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At the core of an individuals purchase decision, is his/her tolerance of risk, his/her perception of probability of that risk happening, the cost of the repair should the risk actually occur to him/her, the ability of the individual to cover financially the cost of repair if not insured, and the environment that the individual puts the car in.
If one is a gambler, hasn't gotten burned with a large expense in the past over the years and doesn't know of anyone either, has plenty of cash to cover the repair cost if it occurs, and takes very good care of the vehicle.....roll the dice and 'self insure', with the potential savings if nothing occurs.
On the other hand, if someone is living paycheck to paycheck, relies heavily on the vehicle, has had bad maintenance experiences, and is risk adverse......put yourself at ease and buy a policy.
Each individual is different and comes at it from a different perspective and set of circumstances, nobody is right or wrong, just make the decision that is right for you!
Not everyone buys life insurance, even knowing that at some point one will die.
You will have savings not only if "nothing" occurs (which is unlikely,) but also if things do fail, but total less over the years than the premiums you have paid on all your cars (extremely likely)or fail before or after the extended coverage would have paid for it.
You are guaranteed to lose the money you pay into an extended warranty. You then hope they pay back more than you paid them. That is the risk and the gamble.
An example of the large profits in selling the insurance is the reduction in prices at a few dealers who sell over the internet. They are still making money on selling the product so other stores are making large chunks of money>
2014 Malibu 2LT, 2015 Cruze 2LT,
I understand and personally don't buy extended warranty policies, but I also don't tend to buy leading edge technologies (CVT, Hybrid, 6/8 speed tranny's, etc). I also do most of the maintenance myself, so it's more just parts costs for me. Respect the decision however, of someone who buys a policy because for instance....they can't sit down and write a check for $6K should their tranny blow on their only vehicle. It's risk avoidance and the budgeting of the known...versus the unknown.
The presentation of the data also turns me off. But I think most people believe they're paying for the extra rather than receiving a whole 7 years. The above numbers are examples only-not any particular manufacturer.
2014 Malibu 2LT, 2015 Cruze 2LT,
Extended Factory Warranties are like insurance policies. If something happens, they are VERY nice to have at that point in time. I will own this 2007 Camry for at least three years. During that time, I will accumulate at least somewhere between 75,000 and 90,000 miles. I paid $1,600.00 dollars for a "top-of-the-line" Toyota extended warranty. One A/C compressor will give me back $1,000.00 dollars of that cost. One alternator or starter could easily cost $300.00 to $600.00 dollars with labor. A computer on this vehicle could cost $500.00 to $1,000.00 dollars or more. A transmission could cost $6,000.00 dollars. Once I make back the initial cost of the warranty, I am operating my vehicle on Toyota's dime! I think it is a wise investment. ------ Best regards. ------ Dwayne :shades:
Yes a transmission on some car "could" cost $6000. The engine and transmission could both fail during the window after the 60,000 mile factory powertrain warranty expires and before the service contract expires. The $2000 nav system "could" completely fail and need to be gutted and reinstalled from scratch. Everything on a $25,000 car could fail and cost $50,000 or more in parts and labor to fix.
If you buy 10 or 20 cars in your life and pay for extended warranty on every one of them, would you save more money in repairs that you spend on the purchase of the 10 or 20 warranties. No.
Would you have one or a few seem to pay for themselves based on the prices printed on your invoice? Probably, but it won't add up in your favor in the long haul.
If it were any different than that, the warranty companies would not be able to make money.
The warranty companies know better than car buyers what it costs to repair cars and they take into account the cost of all the electronics, AC compressors, transmissions and other things that may fail and are included in their coverage.
If it worked your way where they pay you more than you pay them on more than an occasional basis (slot machine payout analogy) how can they stay in business?
mine is seven and not immortal
After 7 years, you are questioning the life of your current car. After 9 years, I believe my Camry should run trouble free for another 9.
I paid a HUGE amount of money for it seven years ago
I bought the Camry through some deals with my Credit Union and the local dealers, paid $100 over invoice.
it's starting to get pretty "needy." ... One of the reasons I have tended to shy away from foreign cars is the cost of parts and maintenance.
