Seems to be very debated subject. Years ago I wouldn't think twice about Extended Warranties (EW). My little home shop has most of the tools needed to do preventative maintenance and minor repairs. I enjoy doing all my own scheduled maintenance on my vehicles, small engines, and motorcycle. But now days with all the electronics and computers on board of new vehicles, I decided to step back and rethink my long range plan. Just one major repair can possibly meet or exceed the cost of a EW.
As most of you know, as long as your Toyota is still within the original warranty period you are able to purchase the extended warranty. The dealers price at time of delivery was a joke. I decided to shop around for a EW for both my wife's RAV4 and my Tundra. (Third Party warranties are out of the question - won't go there.) Glad I did shop around, because we ended up saving quite a bit of money. Purchased the 8 year / 125k mile with $0 deductible for both vehicles. I hope to never have to use it but it's there if I do.
These were the main factors that justified our Extended Warranty purchase:
1. We plan on keeping our vehicles longer than the standard warranty period. (Sell within last year of EW)
2. Cost of repairs and labor are going through the roof.
3. Computer & Electronic complexity of newer vehicles.
4. If we sell vehicles while still under warranty - will get money back - that's a win - win!
5. Vehicles sell better and for more with a warranty.
6. Piece of mind for second owner knowing they are covered.
Anyway, that's what I did and it works for me. FWIW: I have never had a major problem with any Toyota I ever owned. I usually sell when the warranty runs out. Only exception, I did keep my 2004 Tacoma for 8 year and it had 115k miles. Not a problem one with it and still have original battery in it. I should have kept that one!
So what are your thoughts?
As most of you know, as long as your Toyota is still within the original warranty period you are able to purchase the extended warranty. The dealers price at time of delivery was a joke. I decided to shop around for a EW for both my wife's RAV4 and my Tundra. (Third Party warranties are out of the question - won't go there.) Glad I did shop around, because we ended up saving quite a bit of money. Purchased the 8 year / 125k mile with $0 deductible for both vehicles. I hope to never have to use it but it's there if I do.
These were the main factors that justified our Extended Warranty purchase:
1. We plan on keeping our vehicles longer than the standard warranty period. (Sell within last year of EW)
2. Cost of repairs and labor are going through the roof.
3. Computer & Electronic complexity of newer vehicles.
4. If we sell vehicles while still under warranty - will get money back - that's a win - win!
5. Vehicles sell better and for more with a warranty.
6. Piece of mind for second owner knowing they are covered.
Anyway, that's what I did and it works for me. FWIW: I have never had a major problem with any Toyota I ever owned. I usually sell when the warranty runs out. Only exception, I did keep my 2004 Tacoma for 8 year and it had 115k miles. Not a problem one with it and still have original battery in it. I should have kept that one!
So what are your thoughts?
