Buying 2009 Yaris from Carmax, warranty worth it?

[zero]

I'm planning on buying a 2009 Yaris from Carmax with 97k miles. They offer a "MaxCare" warranty, it's coverage is comparable to the bumper to bumper limited warranty you get from a new or CPO car. The cost is $2,070 for 150k miles/5yrs from date of purchase, whatever comes from first (mileage is total, so it's essentially a 53k mile warranty). If you were in my shoes, would you pay extra for the warranty? I can afford it, but am I better off just banking the 2k and paying for all repairs out of pocket? It seems like I should, but I imagine a blown engine or transmission would be a lot more than 2k.

[NYC-SE]

My advice is no. Save your money. These cars are very reliable and what little does go wrong would be cheaper to fix than the cost of the warranty.

[CTScott]

Agreed. That is a lot of money for only 53K of coverage.

[zero]

Originally Posted by CTScott

Agreed. That is a lot of money for only 53K of coverage.

5yr/53k miles of bumper to bumper coverage isn't anything to sneeze at. It's more than you would get from a brand new Toyota (3yr/36k).

[sex]

Need something to compare--does it come with any warranty? How about a newer lower mileage car for $2k more? Is the warranty negotiable?

[zero]

Originally Posted by sex

Need something to compare--does it come with any warranty? How about a newer lower mileage car for $2k more? Is the warranty negotiable?

It comes with 30 day bumper to bumper and a 5 day return policy. Warranty isn't negotiable. I've been looking for other cars within my price range, but I have found my local dealerships to be slim pickings until you get to 14k CPO cars (at that point, might be better off to get a new Kio Rio or Hyundai Accent for 15k). Craigslist is obviously ideal for low-budget cars, but I don't have regular access to a car so it's not really an option for me.

[nookandcrannycar]

Originally Posted by zero

5yr/53k miles of bumper to bumper coverage isn't anything to sneeze at. It's more than you would get from a brand new Toyota (3yr/36k).

But on a Yaris, will anything costing remotely that much need replacing? Other than tires (which I doubt would be part of that warranty), the only thing that needed replacing on my blue Yaris during that period was the original battery....probably because of the heat in SE Texas.

[Rigaud]

On a 2009 Yaris $2k warranty which I doubt it covers as much as you'd think once you read that micro fine print is really a bad deal. Spark plugs, tires, etc... still come out of your pocket.

[bairjo]

Originally Posted by zero

I'm planning on buying a 2009 Yaris from Carmax with 97k miles. They offer a "MaxCare" warranty, it's coverage is comparable to the bumper to bumper limited warranty you get from a new or CPO car. The cost is $2,070 for 150k miles/5yrs from date of purchase, whatever comes from first (mileage is total, so it's essentially a 53k mile warranty). If you were in my shoes, would you pay extra for the warranty? I can afford it, but am I better off just banking the 2k and paying for all repairs out of pocket? It seems like I should, but I imagine a blown engine or transmission would be a lot more than 2k.

Do you have the maintenance history? Even a poorly maintained Toyota will turn to shit if the oil was not changed as required.

How long are you planning to keep this 6 year old car? If only 2 years you may be ok without the warranty.

How much are you actually paying for this car? $2000 to cover repairs that may not happen on a $6000 car may be foolish. See what you can buy for $8000.

Are you handy with a wrench? The Yaris is not that difficult of a car for the DIY guy to do many repairs on which should be considered.

Just some points to think about....

[bronsin]

My vote is NO for the extra $2000 warranty. Statistically extended warranties make money for those selling them. Also, your warranty isn't b to b so they can thoughtfully exclude those items most likely to go bust.

[zero]

Originally Posted by bairjo

Do you have the maintenance history? Even a poorly maintained Toyota will turn to shit if the oil was not changed as required.

How long are you planning to keep this 6 year old car? If only 2 years you may be ok without the warranty.

How much are you actually paying for this car? $2000 to cover repairs that may not happen on a $6000 car may be foolish. See what you can buy for $8000.

Are you handy with a wrench? The Yaris is not that difficult of a car for the DIY guy to do many repairs on which should be considered.

Just some points to think about....

I doubt it will have any maintenance history. The carfax is one owner, no accidents. I plan to drive it until the wheels fall off, so I'll get full value out of the warranty. Regardless, the warranty has a prorated refund option if I wish to trade it in at a later date. The car is $8600.

I know very little about cars. I'm 24 and never owned one before, just driven family members' cars on occasion. I think I should definitely get the warranty, so I don't have to worry about a big breakdown leaving me without a car. $2000 can fix a lot of stuff, but there's certainly big things it can't fully cover. At any rate, can't imagine it would be incredibly difficult to face $2000 in repairs over a 5 year period. I figure, I buy the warranty, worst case scenario (other than warranty company weaseling out of coverage on major repair), I wasted my warranty money and got 5 years/53kmiles of driving out of a $10,600 car. That beats most leases, and I'll probably have a 2-3k asset at the end.

[Rigaud]

A 2009 for $8600 and that millage? Ouch.

[zero]

Originally Posted by Rigaud

A 2009 for $8600 and that millage? Ouch.

Admittedly, it's not a great price. It's a tad over bluebook, but Carmax isn't know for their value. I'm planning on paying in cash, so I have a really strict price limit and I don't like what I've seen at regular dealers for under 10k. This is at least a decent car, and the option to buy a solid warranty is kind of a selling point to me. I would never buy a warranty from a regular dealership that wasn't factory backed.

[bairjo]

is there any deductible on this policy?

[DonM]

Take the $2000 and stick into a savings account and use that for any repairs that may be needed....you will be further ahead..as a matter of fact, I would not be surprised if you still had most of that cash sitting in your account when the warranty period would have expired.

[invader166]

Honestly, I think you're getting ripped off. I payed $8000 CDN (about $6100 USD in today's currency) for my 2009 and it had 45k km (about 28k miles) on it.
In nealy 2 years of ownership I haven't had any issues, other than a faulty wiring connector within the first month (which the dealership replaced free of charge).

Also, my experience with warrenties is that dealerships will try to find any excuses they can to try to avoid paying for repairs, even accusing you of negligence. Save your money and steer clear of them, unless you're buying the car brand new.

[zero]

Originally Posted by bairjo

is there any deductible on this policy?

Just $50. They also offer a $300 one for like $1650, but I figure 2 uses and I will have been better off with the $50 deductible.

[Rigaud]

Originally Posted by zero

Just $50. They also offer a $300 one for like $1650, but I figure 2 uses and I will have been better off with the $50 deductible.

Better off with none. The warranty is 33% of the value of the car at best if that.

It's like when I bought a small laptop a few years ago new for $350+tax and the sales clerk offers me an additional warranty for 3 years at $300. lol

Well you posted this topic wondering what to do. It's pretty close to unanimous to stay away from the $2000 warranty and that's coming from a lot of guys old enough to be your dad and a lot of experience here on this site.

Live and learn!!