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Extended warranties for existing cars, worth it? in: Discussion

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   posted: Dec. 4, 2008 @ 8:40p
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I couldn't find a better forum for this, and a title search yielded nothing, so I'll ask now.

I bought a new Camry SE about 18 months ago from the dealer with a 36,000 miles / 3 year warranty for about ~25k or so (don't remember exactly, it was higher due to certain extras we needed).

Anyway, at the time we didn't want to pay a 1000$ or so to extend the warranty.

Our car is now at about 35100 miles, so if I want to buy an extended warranty now, I should make the decision almost immediately, but I just don't know if it's worth it, where to get it, and what would be a good price.

Any idea how to go about those things? I've only owned a car before in another country where there are no extended warranties.

   posted: Dec. 4, 2008 @ 8:40p

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   posted: Dec. 4, 2008 @ 8:47p
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I've used the Honda supplied extended warranty and have been very glad I had it. I got a new engine when the old one failed at 60k miles. Earlier, I had some other work done that alone paid for the warranty. I think I paid about $700.

I would never consider a 3rd party warranty, though, I've read too many negative reviews about them now. If you get an extended warranty, stick with one from the manufacturer.

When I got my warranty, I went to a discussion forum for that particular model Honda and looked around until I found members discussing a dealer who was selling the warranties at a discounted price. I got mine for about 30% off list - and yes, it truly was legitimate. I don't know if that is still done or not - I got mine just over 7 years ago.

I have another new car that is simpler than the above model and I skipped the extended warranty on that one.

It's sort of the insurance concept. You're paying for the peace of mind. Some people get upset if they never use their warranty - but hey, that's fine with me.

Message edited by: Xnarg on 2008-12-04 20:52:55 CST
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   posted: Dec. 4, 2008 @ 8:50p
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On my experience, it's not worth it. I spent about $800 in extended warranty and during the lifetime of the warranty, I was only be able to used up about $300 and eventually the warranty expired (Yes I gave $500 clear to the nice warranty company). Japanese car is well built and usually it will start to give you problem after it has a very high milleage (no warranty will cover it anyway).

Message edited by: ziffy on 2008-12-04 20:52:24 CST
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   posted: Dec. 4, 2008 @ 8:53p
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Xnarg said:I've used the Honda supplied extended warranty ... I got a new engine when the old one failed at 60k miles ... I have another new car that is simpler than the above model and I skipped the extended warranty on that one.What complicated Honda had the engine fail at 60k miles ? S2000 or NSX ? Just because the redline is that high does not mean you should take it there on every shift.

rated:
   posted: Dec. 4, 2008 @ 9:23p
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BTW, I think the powertrain is covered till 60k...
Not sure if that relates.

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   posted: Dec. 4, 2008 @ 9:38p
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ziffy said:Japanese car is well built and usually it will start to give you problem after it has a very high milleage (no warranty will cover it anyway).

Usually that is the case. My Toyota had its belt replaced after 25,000 miles (good thing still under warranty).

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   posted: Dec. 4, 2008 @ 10:40p
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ziffy said:On my experience, it's not worth it. I spent about $800 in extended warranty and during the lifetime of the warranty, I was only be able to used up about $300 and eventually the warranty expired (Yes I gave $500 clear to the nice warranty company).

That's like saying that your insurance wasn't "worth it" because you didn't make enough claims.

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   posted: Dec. 5, 2008 @ 12:09a
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If you go to A TOYOTA ONLINE FORUM you will get better help and suggestions of who to go to puchase a warranty.

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   posted: Dec. 5, 2008 @ 12:53a
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Some very good info in the above posts, but I'll summarize for you since I've gone over this same decision myself:

1. Research the problems that others have had with your car. Online forums dedicated to your make (and model) are ideal.

2. Google search problems with your car.

3. If after 1 & 2 you still decide you want a warranty, go back to those forums and find out where to buy it.


My General (and very opinionated) advice:

Japanese Car - Warranty isn't worth it.
European Car - Warranty might be worth it.
2002 - 2006 Ford Explorer - Warranty is going to be so worth it.

