Just bought a 2014 prius said no to extended warrantee but guy gave 3 days to reconsider. The deal seems okay $1230 to go from original 3 year 36,000 to 5 year 100,000 factory same warrantee. It would raise my 0% 5 year financing about $20 dollars a month. I never take extendids but I was thinking since it was a hybrid it maybe worth it. your thoughts are appreciated.
First off, no rush, you have several years to consider this, until the base warranty expires. They will say ANYTHING to get you to rush into it.
The Prius is just about the most reliable Toyota out there. The added coverage does nothing for the battery, it’s already guaranteed for 100k, I’m pretty sure (check your factory warranty). And 100,000 is nothing, since they’re limiting it to 5 years.
I’d say ‘no thanks’ to it.
@salnorthfork…the better idea is to put that $1230 in the bank and draw interest on it. If you need it then you can apply it to any repair you need. Most extended warranties are written in the warranty company’s favor and don’t cover many repairs at all.
Friend has 2013 lease Prius. U can assume lease. No fee. They are bored with it.
The deal seems okay $1230 to go from original 3 year 36,000 to 5 year 100,000 factory same warrantee
When you compare that price to the price of any other type of insurance policy (which an extended warranty is)…that price is OUTRAGEOUS. It’s extremely EXPENSIVE.
#1 - Prius has been proven to be an extremely reliable vehicle. It should easily last 100k miles of trouble free driving.
#2 - The cost of these policies are so high. And 1/2 of that price goes to the dealer. It’s a very very high profit margin insurance policy for the underwriters because they rarely pay out.
If the car does have a design or manufacturing problem, you’ll know before you hit 36,000 miles and the manufacturer’s warranty will cover it.
If the car doesn’t have a design or manufacturing problem, it’s extremely unlikely that it won’t surpass 100,000 miles without problems, assuming you maintain it properly.
You’d be far, far better to give yourself the $1230 dollars to insure against failure. Put it in a separate bank account, call it “Prius warranty account”, and sit on it. If something fails, it’ll be “covered”. If not, you’ll have a nice vacation fund. It’s foolish to give it to someone else, never to be seen again… and if something DOES happen, you’ll probably have to fight to get covered anyway, whereas if the money is in YOUR account, you’ll have no problem getting the repair covered.
Its all math so its up to you. They may be 95% reliable for 100K but then there’s the 5% that will get nailed with a $5000 repair bill. Spend the money if you want to make sure its not you or take your chance. It is just insurance though so 95% will lose and 5% will gain. I have have car, house, life, health, dental, and nursing home insurance and I don’t expect to collect on much of it except dental.
I wish husbands came with a warranty. Triedaq has real problems with his feet and with his teeth which have resulted in hefty bills from both our dentist and podiatrist for our co-pay on the insurance. Our physician has diagnosed Triedaq’s problem as hoof and mouth disease.
If you try to insure yourself against any possible problem with a car, an appliance, or even a spouse, you’ll go broke paying for insurance or extended warranties. Save your $1230 and you will most likely be $1230 plus interest ahead.
It is likely that you will never use your warranty, even if it is extended. These insurance policies are designed to make money and they have a hefty royalty for the seller - about 50% of the $1230. Get your money back today.
If they thought they were losing money by offering an extended warranty for $1230 – that you’d likely receive more than $1230 in repairs from them – they wouldn’t offer it to you at that price. To me, this isn’t worth the price. If I had $1230 to spend, I’d spend it by religiously keeping all the routine maintenance up to date.
I do the extended warranty, we have had repairs done, but probably not to the tune of $1200, hard to say because I never found the repair price. Sure maybe I am on the loosing side, but we put 10k a year on cars but ours have been 7 year 70k, so an extra four years seemed reasonable, as I might easily spend 300 a year. Now yours costs $650 a year for the extra 2 years.
I have found having insurance is the best way to make sure you never use it. Now if they had insurance against balding, I’d probably buy that too.
No insurance against bald spots, but popeil has a solution, apologies to op for non related content! http://www.youtube.com/watch?v=2GeF7A05zQ8
Yep as seen on TV. I used to do that with my Army boots. Instead of spending hours spit polishing them, I just sprayed them with Krylon Gloss Black. Worked for me and everybody liked them.
The odds that you’ll ever benefit from buying this warranty are extremely low - stacked against you.
Thanks all, I was leaning towards not getting the exteneded, you helped me save the $1230, It’s worth the chance the car has 3 years 30,000 full and found out also has 5 years 60,000 on the power train.
And more than that on the battery, I’m pretty sure.