You seem to have spent a lot of money on repairs already. Till date, I have not spent a dime on anything other than the scheduled maintenance - oil/filters/battery/tires etc.
does it get decent gas mileage
When I bought the car new, I used to get 28/33 for City/Hwy driving. After 130,000 miles (now) I get 27/33 for City/Hwy. Hwy mileage drops to 31 if I drive at more than 80 or 85 mph (Yes, thats over the speed limit, but thats how traffic moves between Dallas and Houston on I-45).
One of my biggest issues with my Intrepid is that it seems to be falling apart around the engine
Last time I took the car to dealer was at 120,000 miles, for their scheduled 120K maintenance. The service adviser believed the car should run trouble free for at least another 120,000 miles. I do the oil change at every 5K miles at the local Jiffy Lube. I drive the car every day, and the engine just purrs, no noise. I have to look at the Tach to figure out if it is running.
How has the car "held together" over the long term?
I bought the car when I lived in Phoenix. I made 3 trips to Los Angeles, 1 to San Francisco, 1 to Vegas/Reno, 1 to Grand Canyon, 1 to Bryce Natl Park, once to Moab, Utah. Drove it to Dallas when I moved. Drove (may be) 6/8 times to Houston/Galveston, 4/6 times to St. Louis, MO, 3/4 times to San Antonio and a few more times to Austin. Yes, trips to State Parks in Oklahoma, too (Turner Falls and Broken Arrow). Other than that, my daily commute is about 20 miles. All that in 130,000 miles. Is that holding together good enough?
Problems with the car:
(1) Very low. while parking with the front bumper over a curb stone, the chassis touches the concrete.
(2) Speedometer not accurate. Reads about 8% higher than actual speed. I discovered this when I installed a GPS based navigation system.
Good luck with your car shopping. Best wishes, - MS.
I agree that an extended warranty does bring piece of mind, especially if the providers stand behind it and make it easy to service. However from a dollars and cents perspective I have never purchased one for anything, and likely never will.
The high margins on them mean one thing, most of the items covered do not break... :shades:
And many of the items that do break... are not covered.
That being said. I also believe that there is a ticking time bomb in the retail auto industry that never existed before. Catastrophic repairs to tiny but complex parts. Without these tiny complex parts the vehicle just doesn't run.
There is much more risk for the buyer now. What level of risk are you willing to accept. IMO it was small in the past. Now it's much larger.
Personally in over 25 years of owning cars the most I have ever paid to fix one of them has been $500, and the most put into any one car for repairs has been less than $1,200 total. This includes a 1990 Integra I bought new that now has 230,000 miles.
I would expect the Camry to be the same.
Not me.
I don't buy the "ticking time bomb theory." I have to agree with dudleyr that cars are getting more reliable. Just stay away from those with excess complexity and poor reliability records, like Mercedes!
Basically, the only time my vehicles go to the shop is for their annual safety inspection. (I do my own maintenance.)
That being said, I am considering the purchase of a 2007 Camry SE (V6) and would like some feedback on the following points to help me with my decision:
1) What is a good out the door price for the SE (V6) with VSC, JBL Radio, Rear Spoiler, Body Side Molding, Floor mats, and Cargo net? Cars Direct lists the invoice price at $24,865 and the Cars Direct Price at $25,915. Neither is an out the door price, so I am seeking recommendations of a good OTD price for the New York City Area.
2) Transmission Flare issues seem to be more prominent in the earlier versions made prior to October or November 2006 (Correct me if I am wrong). Would you say that the probability of encountering the Transmission Flare issue is low for vehicles built in 2007 or are there other variables to consider such as the plant the car was built in?
3) Looking to add Vehicle Stability Control for my wife who will rarely use the car and have not heard about any issues with it. Let me know your experience with VSC.
4) Are the stock tires (P215/55R17 93V SM) acceptable for North East driving (four seasons) or should I have the All Season tires installed?
5) Is the JBL Radio a huge improvement over the standard Radio? I will listen for my self during the test drive but any feedback is welcomed.
6) Last but not least, what is the difference in the rear spoiler options beside cost? One spoiler lists as color-keyed and costs less than the other.
Thanks in advance for any assistance you can offer and please point me to the proper forum if I unknowingly posted in the wrong place. Thanks again!!
Spoilers: personally, I'd delete them if possible. YMMV.
Regarding price, have you checked right here on Edmunds for true market value?
I've stopped following the tranny flare issue, so I can't really comment on this.
