Extended Warranty decisions

E

ed martin

Member
I have a 2019 Tacoma (Off Road, Midnight Black edition) with about 35k miles and the lease ending in October. I am thinking about buying this vehicle off lease, as the residual value is less than the present resale value. With that said, I am considering an extended warranty with the lease buy-out. What are your thoughts/ experiences in considering this option?
 
I've had extended warranties on other vehicles and luckily never had to use them. But it is good if something goes south. I would shop around to compare prices and coverages. Go with what makes the most sense to you based on your proposed driving habits.
 
Never had extended warranties, i'm usually able to take care of most issues, and when i can't, i'll go to a long time friends shop, and have them do it. I guess with todays vehicles any servicing by the owner is going to be limited. As a rule with toyota, if your truck breaks down, its going to happen during the first 3 years, or after 10 years if average use making it a crap shoot for the extended warranty to be used . That said these warranties are out to make the company money. You'll have to decide if its worth yours for peace of mind.
 
When I have a choice, I go for the warrantee. Maybe not bumper-to-bumper, but I jumped on the lifetime engine warrantee when I bought mine.
 
Over the years I've had several extended warranties and out of all of them I got one tie rod end replaced with a $50 deductable. Sure, maybe this person or that person has got their money out of them but I think in general they are a money maker for the dealers. You have to be real careful and read the fine print to make sure you don't void the warranty, a lot of them basically regulate you to dealer service only. Dealers wouldn't sell them if they weren't making money off of them.
 
I never buy warranties. I do my own repairs. But if you will look at what you pay for a warranty, you can save enough to get a lot of repairs done. I worked at Sears and they wanted us to push the warranties. They said it is their most profitable sale.
 
HOMER B KOCH JR said:
I never buy warranties. I do my own repairs. But if you will look at what you pay for a warranty, you can save enough to get a lot of repairs done. I worked at Sears and they wanted us to push the warranties. They said it is their most profitable sale.
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Same deal when I worked at Radio Shack. Push warrantees on everything they said.
 
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