I just purchased a 2010 Prius with solar roof (aka sun roof). I usually say no to extended warranties but since this car is so technically put together with so many sensors and computers, is it worth $2600 for 7 year/100,000?
7 years and 100K is a pretty long time so there is a chance you’ll get your money’s worth. Hopefully this was a warranty with Toyota factory backing it. Other 3rd party companies are difficult to get them to pay on claims.
To keep the warranty valid hold onto all your service records. You do not need to use Toyota service department for routine service, but you will need receipts to document all the maintenance was performed properly and within factory guidelines.
My temptation would be to be my own insurance company. If you put the money into an interest bearng account, I would guess that after the factory warranty expires that you will have enough money to pay for any repair that comes up.
Furthermore, some of the repairs can probably be done at an independent shop. We had so much trouble with the Toyota dealer where we bought our 4Runner in resolving a problem on warranty that my wife wanted to just bear the cost ourselves and take it to our independent shop. The dealer’s service department broke more things than they fixed. I persisted with the dealer and the problem was finally fixed, but the 4Runner has never been back to a dealer’s service department. If an extended warranty means going to a dealer like the one I encountered, I wouldn’t touch it with a 10 foot pole. In all fairness, there are good dealers, but I don’t think a warranty on a Toyota is worth the price.
Does it cover the batteries, if so it might be worth it.
According to Toyota the battery and related hybrid components are covered for 8 yrs/100k miles. I would put the $2600 in a car repair savings account, bet I wouldn’t use it.
Here’s the Prius warranty: http://www.toyota.com/prius-hybrid/warranty.html
Don’t you think the people who offer the warranty also know it has “many sensors and computers”, so that they price the warranty accordingly?
Thanks for the info. Friend of mine had one, he was happy with the MPG he got out of it but not what his wife got out of it. What bothered him was the fact was to get that kind of MPG, his trips would be longer, time wise. He finally traded it off for a Pathfinder and bought a sailboat. He enjoys that more.
Warranty extensions make more sense on used cars than new. You don’t really know if a used low miles car has scary issues. New cars are not faced with this issue. I would never get a extension for more than 3 or 4 years and not for that money. The prius is a bit of a gamble but put your money in a mutual fund and wait for the bill to come. If you are lucky the day it needs big money repairs a ups truck will run it over and you get all your money back. Better to bet on luck than someone who knows they will make a buck(insurance).
Please Supply A Little More Information.
What was your motivation for buying a car that you say " . . . is so technically put together with so many sensors and computers, . . . " and then being wary enough of this complicated vehicle to consider buying an additional $2,600 warranty? That $2,600 eats up much of the improved fuel economy and you’re still driving a little, complicated car.
There are other choices of vehicles and this seems a bit extreme. Please tell what it is that attracts you to this particular one and maybe we can be more helpful.
CSA
7 years and 100K is a pretty long time so there is a chance you’ll get your money’s worth.
Unless you know something the rest of us don’t know…how can you say that.
First off…Even for the average driver (aka…drives about 15-20k/year)…the warranties are NOT good investments. MOST of the time the consumer will NEVER get their money back…If most did…then the insurance companies would never make any money…and believe me they make a LOT of money…
Second…How do you know the 7year - 100k miles is going to be a long time??? For me it’s usually about 3 years or less…So that’s not a long time at all.
Extended warranties are nothing but a very very expensive insurance policy. They are not worth it…Oh sure you’ll find someone saying how great the warranty was…and how they saved themselves thousands by buying one…But for every ONE who made money…you can find hundreds who didn’t. Insurance companies have started whole divisions just for extended warranties…They are EXTREMELY PROFITABLE for the insurance companies…THUS…they are a LOUSY investment for the consumer.
No.
You realize if you hit a $3000 repair(s) (extremely unusual) you still are only $400 ahead? You may want to bank the money now and self insure. The warranty company is betting with good odds they will not even lay out any money and possibly at most half of that $2600. Remember dealers really mark these warranty’s up as a profit generator since MSRP/Invoice is very hard now to hide.
The Prius is the most reliable car from Toyota. Take your chances. The odds are extremely good that you will not spend anything close to $2600 for repairs during the warranty period.
Remember that this extended warranty doesn’t start until the manufacturer’s warranty runs out. That’s 3 yrs/36,000 miles for everything and 5 yrs/60,000 miles for the power train.
Also, Others Have Reported The Need To Buy Several Sets Of Tires In 100,000 Miles Driving A Prius. Tire Wear Is Usually Not Covered By The Car’s Warranty.
Although this is a waste of resources and the energy to produce them, I believe low rolling resistance / high traction tires are part of the manufacturer’s plan to increase EPA MPG for the Prius.
Why not use the $2,600 toward tires for this vehicle ?
CSA
Thanks everyone. I think I will put money aside for future repairs. Most of you confirmed my take on extended warranties. sallyonbailey