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View Poll Results: Should I cancel Toyota extended warranty?
YES 6 85.71%
NO 1 14.29%
Voters: 7. You may not vote on this poll

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Old 03-21-2019, 01:39 AM   #1
Bikerboy89
 
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Should I cancel Toyota extended warranty?

I agreed to buy the Toyota extended warranty with my 15 Yaris for $899 but I still have a week to cancel it for a full refund minus $50 fee. The car still has warranty for 1 year or 12k miles and then powertrain warranty until 2022 I think. I'm thinking I could save a lot and cancel this warranty because I've seen Yaris on autotrader with 200k miles + so I am gaining confidence in this car quickly. I tend to baby my cars too and I will be changing my oil every 4800 miles with good quality oil and filter.

$899 warranty through 2025 or 120k miles
$0 warranty 12k miles or 1 year ...then powertrain until 2022.

I think the reason I did the warranty was because I just had my Chevy HHR timing chain break out of nowhere so I felt it was gonna happen again, but now I'm thinking I'm gonna be safe at least until the warranty would be used to anyway.
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Old 03-21-2019, 07:04 AM   #2
IllusionX
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Never bothered for a Toyota. But it's always a small fee for a piece of mind.

Also, it depends on the extended warranty. In Canada they mostly deal with 3rd party and coverage is very different

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Old 03-21-2019, 09:17 AM   #3
kimona
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I wouldn't purchase an extended warranty for a Toyota... especially the Yaris.

But, you have to weigh up the peace of mind the extended warranty may give you personally versus the regret you are feeling about $900 that you probably didn't need to spend. You may struggle trying to reconcile this for a long time.

The "$0 warranty 12k miles or 1 year ...then powertrain until 2022" is excellent coverage... and the Yaris is an extremely reliable little car. You've got absolute proof of that here on this forum.
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Old 03-21-2019, 11:42 AM   #4
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Cancel it! Cancel it now!
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Old 03-21-2019, 12:38 PM   #5
myfirstyota
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I have 300,000km on mine and wouldn't think twice about driving it to B.C. I have complete confidence in my yaris
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Old 03-21-2019, 01:15 PM   #6
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Since the Yaris doesn't have a CVT automatic (unlike the current Gen Corolla with the problematic CVT), I wouldn't worry about an extended warranty. If you do proper maintenance there is a miniscule chance you will ever get your money's worth from that extended warrantly. All the core mechanics of the Yaris are time-tested & essentially bulletproof. I turned down the 'generous offer' of an extended warranty in 2015 when I purchased mine.
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Old 03-21-2019, 01:28 PM   #7
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Personally I would cancel it. It is unlikely you will ever need it, the Yaris is essentially bullet proof. (Which was the reason I bought mine) That $900 will pay for 10,000 miles of gas for your Yaris and IMHO is better spent there.
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Old 03-21-2019, 02:36 PM   #8
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Extended warranties are an upsale, they are not designed to save the consumer money, but rather to make the dealership larger profits. I dont doubt they may have some consumers here and there (that is if they actually decide to honor it and not weasel out of it) but on a large scale it just increased the profits of the dealers. Especially more so that this is a toyota and not a new model or new engine. It is a toyota with a 2 decades old engine and trans that are notorious for lasting well over 400k km if taken care of.

Spend the cash on nearly oil spraying and if you are not handy then find a reputable indipendant mechanic if you ever need one
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Old 03-21-2019, 03:03 PM   #9
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I've added a YES/NO poll above.
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Old 03-21-2019, 04:38 PM   #10
Bikerboy89
 
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Thanks everyone!! This is the kind of feedback I was hoping for! I'm going to cancel it! One thing that is really interesting is looking on Autotrader at Yaris and Echos Nationwide with the same engine and transmission. I found some with 369k miles for sale.
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Old 03-21-2019, 04:48 PM   #11
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Quote:
Originally Posted by tmontague View Post
Extended warranties are an upsale, they are not designed to save the consumer money, but rather to make the dealership larger profits. I dont doubt they may have some consumers here and there (that is if they actually decide to honor it and not weasel out of it) but on a large scale it just increased the profits of the dealers.
This is true for just about every piece of insurance one can buy. I don't argue it and gun to head, would also vote for cancelling it.

Having said that (and to be my devil's advocate self ) you are taking a bit of a risk, albeit a very tiny one. To Trevor's point, 9.99 times out of 10 you're going to be fine with these cars. As an example of the .01 times, my extended warranty saved me from spending on a new rack and pinion. It went on me just before the warranty expired and they covered it. I suspect it went out due to a minor collision my car was involved in very early on but nonetheless, there aren't any guarantees in life.

Cancel it knowing that you're taking the better Vegas odds but if you do, just don't be pissed at yourself later if something happens (which I highly doubt will).
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