Toyota Extra Care Extended Warranty - Page 2 - Toyota Yaris Forums

MPC Motorsports · 06-02-2009, 10:47 PM

I purchased the Platinum 7/100/$0 deductible from Troy at Toyota of Greenfield this afternoon. I'll probably never need it, but I now have piece of mind knowing anything major is covered. I hope to own and drive my Yaris for a minimum of 7 years and over 100k miles. And like Troy has said in earlier posts, even an ABS controller would cost over $2,000 to replace out of warranty.

My sister has a 2003 Nissan Altima 2.5 SL. Just before her six year extended warranty expired, the transmission went. It would have set her back nearly $4,000 had she not had the extended service plan.

Troy was great to deal with and paying for it with a new Toyota Rewards VISA interest free over six months means I do not have to shell out $745 at one time. Finally, if I never use the Toyota Rewards VISA ever again, I'll have enough points from the warranty to pay for a couple of oil changes at my dealer.

MPC Motorsports · 06-10-2009, 05:17 PM

To the top!!!

This is the REAL DEAL!!!

Since last week, I have received the paperwork from Troy and his staff at Toyota of Greenfield for my 7/100k/$0 extended warranty and my Toyota Rewards VISA card that was used to purchase said plan. $745 for a $1,300 plan and I can pay it out over six months with 0% interest.

roxy1 · 06-10-2009, 05:26 PM

Quote:

Originally Posted by MPC Motorsports

To the top!!!

This is the REAL DEAL!!!

Since last week, I have received the paperwork from Troy and his staff at Toyota of Greenfield for my 7/100k/$0 extended warranty and my Toyota Rewards VISA card that was used to purchase said plan. $745 for a $1,300 plan and I can pay it out over six months with 0% interest.

$1300 is a ripoff. $745 is less of a ripoff. you are not really paying for a 7 yr/100 k warranty anyway, since there is a already an exisitng warranty on the car when new. probability is excessively high that it is a losing proposition, as all warranties are.

sorry to poo poo this, but the types of repairs eating into the pockets of toyota/honda owners are ocurring beyond 7 yrs/100k miles. they know this, which is why they are making money on this deal.

*kimona* · 06-10-2009, 10:26 PM

Extended warranty on a Toyota? Absolute waste of money!

TroyD · 06-11-2009, 11:40 AM

$745.00 is only about $100 a year. Which is cheap peace of mind that you won't have some unexpected failure.

While Toyota's are probably the most reliable car on the road today, there are MANY very expensive parts on them that can and do fail. I've seen a Corolla with a steering column failure just a year out of the 3/36K...guess how many day's that car was in the shop for repairs! A/C failures can easily run over $1000 to fix...the multitude of computers in the vehicle rarely cost less than $1000, as I mentioned earlier an ABS actuator costs over $2000...even the factory radio (which is covered by the Platinum coverage), typically costs in the $800 range to replace. All of these things I see our shop repair/replace in Toyota's every day. Never mind the really big ticket items like an engine or transmission.

Toyota's claims typically run at somewhere around 85% of the revenue generated from the sale of their warranty plans. So while there are certainly plently of people that purchase the plan and never need to use it....that's made up for by the people that have claims costing 4-5 times the cost of the warranty. Personally, for about $100/year I'd rather play it safe.

For what it's worth, I've seen the numbers from the plans sold by our dealership, and Toyota is actually losing money on them as our claims rate is over 100% of the sales revenue. I looked into this because Toyota has a program that pays the dealership a bonus (that I wanted a commision on if we qualified

) if the claims rate runs at 85% or lower.

roxy1 · 06-11-2009, 12:45 PM

"So while there are certainly plently of people that purchase the plan and never need to use it....that's made up for by the people that have claims costing 4-5 times the cost of the warranty."

exactly. most people either wont use it, or will use it but never claim enough to make up for what they paid in the first place. its just another add on that often takes advantage of inexperienced buyers.

a good idea for anyone with a loan if you have $745 to spend. make that payment on your car (or borrow that much less in the first place). you will save a fair amount of interest and you will shorten the maturity date of your loan. it is very likely you"ll save more doing this than what you will have to spend on repairs. then, if you dont have significant repairs, its just a bunch of money saved.

daf62757 · 06-11-2009, 03:39 PM

Extended warranty on a Toyota is money in the bank for Toyota! Statistically speaking, you will never get to use it!

satellite · 10-21-2009, 04:15 PM

Quote:

Originally Posted by roxy1

"So while there are certainly plently of people that purchase the plan and never need to use it....that's made up for by the people that have claims costing 4-5 times the cost of the warranty."

exactly. most people either wont use it, or will use it but never claim enough to make up for what they paid in the first place. its just another add on that often takes advantage of inexperienced buyers.

a good idea for anyone with a loan if you have $745 to spend. make that payment on your car (or borrow that much less in the first place). you will save a fair amount of interest and you will shorten the maturity date of your loan. it is very likely you"ll save more doing this than what you will have to spend on repairs. then, if you dont have significant repairs, its just a bunch of money saved.

