I just bought a 2005 Toyota Prius with 56,500 miles on it. The power train warranty is for 60,000 miles, and of course the dealer wanted me to purchase an extended warranty. Is it worth it to purchase this?
how much? What is deductible? How long, how many mile swill it cover.
Basically, in most cases NO, especially a Corolla. now igf the coverage went to 200,000 and 10 years and cost 500 then Yes I would do it, otherwise no. Most of theese are boat payments for the dealer. Also, these warranty fees are negotiable, not cast in stone if you really decide you want to spend money
You qre buying a Toyota product…most reliable on the market…I just purchased my 6th toyota since '87 and driven them each for ten years … all I paid for was exhaust systems, brakes and timing belts…rest was routine maintenance…the latest toyota is offering is a refundable (no interest) extended warantee if not used at the end of the contract…I’ll put my money in the bank.
6 Toyotas * 10 years = 60 Years.
1987 + 60 years = 2047
Wow either time flies or someone is full of crap.
Doesn’t say how far he drove them either.
In general, extended warranties are nothing but insurance policies. If you take care of a car, nothing much in the way of expenses will be needed outside of routine maintenance items (brakes, filters, antifreeze) none of which are covered by extended warranties. Another rip-off is that many of these warranties exclude items that are the main cause of failures and expense such as seals and gaskets, and electrical. Anything that does cover these items is usually very expensive.
Now, the Prius is not a Corolla. It is a hybrid that was still in consumer “beta test” status in 2005, and you are about to run out of the factory backing. I would bet any extended warranty would NOT include the cost of replacement of the huge batteries in that car, nor would it cover electrical gremlins (hope I’m wrong). The longevity of these new technology cars is largely unknown, and repairs are likely to be extremely costly. The original owner was wise to dump this before the warranty ran out. Whether or not there is life left in it is anyone’s guess. If you do consider an extended warranty, make sure it covers EVERYTHING electrical including the battery(s). It won’t be cheap. Your choice of pay up or gamble.
On the US Prius, you’re past the basic new car 3 years/36,000 miles bumper to bumper warranty. You still have some of the restraint and powertrain 5 year/60,000 mile warranties. You still have the corrosion perforation 5 year/unlimited miles warranty. And the biggie: you still have the 8 year/100,000 mile hybrid vehicle system warranty.
at 56,000 miles, you’re way past the ability to purchase the Toyota Extra Care extended warranty (anytime up to 3 years/36,000 miles)…
So what extended warranty is your dealer offering to you? Who is backing it, what’s the term length, what are the coverages/exclusions?
The only extended warranties I suggest are those backed directly from Toyota, as I have heard too many horror stories from those who have bought 3rd party warranties and discovered the hassle of getting them to pay for anything, if the company is even still solvent later when they need them…
If it is the Toyota Certified used car warranty, then maybe, but…
More info if you were under the 3 years/36,000 miles (or buying a new Prius):
Remember that the extended warranties are often dealer profit items (as they can charge whatever they want for it), so you can haggle on pricing or purchase it elsewhere!
I would also suggest that you ask on some more Prius-specific boards about whether or not your dealer’s offer is wise, and for repair histories.
he also seems to think that brakes, exhaust and timing belt are NOT maintenance items. teehee
Well any car can have major expensive repairs.
The profit to the salesman and company is usually over 50%. So for every $1,000 you spend the insurance company has less than $500 to pay for repairs or they will loose money, something insurance companies do not do. Some peop;le will get nothing back and some will get a lot more than they pay. Most will get far less. In addition you need to keep in mind that the insurer has worded it to eliminate as many expensive things as they can. Remember that the seller is out to make money and they get to write the rules and set the price. They are not going to sell them at a loss so one way or another they are going to have you pay more than they will pay out. Would you gamble with a car dealer who gets to set all the rules and knows all the odds? Your decision has to do with the value of the piece of mind it gives you. If that is worth the $500 then buy it. Don't expect it to cover everything however, most are written to keep cost down and exempt what they know will cost them money.