The JBL stereo sounds MUCH MUCH MUCH better than the standard stereo. Definitely go with the upgraded stereo. I am used to having all after market component speakers and subwoofers and I am not going to touch this stereo.
-I'm not sure about the rear lip spoiler. A dealer should be able to tell you the difference.
The VSC system is the most important option on my list so I am taking your advice and adding it.
I will also get the All Season tires because summer tires are not desirable.
I am still up in the air about the radio upgrade because of the cost.
By the way, Edmunds has a TMV of $26,006 for the car including my listed options, which is within $100 of the carsdirect price.
Thanks for your help!! My test drive is this weekend and If all goes well I will be a new Camry owner.
Summer tires are better every day there is not snow on the ground. All seasons are a compromise every day there is not snow. The best is to use snows in the winter, and summers in the summer.
In my last camry, 1998 LE a-cyl., I installed two after market 6 1/2" speakers in the front doors, two tweaters in the front, two 6" by 9" speakers in the rear deck, and two 12" subwoofers in the trunk. I also purchased an after market cd player in order to play mp3's and wma's. For the subwoofers I also purchased a box, and amp, and a wiring kit.
It can get pretty expensive if you want a "LOUD" system like the one I had.
As far as the 2007 Camry, I am very happy with the JBL stereo. I tested both stereos in the Camry......hands down, there is no competition with the JBL. It may be costly, for some, but for me was essential.
If I purchased a Camry with the regular stereo, I would need to "rip apart" the dash and custom fit a new cd player (the cd player in the Camry is large and takes up a lot of the dash. You can't just pop it out and put a different cd player in). I would have also needed to purchase all new speakers because the factory ones would need to be replaced. It may also need some new wiring too.
Not messing with the dash was a big deal for me. I also don't know if doing that voids the factory warranty. For an upgraded stereo, you would have to purchas a new component system with speakers, woofers, tweaters (for trebble, mid-range, and bass), which the JBL stereo provides.
It can be rather costly to do so. The JBL stereo sounds great. A good cd player can run $200 to $500. A good component system can run $300-$1000+. Then you have to account for installation and misc. costs. AND, the JBL stereo is covered under the factory warranty so if anything happens to the cd player or a speaker blows you get a new one. Most after market stereo equipment has a one year warranty.....altough some offer a longer warranty.
Like I said in my earlier post. I am 23 years old and am used to loud music with a lot of bass. I am happy with the JBL system. The system gets loud and puts out a lot of bass. It shakes my leg when I rest it on the door and with hip-hop and rap songs. Any audiophile will love the stereo.
If I do anything, I will put the subwoofers from my old can into my new one because I like HARD HITTING bass.
The upgrade is staying on my option list. So far VSC and JBL system are in. I will look over the spoilers tomorrow and discuss tires with my local tire distributor before buying.
This may be my most informed car purchase ever thanks to this forum and participant advice. I will share the outcome of this journey for future reference to benefit others.
I love my 2007 Camry LE I-4 AT. This is my first "brand new" car and I don't have any major complaints. There were a couple rattles, but those have been fixed by the dealer and I fixed one myself. The car runs great, shifts smoothly, and looks awesome!
Test the two different stereos and you will definitely be able to tell the difference. Trust me. I dropped my car off over night one time for an oil change and tire rotation and was given a camry with the regular stereo.......I couldn't wait to get my car back
It's true that all-season tires are a compromise, in that summer tires give you better at-the-limit handling at the cost of faster tread wear. And in snow, all seasons won't provide the level of traction that snow tires do.
Still, the Camry, even in SE guise, is not a high-performance car, so unless you have a get a lot of winter weather, I'd say just go with the all seasons.
I'm sure the tire dealer will disagree with this, as he'd surely like the extra business.
More importantly your comment about the SE not being a true High-Performance vehicle added to the car buying equation and will save me at least $2K when all is said and done. Thanks in advance for motivating more brainstorming sessions between myself and my family...Reason being, test driving the SE (V6) today did not provide the experience that I have dreamed about for the last few weeks, not to say that it is not a wonderful vehicle, and since I cannot defend my position as passionately as before the road test, I decided to settle down, agree with my spouse and purchase a 2007 Camry LE (V6) instead. The only give back will be the JBL Radio, which surprised me because forum member "stlpike07" has it in his 2007 LE (I4). The dealer told me that Toyota does not install the JBL radio for the LE model in the factory. He could not verify if this was something that was discontinued or never done on the 2007 models. Anyway I have requested the same vehicle with same options from other dealers and I may get a different story from the rest.
