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Posted: 12/16/2018 5:30:14 AM EDT
[#1]
no..........................
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Posted: 12/16/2018 5:31:22 AM EDT
[#2]
They expect to make money. They have lots of vehicles to cover and expect only a few of them to give trouble.
You have only one. It may or may not have problems. So, it is a roll of the dice for you, a profitable situation for them. You are basically purchasing insurance. Do you need that insurance? |
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Posted: 12/16/2018 5:32:40 AM EDT
[#3]
If you put 55k on it in 2 years then you'll be at the 100k in about 2 years... is 2 years of coverage worth that price to you?
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Posted: 12/16/2018 7:27:33 AM EDT
[#4]
Quote HistoryQuoted:
If you put 55k on it in 2 years then you'll be at the 100k in about 2 years... is 2 years of coverage worth that price to you? |
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Posted: 12/16/2018 7:49:09 AM EDT
[#5]
Was on my new LG refrigerator, first year more was paid for repairs than was paid for purchase.
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Posted: 12/16/2018 7:50:15 AM EDT
[#6]
I work at a Toyota dealer and sell their extended service plans, a little more than half of my customers buy them but only you can decide if it’s worth it. Pm me the vin and the miles on your van for a much better price though, it might help you decide.
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Posted: 12/16/2018 8:12:38 AM EDT
[#7]
You can dicker on extended warranties and some dealers will sell them far cheaper then other dealers. Toyota extended warranties aren't exactly the cheapest but you can negotiate the price.
I found Honda is pretty much the cheapest, [bit over a grand for my extended on my HRV] and offers some of the longest times and mileage. [bought from college honda in Ohio] and includes free towing and use of a vehicle also. Subaru and Mazda are some of the worst and are very pricey. |
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Posted: 12/16/2018 8:19:30 AM EDT
[#8]
I was recently looking at used vehicles with my Sister and the Sienna's we looked at were not very nice
we were looking at 6-8 year old cars I talked her into buying a Ford most of my family owns Toyota's, seems like the newer ones are not the same quality as the older ones. |
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Posted: 12/16/2018 9:29:16 AM EDT
[#9]
If that Sienna has navigation and the radio goes out, better believe it will cost 3 times that amount to replace it.
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Posted: 12/16/2018 9:36:02 AM EDT
[#10]
Just like any other type of insurance.
Its all a waste of money unless you end up needing it then it can save you a bundle. |
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Posted: 12/16/2018 9:44:30 AM EDT
[#11]
They wouldn't sell it at that price if they lost money on it.
Kharn |
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Posted: 12/16/2018 9:47:35 AM EDT
[#12]
Quote HistoryQuoted:
I work at a Toyota dealer and sell their extended service plans, a little more than half of my customers buy them but only you can decide if it's worth it. Pm me the vin and the miles on your van for a much better price though, it might help you decide. @Abominable |
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Posted: 12/16/2018 9:49:26 AM EDT
[#13]
It’s like any kind of insurance - the insurance company pays out less than it takes in in aggregate , but if you are the one who gets paid for an issue it works out to your advantage. It mitigates the risk to you, but at a price.
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Posted: 12/16/2018 9:50:14 AM EDT
[#14]
Quote HistoryQuoted:
Sounds like it would cover the van 7 years 100,000 miles so out to 155,000 miles. Sienna vans are not fun to work on, most things you need a lift for. Quote HistoryQuoted:
Quoted:
If you put 55k on it in 2 years then you'll be at the 100k in about 2 years... is 2 years of coverage worth that price to you? OP, not worth it |
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Posted: 12/16/2018 9:52:12 AM EDT
[#15]
You're gambling that your car will need more than $2k worth of repairs in 100,000 miles. They're gambling that it won't. Who do you think has the most data and analysis to use to decide the probable outcome?
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Posted: 12/16/2018 9:57:04 AM EDT
[#16]
No is the correct answer. You would be better off taking that $2K + and set it aside in case you need a repair. I don't even purchase tire warranties.
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Posted: 12/16/2018 10:07:34 AM EDT
[#17]
At the rate you drive, that warranty wil only last two years so that’d be a no for me. I did get it when I bought my Tundra but I only do 10k per year so the warranty lasted 5 years for me. Plus, it is 4x4 so that’s a lot riskier for repairs. I did use it once and it laid for itself.
That said, as others mentioned, my dealer came down on the price for the warranty...significantly if I remember correctly. I said no two or three times. Right at the end, I said “one more chance for a better warranty price” and they came down again. |
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Posted: 12/16/2018 10:09:49 AM EDT
[#18]
I paid $1,700 for same warranty for my Tahoe. The warranty saved my butt at 76,000 miles when the engine shit the bed. Used it several other times as well for smaller electronics.
