them a chance to match the deal I was ready to do. They matched it and to get me in, gave me leather because I was bummed he wouldn't negotiate the price. I don't know how great or not great of a deal I got, but you can get some dealer extras if you are ready to buy and the dealer has another deal to compete with. I have done this before, but only with legit deals I can back up. Worked out both times. ALWAYS GET THEM TO SWEETEN THE DEAL all they can do is say no. Ask them for a better deal on the warranty ... complain like heck that you're having to pay above sticker. They hate whining and ALL car salesmen and women need the sale. Earlier thread is about what you don't like about the Prius, I don't like the consumers are being so soft about paying above sticker. We need to start getting a little tougher, grind those salesmen down to the asphalt.

 

On our 2001 Lexus GS I did not purchase the extended warranty for $ 1300 thinking I would not need it, four and a half years later I had to replace the front doors lock power actuators at a cost of $1100. You bet I got the extended warranty on our new Prius and on our new LS.

 

<div class='quotetop'>QUOTE(dancekat59 @ May 26 2007, 12:33 PM) [snapback]450457[/snapback]</div>

IMHO, All extended warranties -- cars, electronics, appliances, etc -- are just a big SCAM! It's bascially insurance, but your standard warranty will cover almost any "normal" eventuality and there's no need to buy more. They seldom pay off. I've never bought one and have never wished that I did.

Yeah, sometimes they pay off, but those are rare cases and the cost -- remember, it's insurance and insurance companies do actuarials and loss estimates and don't sell insurance to lose money -- of the extra insurance is simply not justified, given the quality of the products made today (including the Prius) and the scope of the standard warranty.

All they really are is a HUGE profit center for the dealer -- that's why they push so hard for you to buy them. So, just forget about it -- you're already covered for any normal problems.

 

I purchased the extended warranty and the pre-paid maintenance plans both via Troy here at Prius Chat and would do so again.
I have a 04 Prius and purchased the 7 year, 75K plan for $690 and since that was the first year of generation two models I did not want years three- to- seven to be a concern. I rarely do purchase any extended warranty however.

I am extremely glad I purchased my 55K $670 pre-paid maintenance plan. Twice I took my Prius to a Toyota service department and both times were unsatisfactory. So the last two years all my maintenance is done at an independent auto shop, complete service and no cost to me each time.

 

I purchased the warranty after finding a Toyota dealer online willing to sell one at a big discount over my local dealer.

I wouldn't have bought the $2400 100k mile warranty from the dealer, but I WAS willing to pay $1000 for it from a dealer in New England!

 

<div class='quotetop'>QUOTE(jhinton @ May 25 2007, 07:20 PM) [snapback]450106[/snapback]</div>

You can make the same argument for ANY insurance: Life, disability, collision, health, etc. Like clunking $$$ down on the crap table or stock market. Whether your choice of ANY type of insurance, even extended warranties, either IS or ISN'T a good deal, turns on circumstances that we can't predict, with great certainty.

That being said, we bought 2 extended warranties prior the the 36k miles ending. Just before selling our Range Rover, a light came on the dash. No symptons. Dealer says, "new trannie". SIX THOUSAND DOLLARS ! ! !. Do you think the dealer made money? Maybe some time. Maby frequently. Like a good Las Vegas stay, we got lucky.

Next, or '04 Prius. Same story. MFD replaced. BOOM. Warranty paid for itself, and THEN some. It could have gone the other way on both our cars. We would have regretted it big time had we not had our BUMPER to BUMPER warranty (which includes a lot of items on the 'excluded' list above ... they ought to check w/ another warranty company, IMO).

It's all about risk. About how much you are willing to take, and how much you can afford. The blanket term that this or that insurance is a money making gymic over simplifies. EVERY thing we by is something someone makes money on, or they WOULDN'T be selling it . . . right? So don't let that be such an offence to you. It's whether or not YOU feal you got your money's worth.

 

I bought the extended warranty from Troy here at Priuschat and have no regrets.

 

I don't regret not buying the extended warranty for my 05 Prius. I currently have over 140K and have only had to take it in for service.