Message edited by: slappycakes on 2008-12-05 00:55:31 CST
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   posted: Dec. 5, 2008 @ 1:16a
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SUCKISSTAPLES said:If you go to A TOYOTA ONLINE FORUM you will get better help and suggestions of who to go to puchase a warranty.

good idea, do you know any good one?

thanks

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   posted: Dec. 5, 2008 @ 1:50a
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i got the IAS safe wheel warranty was $800. If you run over a nail you get a new tires. up to 4 tires in a 10 day period. no limit other than that.

with runflat tires + labor over $350 per (its a bmw) and no repair is legal on 150mph+ rated runflats. figure it out.

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   posted: Dec. 5, 2008 @ 1:52a
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SleekWallet said:SUCKISSTAPLES said:If you go to A TOYOTA ONLINE FORUM you will get better help and suggestions of who to go to puchase a warranty.

good idea, do you know any good one?

thanks

www.toyotanation.com

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   posted: Dec. 5, 2008 @ 2:03a
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swandown said:ziffy said:On my experience, it's not worth it. I spent about $800 in extended warranty and during the lifetime of the warranty, I was only be able to used up about $300 and eventually the warranty expired (Yes I gave $500 clear to the nice warranty company).That's like saying that your insurance wasn't "worth it" because you didn't make enough claims.What if it was a 10-year term policy costing $80K a year for $1M in coverage?


Answer the question, swandown, instead of just redding the message. BTW that $80K premium is for real.

Message edited by: larrymoencurly on 2008-12-06 02:30:23 CST
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   posted: Dec. 5, 2008 @ 7:09a
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uricmu said:BTW, I think the powertrain is covered till 60k...Not sure if that relates.I think that's for 5 years / 60,000 miles. Our Odyssey engine needed replacing at 6+ years and was covered by a 7/100,000 ext. warranty.

Message edited by: Xnarg on 2008-12-05 14:43:39 CST
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   posted: Dec. 5, 2008 @ 7:21a
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Remember the price of these extended warranties are negotiable. When I purchased a Toyota many years ago, the price kept on dropping as we signed the paper work. By the end of the process they were at the price of the 3rd party warranties.

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   posted: Dec. 5, 2008 @ 9:14a
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Extended warranties often have stringent requirements regarding regular maintenance, and they use these requirements as a way to deny claims. Before buying, make sure you can FULLY DOCUMENT any regular maintenance that is required by the warranty.

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   posted: Dec. 5, 2008 @ 9:45a
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I bought warranties (from dealer but third pary) for two used cars. Warranties cost $1000 and $1200. Warranties paid out close to $12000 in repairs in 5 years.

I have a feeling that the dealership wasn't the most honorable but it still saved me money. However, there was one repair for a ball joint or ball bearing, I can't remember which. The actual part was a $7 part and not covered even though it was caused by a defective part that was covered. The estimate from the dealer was over $950. After negotiating with them they did it for less but the warranty company would not budge on their stance.

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   posted: Dec. 5, 2008 @ 11:42a
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Good point, that's why I did not choose an extended warranty for my Toyota LE. But I may consider it for my Honda pilot once the current warranty is over.

carlry said:Extended warranties often have stringent requirements regarding regular maintenance, and they use these requirements as a way to deny claims. Before buying, make sure you can FULLY DOCUMENT any regular maintenance that is required by the warranty.

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   posted: Dec. 5, 2008 @ 11:44a
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carlry said:Extended warranties often have stringent requirements regarding regular maintenance, and they use these requirements as a way to deny claims. Before buying, make sure you can FULLY DOCUMENT any regular maintenance that is required by the warranty.While retaining documentation is always a good idea, I'd point out that when Honda repaired our Odyssey a couple of times under their Hondacare Extended Warranty, they did so without asking for any documentation at all. That's one reason I prefer using the mfgr program rather than a 3rd party.

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