What if you have 0% interest on your loan?

06-11-2009, 03:39 PM	#25
daf62757 Nothing beats a Toyota! View User's Garage Drives: 2013 Yaris 5 dr liftback Join Date: Jan 2009 Location: Indianapolis, Indiana Posts: 564	Extended warranty on a Toyota is money in the bank for Toyota! Statistically speaking, you will never get to use it! __________________ Big Dave Indianapolis, IN Synthetic Oil....its in my car.....for at least 10,000 miles!

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06-02-2009, 10:47 PM	#19
MPC Motorsports Drives: 2008 Yaris S Sedan Join Date: Apr 2009 Location: Oklahoma Posts: 78	I purchased the Platinum 7/100/$0 deductible from Troy at Toyota of Greenfield this afternoon. I'll probably never need it, but I now have piece of mind knowing anything major is covered. I hope to own and drive my Yaris for a minimum of 7 years and over 100k miles. And like Troy has said in earlier posts, even an ABS controller would cost over $2,000 to replace out of warranty. My sister has a 2003 Nissan Altima 2.5 SL. Just before her six year extended warranty expired, the transmission went. It would have set her back nearly $4,000 had she not had the extended service plan. Troy was great to deal with and paying for it with a new Toyota Rewards VISA interest free over six months means I do not have to shell out $745 at one time. Finally, if I never use the Toyota Rewards VISA ever again, I'll have enough points from the warranty to pay for a couple of oil changes at my dealer.

06-10-2009, 05:17 PM	#20
MPC Motorsports Drives: 2008 Yaris S Sedan Join Date: Apr 2009 Location: Oklahoma Posts: 78	To the top!!! This is the REAL DEAL!!! Since last week, I have received the paperwork from Troy and his staff at Toyota of Greenfield for my 7/100k/$0 extended warranty and my Toyota Rewards VISA card that was used to purchase said plan. $745 for a $1,300 plan and I can pay it out over six months with 0% interest.

06-10-2009, 10:26 PM	#22
kimona Super Moderator Drives: 2014 White VITZ Join Date: May 2007 Location: Huntington Bch, CA Posts: 4,938	Extended warranty on a Toyota? Absolute waste of money!

06-11-2009, 11:40 AM	#23
TroyD Drives: 1996 Toyota Corolla (170K!) Join Date: Apr 2009 Location: Greenfield, MA Posts: 8	$745.00 is only about $100 a year. Which is cheap peace of mind that you won't have some unexpected failure. While Toyota's are probably the most reliable car on the road today, there are MANY very expensive parts on them that can and do fail. I've seen a Corolla with a steering column failure just a year out of the 3/36K...guess how many day's that car was in the shop for repairs! A/C failures can easily run over $1000 to fix...the multitude of computers in the vehicle rarely cost less than $1000, as I mentioned earlier an ABS actuator costs over $2000...even the factory radio (which is covered by the Platinum coverage), typically costs in the $800 range to replace. All of these things I see our shop repair/replace in Toyota's every day. Never mind the really big ticket items like an engine or transmission. Toyota's claims typically run at somewhere around 85% of the revenue generated from the sale of their warranty plans. So while there are certainly plently of people that purchase the plan and never need to use it....that's made up for by the people that have claims costing 4-5 times the cost of the warranty. Personally, for about $100/year I'd rather play it safe. For what it's worth, I've seen the numbers from the plans sold by our dealership, and Toyota is actually losing money on them as our claims rate is over 100% of the sales revenue. I looked into this because Toyota has a program that pays the dealership a bonus (that I wanted a commision on if we qualified ) if the claims rate runs at 85% or lower.

06-11-2009, 12:45 PM	#24
roxy1 Drives: 2014 yaris 5 speed Join Date: Aug 2006 Location: michigan Posts: 642	"So while there are certainly plently of people that purchase the plan and never need to use it....that's made up for by the people that have claims costing 4-5 times the cost of the warranty." exactly. most people either wont use it, or will use it but never claim enough to make up for what they paid in the first place. its just another add on that often takes advantage of inexperienced buyers. a good idea for anyone with a loan if you have $745 to spend. make that payment on your car (or borrow that much less in the first place). you will save a fair amount of interest and you will shorten the maturity date of your loan. it is very likely you"ll save more doing this than what you will have to spend on repairs. then, if you dont have significant repairs, its just a bunch of money saved.