The price the dealer was asking for and extended warranty with a $50 deductable, plus the fact that it doesn't start after the 3/36 seems like a rip off to me. Like the product is advertised "EXTENDED".

 

I am totally stupid when it comes to anything other than my narrow range of hobbies and my area of work. That being said, I have learned on here that I don't need to buy an extended warranty on my incoming Prius until 3yr/36k miles. I will spend that time to find a good warranty at a price I think is fair.

I know "third party warranties" are really bad. I mean no offense but is buying a Toyota warranty from someone (I'm assuming Troy works at a dealership) in another state not going through a "third party." Or going through Warranty Shack to get a warranty not a third party?

I've had good use out of extended warranties on the past that have been purchased from local dealers and it gave me a lot of piece of mind that I could go take my car to the place I bought my warranty from. Is that piece of mind and knowing for sure the warranty will be honored worth $1,400? I think?

 

Bought my Prius a month ago.
B/C of all the electronics and added value when sold I bought warranty.
My dealer charged $1085.00.

 

I have over 99,000 miles without a single problem. I'm glad I didn't buy the warranty. My wife has 80,000 miles without a problem. The warranty is a mistake far more often than it is a good decision would be my guess.

 

I bought the warranty because my dealer dropped my interest rate by 1.25
percent on the loan. from 5.30 to 4.05 percent. According to this website
I paid more then here but once I did the math on how much I would save
over the life of the loan... i bit on it. At first I told him no on everything, explained
how much I wanted to put down, and we agreed on the interest rate. At the very
end he sprung this deal on me and I asked for him to give me 10 minutes alone outside
where I thought it over. I guess Toyota is simply protecting their asset the own until
I pay off the loan.. sorta thinking. I did not expect to get it going in.

I figure this car is complicated and I plan to keep it for many years.
I think I will sleep better knowing if something dies inside that is not my fault
the dealership will make me whole.

72 months or 100,000 miles...

Normally I never get an extended warranty on things I buy but this time I did.

 

When I bought my 2000 Insight the dealer gave me a crumpled piece of paper and asked me if I wanted the extgended warrenty. I laughed and said, I guess not too many people buy it. His comment was on a Honda you don't need one. 8 years later, I am glad I turned it down.
when we just bought my wife's Prius, when we went in to sign the final paper, the closer just asked if we wanted it, told him no and that was the end of it. If you are buying a quality product, why do you need the extended warrenty?

 

Because things can and do happen.
Expensive things can and do need repairs.
You might say "belt and suspenders".

 

we bought the extended warranty from the dealer because it was less than one through continental warranty. we use continental warranty for after the initial warranty on our new cars. it has paid off in every situation. you never know what might happen. on our lesabre, our warranty was up 2 years before we paid it off. as soon as we bought the E.W., the motor for the passenger side front window went out. would have cost 600 to replace it. the warranty covered something with the braking system that would have cost 400. we still have 2 years to go on the warranty. i hope we never need it again, but if we do, its a good feeling.

 

Did not buy ext. warranty because I drive about ~25,000 miles per year.

So the warranty would be extended for ~1 year, max. Not worth it for me.

If I didn't put so many miles on the prius, I probably would have gotten it.

 

It's only money...either now or later...
...you'll regret not having it if you need it and believe me it was worth having when my previous car's engine blew a hole during a regular service maintenance visit. I had six months left on the 10 year extended warranty and was told it was a total loss. The extended warrantly insurance paid for the repairs (got to keep the car, even tho it was a total loss) and the car rental fees till it got fixed. It was worth every penny I paid plus about $5,000 more!!

....2005, I purchased an extended warranty with Troy and so far so good!!! I saved a whole lot compared to the dealerships here and I believe Toyota will take good care of my car, if I ever need to use the extended warrantly!! If I never get to use it, I'll just think of it as a part of the cost of purchasing my Goldie and how wonderful she is!!!

 

I do not regret the paid-up insurance.

It's a new car, and she'll want to drive it for many years... and with our luck, we need it.

 

Complete risk avoidance is expensive (and, in truth, impossible; check what is not covered on your extended warranty). Statistics say that you should expect to lose money on extended warranties. I get "peace of mind" by having the purchase price invested and earning more money for me.