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Posted: 12/16/2018 11:19:46 AM EDT
[#19]
I tried to make a deal with my dealer on extended insurance. I will give you the money up front and if I never have to use the warranty, at the end of its life, you give me half the money back. Use it once and you keep it all.
They didn't go for it but it was worth a shot. By the way, I never needed it. |
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Posted: 12/16/2018 11:26:02 AM EDT
[#20]
Shop around Toyota dealers for better rate on the warranty. You don't have to use your dealer to get the warranty. I bought a Ford extended warranty from an out of state dealer. Saved hundreds. Google or hit up a Toyota forum.
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Posted: 12/16/2018 11:41:40 AM EDT
[#21]
Quoted:
2016 toyota sienna...our lease end buyout. 55k miles on the odo... ours from day 1 (90% highway miles) Always maintained as should be. Runs great. Mechanically sound. 7yr, 100k total mile, bumper to bumper, toyota factory platinum, $0 deductible extended warranty $1995 I am not mechanically inclined and cant fix crap on that van ?? Worth the $$? |
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Posted: 12/16/2018 12:04:14 PM EDT
[#22]
Quote HistoryQuoted:
They wouldn't sell it at that price if they lost money on it. Kharn $2000 is a lot of repairs. Do you want to take a guaranteed hit of $2k, or do you want to take a chance on a possible higher expense later? Especially with OP's vehicle - it's a Toyota. I'll gamble all day that it won't need $2k in repairs any time soon. Me, personally, I'd rather have the $2k in my pocket. One of my vehicles, a 2008 Suburban 2500, now has 185k miles on it, and I've spent exactly $100 on it since it rolled 100k miles. More clearly, I've had $100 in expenses that could have been covered by a warranty. Heck, haven't even had a brake job in that time. I've, of course, had expenses for fluids, tires, wiper blades, etc. I seem to recall the cost of the extended warranty, in 2013, when it had 100k on it, was like $3700. |
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Posted: 12/16/2018 12:13:21 PM EDT
[#23]
I'm currently deciding the same thing except my Sienna is a 15 with 17,000 on it. I have used an extended warranty
on a past vehicle and it pretty much paid for its self. |
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Posted: 12/16/2018 12:16:00 PM EDT
[#24]
If the majority or even a significant percentage of vehicles needed it, it wouldnt be profitable to sell the warranty. But they do. Ask why?
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Posted: 12/16/2018 12:16:48 PM EDT
[#25]
If your good at math, no OP. If you are only concerned in reducing hassle then yet.
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Posted: 12/16/2018 12:17:12 PM EDT
[#26]
Put the money in a high yield savings account and use that strictly for repairs. You're pre-paying for those repairs when you buy those plans, make your money work for you.
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Posted: 12/16/2018 12:36:23 PM EDT
[#27]
Quote HistoryQuoted:
If you put 55k on it in 2 years then you'll be at the 100k in about 2 years... is 2 years of coverage worth that price to you? |
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Posted: 12/16/2018 12:36:39 PM EDT
[#28]
Quote HistoryQuoted:
If that Sienna has navigation and the radio goes out, better believe it will cost 3 times that amount to replace it. For shits and giggles I texted me father and asked how many Sienna radios they have replaced over the past year. The answer would surprise only those around here who are convinced power windows go out every other week. |
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Posted: 12/16/2018 12:36:48 PM EDT
[#29]
If it were worth the money, why are they willing to sell it to you?
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Posted: 12/16/2018 1:33:22 PM EDT
[#30]
I bought one once. I was pissed that I did. Almost canceled a little later.
Motor went out on that car and got it replaced. |
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Posted: 12/16/2018 1:41:57 PM EDT
[#31]
I recommend friends and family buy the ford ones. Granted I only see the broken cars, but I have a lot of customers get their money back out of a good extended warranty. I wouldn’t buy or recommend any that’s not from the oem though
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Posted: 12/16/2018 1:43:17 PM EDT
[#32]
Quote HistoryQuoted:
Was on my new LG refrigerator, first year more was paid for repairs than was paid for purchase. |
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Posted: 12/16/2018 1:45:32 PM EDT
[#33]
Extended warranties are almost never worth it. In the long run you’ll lose money because the company has to make money pay overhead and commissions. Plus it can be a hassle to get them to pay up. Most things that are covered never break and many things that do break are “wear and tear” / not covered.
and honestly if an extended warranty is “needed” because the purchase represent such a significant percentage of your wealth/net worth, it’s probably not wise to buy it in the first place. |
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Posted: 12/16/2018 1:47:51 PM EDT
[#34]
Dealers can get very creative about what is NOT covered under the warranty. Neighbors new Subaru Forrester with extended warranty
and the factory bumper to bumper and yet the last time it went in he was out of pocket over 700 dollars. Lot of little loopholes. |
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Posted: 12/16/2018 1:48:37 PM EDT
[#35]
I paid 8k for an extended warranty for my Wifes Audi R8, it has paid for itself a couple of times over (One time she blew the engine, that was a 30k expense).
