3rd gen extended warranty worth it?

Have any of you 3rd Gen owners found the extended warranty to be worth the purchase? I’ve owned for 3 months. Just wondering if I should save my money and cancel. (3rd party company)

 

I see it as a moneymaker for dealerships and that's me saying that even though my fiancee works for an Autogroup w/ multiple dealerships across different brands. Those lower-tiers (Toyota, Honda, Kia, etc) hardly make any money on new vehicle sales so they make it up from service, parts, pre-own and warranty/finance. I think Toyota only has a 4%-5% profit on newer vehicles.
Then again, I am pretty mechanically inclined so if something goes wrong I can normally pinpoint the issue or at least narrow it down and just go to a shop and don't take BS from them when getting a quote.
The factory warranty, I understand. Some models/years may have defects; but after that is over, you shouldn't have issues as long as you keep good care of your vehicles.

IMO, keep it if you are afraid/don't really take care of your vehicles or cancel it and put it in saving for down the road maintenance. Especially if you start trying to mod, it can get pretty rough trying to get warranty work done even if you didn't even touch the system you are trying to get fixed. Of course, that depends on the dealership as well, but I find that majority of them are like that.

 

The odds you will use it are pretty slim...best to read the fine print to see what qualifies as a “covered repair”. It’s nothing more than an insurance policy so if that buys you peace of mind then keep it but I wouldn’t.

 

You'll get a wide variety of opinions, so be prepared for that. For me personally, I couldn't justify the cost. These trucks are SO dang well built and reliable, I don't think you need it. If you do any crazy off-roading and incur damage, the dealer will likely figure it out and deny a claim that they think could be even remotely connected to it.

 

I havent bought an extended warranty since my first car (2006 Mitsubishi lancer). After that experience, I dont opt for the extended warranty. It's a fear tactic used to get you to spend more money. Keep in mind that most warranties only cover manufacture defects, and not wear and tear of the vehicle. Additionally, the dealerships may charge a deductible for repairs.

Warranty may not cover mods or damage incurred while off roading. They may in fact void it.

 

That's a no from me IMHO. Like those mentioned above, chances are, you're not going to be using it.

 

Car salesman:
"Tacomas are the most reliable trucks out there!"
[10 seconds after you decide to buy it]
"You should really buy the extended warranty just in case"

 

I would agree with all of the above statements. They talked me into it considering all of the new technology and how a small shop can’t fix those things. So I just wanted to check and see if y’all have had any issues with the cruise control camera, auto braking, Qi charger etc. it’s primarily a work truck, but I hired an employee and bought an E250, so it may get mods sooner than expected.

 

Keep in mind, we don't

• Your financial situation
• What you paid for the warranty
• What the particulars are

As @whatstcp mentioned, I'd stick with a Toyota warranty for the right price

 

You are very likely not going to need an extended warranty with a Toyota. Not impossible, but unlikely. I have no intention of buying one for mine.

 

In my 41 years of driving, I've never bought an extended warranty. Some may use it, most will not. I'd rather save that money myself.

From what I heard, 3rd party are the worst.

 

They're good for peace of mind I guess but yeah unless you have a lot of problems after the factory warranty is over you're better off just putting that money back to save for a rainy day in case you need it for a repair. I figure these trucks are built well enough that shouldn't be an issue.

 

I bought an extended warranty on my wife's Nissan and the "new technology" angle is the only reason I caved and did it. This was our first experience with a car that had a lot of bells and whistles. I wasn't worried about the drive train. It was all the tech that came with the car I was on the fence about. The finance guy was pushing pretty hard on covering the tech aspect as to why we needed it. After that experience, I'll never do it again. In my situation, I would of been better off just banking the money and dealing with any issues that came up down the road.

 

Never buy extended warranties.

Each time someone tries to sell you one, take the money instead and set it aside. Someday, something you didn't buy an extended warranty on will break, you will still be money ahead after paying for the repair.

 

They aren't all created equal. Definitely read the reviews and see if the dealer you plan on taking your vehicle to does any business with them. We bought a Tahoe from a Dodge place and they wouldn't shut up about their crappy warranty that most Chevy places don't take.... If heated seats, or AC seats, or any weird electronic goes out, a few of those and you'll likely pay for your warranty if you get it covered. No first hand experience getting my money's worth but you can probably guess I bought one for the Tahoe for piece of mind. I have other things to focus on.

For my Tacoma I opted for the most warranty I could get from Toyota (either 75k or 100k I can't remember) after having a few expensive problems with a Camry just out of warranty.

 

I turned down 8 year 100k bumper to bumper for $800....it is a Toyota

 

once upon a time, FM radio, power locks and windows, power steering were "new technology". I have thought about getting a toyota warranty but can't part with 1400$ for an off chance the nav system dies or the crawl control dies. i do have a power train warranty, lifetime, through the dealer group. it's rock solid plan........$100 deductible and i can do my own work- made sure of that...in writing..

 

Well, never say never. If FIAT starts making trucks, an extended warranty would pretty much be a required negotiable!

 

Yeah, I just bought my truck recently and declined the extended warranty. I am reasonably mechanically-inclined and feel like Toyotas, typically, don't have hugely expensive issues.

 

they do make trucks- the gladiator. one reason i didn't buy one of those and bought a taco was becasue of the lack of the lifetime warranty that was available on all mopar vehicles, including jeep, up until late 2018 i believe. I have one on my 2017 patriot 4x4....