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Toyota Corolla Extended Warranty Advice

aj2aj2 Posts: 12
Hi,
I have a 2005 corolla and am shopping around to buy the extended warranty-I bought the car new-but didn't get the warranty originally. Would now like to get it before I reach the 36,000 miles. I'm doing some web searches to get some quotes-can anyone suggest a Toyota dealership that offers a good quote on the Platinum plan? I have found the Lexus of Greenwich with a quote of 835.00 for the 6yr/100,000 miles-so far anyhow. I'm going to call around and see how quotes outside my area/state-compare to my local Toyota dealership!
Thanks!
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Comments

  • Hello,

    I just got a toyota corolla 2006 that is still under warranty. I'm thinking to get extended warranty but the dealership I went to sell the extended warranty for around $1500 that I think too expensive.

    Can I buy extended warranty somewhere else?
    If yes, could please someone suggest where I could get a good deal?

    Thanks in advance for all the help.
  • It's just my personal preference but one of the reason I bought a Corolla was because I felt it was reliable enough so that I didn't need an extended warranty.(because as you are finding out - the warranties are expensive)

    My wife had to have a Ford escape last year and I did invest in an extended warranty on it as I will probably be needing it.
  • aj2aj2 Posts: 12
    hi, yes I decided not to get the warranty afterall-as many people told me i'd be better off to bank the money if I ever "did" need a repair down the road...which is unlikely. If you DO decide to get the warranty. YES, 1500 is WAY too much...I would recommend calling or emailing Crown Toyota
    3330 Iowa St
    Lawrence, KS 66046
    They gave me the lowest quote of all the places I contacted, the quote was around 700 dollars for the platinum 7yr/100,000 miles. Would recommend them!!!!
    Hope this helps...
  • I've seen people working under the hoods of their Hondas or Toyotas on the streets. So I definitely recommend getting an extended warranty if you can. Moral of the story: All old cars breakdown eventually.
  • patpat Posts: 10,421
    They might be just doing their own maintenance. ;)
  • aj2aj2 Posts: 12
    yes my car is only a 2005 ;-) not even out of it's original warranty yet. I figuring banking the money you'd spend on an extended warranty and putting it into one of the high interest online savings accounts at 5.0 percent for a rainy day or repairs down the road-is a better deal then spending upwards of 700-1,500 on a warranty you probably won't use
    ;-)
  • No. They were old cars. I saw an owner looking under the hood of an old Honda in front of a Safeway grocery store; and an owner looking under the hood of a Toyota in front of my job site on a rainy day, so I know that the owners were having car trouble.
  • I guess there's always a better way of doing things. Isn't it. :shades:
  • Your right - OLD cars do breakdown eventually. I normally keep my cars 6-8 years and in that time I've been lucky to never have had any major problems.

    Most extended warranties dealers have tried to sell me extend the coverage out to 5 years (from the 3 year bumper to bumper). I'm no expert in the warranty field but can you get one that covers years 6-10 of a cars life and isn't that going to be extremely expensive??

    You always have the chance you will get a lemon from the factory but if you did, you would certainly know within the coverage of the 3 year B to B.
  • aj2aj2 Posts: 12
    I don't believe there are warranties that go beyond 7 years-at least for toyota's and yeah, you are right ;-) if a car gets old it's going to break down... but usually that's after the extended warranty would be done anyhow! Especially on Toyotas.
  • ians05ians05 Posts: 2
    I need an advice on buying a toyota extended warranty offered by the manufacturer. The dealer offered my quite high mark up on the extended warranty on my new corolla CE. Any body has experience buying Toyota extended warranty online? I saw one website that offer that (http://www.warrantiestoyota.com/). Can somebody buy a warranty from other state?
  • lbrngrclbrngrc Posts: 1
    I have an '04 Corolla with 60,031 miles on it. The transmission is out and the warranty only covered it up to 60K miles (I'm over 31 miles). Has anyone had a similar experience? I want to know if Toyota might still cover the repairs being that is only 31 miles over.
  • mcdawggmcdawgg Posts: 1,668
    I would call Toyota first (in California). They have the ultimate say in whether it will be covered, and I would bet that they will cover it. Just nicely explain the situation, and how much you like the car, etc. etc. They would then contact the dealer to arrange to have it covered.
  • I am buying my first Toyota and My second New Car in my life. I bought a 1985 Mercury Topaz in 1985 and kept it till 2002.

    I am buying today a 2008 Toyota Corolla CE with 26 miles on the odometer.

    I am planning to keep the car for a long time. I am financing through Toyota.

    Should I get the extended warranty?
  • A couple of questions first:

    1) How many miles do you drive anually?
    2) How long do you plan on keeping it? A little while after it is paid off (6-7 years)? Till the wheels fall off?

    It is difficult to make a recommendation without getting some background.
  • mcdawggmcdawgg Posts: 1,668
    Don't do it. Put the money you save in a CD. You will come out better in the end.
  • probably about 20000/year. I plan on keeping this one a long time. I guess even with the extended warranty the limit is around 100,000 miles. So if I kept it till the wheels came off it would only be covered till 100,000.
  • 20,000 miles a year! :surprise:

    That means that the bumper-to-bumper would only last a year an a half. The 100,000 mile warranty would only last 5 years. At that rate of mileage, I would NOT get the warranty. You will burn through it too fast to get any real use out of it.