I like them for cars with expensive problems. My crappy jeep, not so much. |
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Posted: 12/16/2018 1:48:47 PM EDT
[#36]
I bought a Lifetime Warranty for my new Ram for $2700. I'll keep the truck for over 10 years. Yes, the warranty will be worth it for me. I always use them.
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Posted: 12/16/2018 1:49:44 PM EDT
[#37]
I got them on our '17 Jeeps. Too much technology (that I have come to love) that I'd rather not have to pay for myself.
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Posted: 12/16/2018 1:51:36 PM EDT
[#38]
I always buy them. One major repair will cover the cost of that warranty.
One example for me, had a SRT Charger that the navigation system/head unit shit out. I paid ~$1.5k for the warranty, and that repair alone was close to $3k. Newer vehicles with even more expensive electronics... I’ll take the insurance. |
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Posted: 12/16/2018 1:52:15 PM EDT
[#39]
No. Don't be a sucker.
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Posted: 12/16/2018 1:58:27 PM EDT
[#40]
OP, one good thing about the warranty is that if you are refinancing out of a lease, it adds a few bucks to your monthly payment. Not like you're coughing up $2K right this minute.
If you've got it sitting around, park it somewhere for vehicle expenses and skip the warranty. Today's cars and trucks are truly techno marvels. You couldn't have bought your Sienna 20 years ago for a million dollars, because the technology did not exist. Above posters are correct, Toyota is betting your Sienna will last to 100K without problems. But it's not the odds, it's the consequences. The sliding doors on Siennas are known issues, and you can spend $2K on ONE SIDE if the latches and motor quit. I carry an extended warranty on my truck for the same reason I pay for very low deductibles on my home and auto insurance. It's easier for me to pay a few bucks monthly than it is for me to cough up a $1K deductible that was not planned for. Your checkbook, your choice. I'd negotiate hard on the price; dealers make enough money on the back end to cut you a break if you're good at negotiating. But I'd get it. I've been a service writer for around 30 years, 13 with Toyota, and I've seen a lot of costly repairs on every brand covered by extended warranties. Disclaimer: Routine maintenance is NOT covered. Tires, brakes, batteries, belts and so on are your responsibility. Bad alternator, water pump, transaxle- those are why you buy the warranty. |
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Posted: 12/16/2018 2:04:52 PM EDT
[#41]
Quote HistoryQuoted: Sounds like it would cover the van 7 years 100,000 miles so out to 155,000 miles. Sienna vans are not fun to work on, most things you need a lift for. |
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Posted: 12/16/2018 5:02:03 PM EDT
[#42]
I'm betting OP did the 55k in 3 years. Bought in 15 as a 16 model year and averaged 18000 miles a year.
You'd probably be better off shooting for a maint agreement than a warranty. Even the spark plug change in the Sienna is a nightmare. |
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Posted: 12/16/2018 6:38:27 PM EDT
[#43]
Quote HistoryQuoted:
Someone else did the math and that extended warranty will only last him an additional two years. Do you really think the radio would go out in such a short time? For shits and giggles I texted me father and asked how many Sienna radios they have replaced over the past year. The answer would surprise only those around here who are convinced power windows go out every other week. |
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Posted: 12/16/2018 6:44:02 PM EDT
[#44]
Look up what the alternator or a/c costs to fix, plan accordingly.
I've bought two, both paid for themselves. Also, try to barging them down on the price. |
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Posted: 12/16/2018 10:53:47 PM EDT
[#45]
Lease started 4/2016
Lease up in 3 mo but finance percent is pretty low right now 3.24% Avg 20k/yr miles Ext warranty will add $50/mo to the payment Im leaning toward it New lease for the identical van: $1500 down $780/mo 36mo 15k/yr Buy out: $0 down $530/mo 60mo (with warranty)/ $480 (without warranty) Figure in $1000 for full detail, full service, brakes, alignment, everything to bring it like new. |
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Posted: 12/16/2018 10:59:00 PM EDT
[#46]
I had my AC system completely shit the bed, requiring the whole system to be replaced in my 2016 Tundra recently. I talked them down to $1500, but had I not I would’ve been looking at a $4k repair from the dealer. $2600 from an independent shop. This was just past warranty.
Lesson learned, if you still have payments, you should still have a warranty. I won’t not have a 100k warranty in the future. Past 100k I shouldn’t have a payments, so the extra cash should be available for major repairs. |
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Posted: 12/16/2018 10:59:21 PM EDT
[#47]
Quote HistoryQuoted:
I tried to make a deal with my dealer on extended insurance. I will give you the money up front and if I never have to use the warranty, at the end of its life, you give me half the money back. Use it once and you keep it all. They didn't go for it but it was worth a shot. By the way, I never needed it. |
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