All- This is the current out the door price for the car I am requesting as per the dealer who I test drove the vehicle with. Please let me know if this deal is flawed in anyway for the Long Island, NY area.
2007 Camry LE (V6) $22,906
Options:
1) Titanium Metallic exterior color
2) Ash Interior color
3) Vehicle Stability Control $520
4) JBL AM/FM w/In Dash 6 CD Changer N/A
5) Body Side Molding $199
6) Floor/Trunk Mats INC
7) Cargo Net $49
Sub Total = $23,674
Tax = $2041.89
DMV = $67.50
*Total = $25783.39
*Plates Extra
About the JBL audio, it could be that in Toyota's NY region, LEs may not be optioned this way, but I'm somewhat surprised. There is fine print on the Toyota website about not all options or option packages being available in all regions (Toyota has 12 in the US). You can "build" a Toyota on their website, punching in your zip code, to see what options are possible.
The price seems to be "in the ballpark," but I'm not fully up to speed on today's market conditions. You New Yorkers really have high taxes though!
I tried to build a car on the Toyota.com website with the JBL radio as an option using a NY and NJ zipcode but the radio upgrade was unavailable just as the local dealer informed me. I then used a Maryland zipcode to test your theory and the option was available. I found the car I want in Maryland at Fitzmall.com. I may consider buying out of state. I will keep you posted.
I'm not sure of the situation in MD, but undoubtedly Fitzmall will know.
As a comparison, my manual Corolla averages 36.8 on the same route, and is rated at 31 city, 38 highway.
I bought a new 07 Camry LE 4 cyl/automatic inAugust o6. Although it had a n electrical problem in the harness the dealer loaned me a comparable car till they could fix it. It has not caused any problem since the last 6 months so i feel like its corrected. the plus side is that my gas mileage is increasing with evry fill up, now up to 31 mpg combined town & country,W O W . i highly recommend a new 4 cyl/automatic A/c /Leather interior camry since the last time i had this kind of mpg was in the 60's with a stripped down VW jeaux
I would avoid a deflector but make sure my vehicle has the optional ($650) vehicle stability control/traction control.
More important IMO than a moonroof as NHSTA is mandating it by 2010 or 2012. Advanced ESC/Traction, VDIM, is standard on the Camry Hybrid.
Folks challenged by extreme vision loss or total blindness are concerened about hybrids being virtually noiseless. They depend on engine sounds for safe navigation.
my suggestion to you would be to strongly demand they replace the entire throttle-body assembly (valve, position sensor and actuator). if it were me, i'd also demand they replace the accelerator pedal and sensor assembly.
until they did those things, i don't think i would have confidence in the vehicle.
some people have complained of hesitation in their vehicles; then there were a few TSB issued. seems like in the 4CYL they have gotten the issue under control as people don't seem to be complaining at the rate they were upon the new model introduction.
it's been my opinion from the beginning that some of the odd behaviors experienced by new owners with an accleration hesitation issue *might* be attributed to mechanical (sticktion) or electrical (non-linearity) problems either in the area of the throttle body position feedback and/or actuator, or the accelerator pedal position.
this possibility could also fit with uncontrolled acceleration.
some people just aren't complaining of problems. therefore i've always believed it was a parts issue in one of these two areas.
good luck.
Additionally, my friendship with an asst. service mgr. at the local Toyta Dealer has provided me with straight answers and this is not a problem for this Virginia dealership.
Toyota also didn't admit any problem with sludging. The dealers never heard of any problems and the fault was solely with the customer's oil change pattern--not the motor, was what the customers were told.
2014 Malibu 2LT, 2015 Cruze 2LT,
My feeling is that those that had it either worked through it and it disappeared, those that couldn't work through it had it fixed by a TSB, those that got later production vehicles had the TSB's done prior to delivery.
It's a good issue for discussion but in the overall volume of sales it's miniscule.
If so, than why did the CEO of Toyota find it necessary to publicly apologize in both August 2006 and January 2007 for the number of recalls.
Hmmmmmm, could it be that where there is smoke there is fire.
Nah...that's silly. Couldn't be...after all Consumer Reports voted it the car of the year.