    If you were a low miles person, it would work out better.
  • bcgirl62bcgirl62 Posts: 2
    We're picking up our 09 LE model Corolla tomorrow. The sales people seem to be pushing the ECP warrantee, because "the Corolla has at least 13 onboard computers and if even one of them fail, you could be out thousands of dollars."
    We think we will be driving around 20,000 kms per year - mostly city. The 7 year/160,000 km warrantee would be an extra $1600 (+taxes). I'm not sure how long we will keep this car - probably around 3 years at least. I got the impression from the sales rep that while Toyota's engines have a proven track record, all the advanced computerization is new and needs extra coverage.
    Would greatly value advice as we have already paid a lot of money for this little car.
    Thanks.
  • busirisbusiris Posts: 3,490
    Typical scare tactic...If you haven't paid for the vehicle yet, try this when they put the "hard sell" on you to buy the warranty..."Gee, if the car isn't going to be that reliable, maybe we should buy another brand". Watch how fast the reliability of those computers improves in that moment.

    In any case, you aren't buying a warranty...you are buying an insurance policy...one that they make a good profit on, I might add.

    So, the question is...do you feel lucky? What's your past history with cars? Many or no problems?

    In the end, only you can answer if its for you. The law of averages tells you that the total expenses you will incur during the life of the warranty will be less that the cost of the warranty....
  • bcgirl62bcgirl62 Posts: 2
    Sounds like good advice.

    We did just sell our 2001 Sienna. Never had a single problem with it until a few months ago when the a/c compressor went.....then a fuel sensor. Those were expensive repairs for us but it had 175 K on it when we sold it, so I think it was a good vehicle for us and we never had put an extended warranty on it. Our misgivings with the new car are regarding all the electronics...smart key, sunroof, etc. We haven't owned a vehicle before with this many gadgets.

    I appreciate your response. What you said was basically what we've been thinking. Just wanted to get some impartial feedback.

    Thanks!
  • mcdawggmcdawgg Posts: 1,668
    Don't buy the extended warranty - just invest the money, watch it grow, and you'll have it just in case something happens. But more than likely, you'll still have your money AND some interest earnings. You've seen the results of your Sienna, excellent reliability. The electronics are not that new, by the way.

    The dealer is just trying to make money.
  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 45,043
    When you got to Best Buy or Circuit City all you see is Japanese electronics, not German. There's a reason for that.

    I don't think an extended warranty is necessary either for this type of car. There's just no history of excessive electronics failures on Toyota (unlike SOME cars that will remain anonymous).

    MODERATOR --Need help with anything? Click on my name!

  • backybacky Twin CitiesPosts: 18,728
    Actually, what you see at Best Buy and Circuit City these days is mostly Chinese electronics (PRC or Taiwan). ;)

    The main reason you don't see many German, or U.S. electronics in discount stores is they are too pricey.
  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 45,043
    Do you think chinese electronics are in Japanese cars? I have no idea. Well hopefully the Chinese are building the electronics to Japanese specs and design.

    I'm not sure the lack of German electronics is price related. People will buy quality but they won't buy something if it costs more but doesn't do anything better (or is maybe worse).

    For some reason Japanese black boxes in their cars seem tougher than anybody else's. Go figure.

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  • terceltomterceltom Posts: 1,017
    Picked up my XLE today and was offered the seven year Platinum warranty. The price started at $1016.00 but by the time we were ready to leave they were down to $675.00 This is for the bumper to bumper warranty and I must say covers just about everything except general wear parts like wipers and brakes. I have owned other Toyota and have received excellant reliability from them. I never purchased any extra warranty but at this price of $675.00 I'm thinking about it considering the new electrinic steering and many other new electronics. They gave me the weekend to decide. Any ideas or suggestions?
  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 45,043
    I guess I would suggest that you read the "bumper to bumper" warranty over very carefully.

    Keep in mind that these extended "warranties" often express what they WILL cover, but don't list all the things they DON'T cover. It's up to you to figure out what they left off the list.

    So by all means give it a good long read.

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  • aj2aj2 Posts: 12
    How long do you intend to keep this car? I did not buy the warranty with my car in 2005. I was offered the best warranty for something like 700.00 at that time. I decided I'd keep that amount in a bank account for needed reparis in the future, instead of the warranty.....and yah, keep in mind what it might actually cover for real in the future. I was also told by many that toyotas are often very reliable, and a lot of people don't purchase the warranty. Maybe if i'd bought mine used, i might have seriously considered it.
  • aj2aj2 Posts: 12
    one other thing...there is no need to purchase the warranty when you buy the car, you can wait until your 3 year warranty runs out-you'd get it before it runs out...just so you know. You can also be contacting Toyota dealerships across the country to get the best price on the warranty, you don't have to buy it at the same place you bought the car....I contacted places coast to coast to get prices for a warranty quote.
  • jpfjpf Posts: 496
    The loophole to watch for in all car warranties is that breakdowns caused by a normal wear and tear malfunction is NOT covered by the warranty. For example, a radiator hose breaks and results in a loss of coolant. The vehicle overheats and you blow your engine. The radiator hose is considered normal wear and tear and the repair to the engine is likely not covered by the warranty. That's why I make sure I change the belts and hoses every 4 or 5 years or 50,000 miles whether or not I have an extended warranty.
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