Are extended warranties worth purchasing?

Good evening everyone. I purchased my 2018 roughly a year ago, and I was convinced by the finance manager to purchase a 7 year/70k miles extended warranty through CNA warranty for 3k. I did not pay the 3k in whole because I am paying in installments that is added up in my truck's monthly bill. I still owe roughly $2500, and I was debating on cancelling my policy because I read from tons of threads that the 5.7 platforms in general are pretty much bullet proof. I was thinking of just keeping the $2500 in my bank as an emergency fund just in case something goes wrong. Let me know what you all think, thanks.

 

Not needed from my personal experience.

 

I think the same way you are. I put extra money away in a "car expense" account incase of an expensive repair. Extended warranties are a gamble and obviously most of the time the warranty company wins, if that wasnt the case then they wouldn't be in business. There are definitely cases where people "win" and have had repairs covered over the cost of the warranty but there also people who win the lottery. I'm not much of a gambler so always say no to extended warranties.

 

$2500's a lot of work, geez. It's not a Ford. How many miles were on it when you bought it, and how many do you drive a year average?

Certain things might wear out, and that's not warranty work, but the likelihood of something defective showing up that isn't covered by service bulletins is slim. Only thing I'd be wary of would be the cam tower leak, and that you can visually inspect for pretty clearly.

I'd consider doing this - have it given a once-over inspection by an independent shop, and see what they think it needs in the near future, if anything. Then weigh in those things against that $2500 and see if that offers you any more or less peace of mind.

I bought my truck with 80k miles and I'm about cross 100k here shortly. I got a free 3-month / 6k mile warranty at purchase but didn't need it. Only service item I've done besides fluid changes was a single seal replacement on the drive shaft. Spark plugs and transmission fluid change coming up next, but that's about it. Would be a long time before I hit $2500 in anything but upgrades and accessories!

 

Never buy them on anything. If I think I need an extended warranty on a product I ? the reliability of the product. If I bought a Ford EcoBurst or a GM 5.3 I would consider one but would never buy either one. $3k is too much for 70,000 miles.

 

I've had 9 new-from-the-dealer Toyotas starting in 1985. Have never never never said "I sure wish I had an extended warranty." Never.

 

I had the warranty on my '08.

I took it in because of grinding sounds from the wheels.

They replaced the bearings for me under warranty.

I think there was something else too, and it ended up paying for itself. At dealer prices, of course.

I remember one sales rep saying "right before it runs out, take your vehicle in and say it's making a funny noise. they'll investigate, find something, and fix it".

<shrug>

 

I'm not as mechanically inclined as most on the forum. I bought one (not from the dealer, but from the agent that has contacts on this forum - do a little searching you'll find it). I don't think I can post prices/rates on here but I got a *similar* warranty for *roughly* less than ⅓ of your price. Toyota platinum B2B. I bought a tundra (again) for reliability and peace of mind. I added the warranty for just a little additional peace of mind for a price I was pretty happy with.

 

The Toyota and other warranties do not cover wear items. That said, electronic (computer) issues are common and covered in the newer vehicles. That's where the policy might help as that stuff ain't cheap to fix. Also the Toyota policy is good nationwide and transferable. I bought 2, 10/100 policies for MUCH,MUCH less than 3K so the cost was ok.

 

I've never BOUGHT an extended warranty. If I would BUY one, it would be for one of the "big 3's" products.

 

Piece of mind is worth something. I purchased the extended warranty 8yr/75k was $800 from the dealer that many people have purchased on here through.

 

Cancel your current one and get one from AZTundra contact at a dealership. It’s the best warranty you can get. It will be cheaper and you’ll save money on top.

 

The dealers sure like extended warranties and that undercoating stuff and the lifetime paint sealer and ...

 

You will safe alot more!

 

I bought a Toyota platinum extended warranty through the contact I got from AZTundra. I figured that since I bought my truck used, it would be a good idea. Plus, I found it to be reasonably priced. It cost ~$1,500 to extend the factory 3/36 bumper-to-bumper warranty to 10yrs/100,000 miles. Others might not find it worthwhile, and I certainly wouldn't if it were not a manufacturer's extended warranty.

If anybody wants it, I am happy to share the contact info via PM but I am hesitant to just post it because of what happened with Roman.

 

I bought through the same guy. Provide his info via PM or there seems to be an issue. He even gave me a break from what you paid as I bought 2 policies from him at the same time, both 10/100

 

Body ECU is, or was, around $1800 w/o labor. I wanna say the brake control module is, or was, $2300....that alone pays for your warranty.

 

Yep, I was surprised that the dealer did not try to sell me one when I bought my Tundra. I did tell the finance dude when I walked through his door not to even try. He did try to add on a $600 dealer fee. When he said they charge it to everybody I said not me. When I bought my Tacoma the finance dude tried the hard sell. He even tried saying he would get me a lower finance rate. I asked if he would have offered it too me with no warranty. When he said yes I said I want it. Then he kept pushing the warranty. I turned my back to him and said when you quit I will turn around. Then he pulled the crap about the dealership not making any money off the sale.

 

Buying a new Tundra that isn't a new model year or a year with major known issues? No. Not needed. Buying a used truck from a dealer, if you can get the Toyota(not third party) extended warranty for very cheap, not a horrible idea in my opinion as you don't know how it was maintained by the previous owner.

 

As mentioned warranties are a gamble. More like gambling in a casino that a gaming commission doesn't regulate. You might win once in a while. But it's a bet I wish I hadn't placed.

I didn't buy one for my wife's car after gaining this wisdom per se. The warranty guy tried to tell is the fucking wiring would fail within 3 years because of the temperature difference between summer and winter. He said it with a straight face. SMFH. He got mad when I said I think we're done here with a striaght face.

 

Cancel it...... Put the $$ in a maintenance account.

I bought a lifetime bumper to bumper warranty on an 06 Jeep Commander and have barely used it, but I am keeping the car for life JUST BECAUSE..... lol. Am at 170K and have used it for a water pump, starter, rear wheel seals, and front suspension/struts in the 16 years of ownership. I have 'loaned' it to my daughter. We are going to wring every last cent out of that warranty. Has been amazingly reliable, and runs/drives as new.

I bought a Mustang Bullitt in 2020 and bought the FORD 8/100K bumper to bumper direct from Ford for $1800. Well worth it. Am at 18K and have not had an issue, but IT IS A FORD....... ;-)

I did NOT buy a warranty for the Tundra. Don't expect to need it. 78K miles and only brake pads, tires and fluids. I'd love a warranty to cover at the 150K and beyond, because that is when I may need it, but those are unavailable.

 

Good evening everyone. Thanks for all the replies. I will give the insurance company tomorrow and cancel my warranty. I purchased the truck with 30k miles and already have 40k miles in a year. I felt that I already dropped $400 this year and it has not come in handy. Better off just keeping that money in the bank. These third party warranties are very expensive, and I got sold when the agent told me all the electrotonic nannies are prone to failure. Thanks again for everyone's input.

 

The only time I'd buy an extended warranty on a new vehicle is a turbodiesel with associated emissions control systems.

 

Excuse my limited knowledge, but what are the chances of them needing replacement?

 

Electrical gremlins happen. Even in the mighty Tundra...some say more so in the Tundra lol

 

I bought the Toyota extended warranty and got my money out of it. I paid around $1500 for a 100k mile warranty. I have a ‘17 Tundra with 65k miles. I have had around $3500 in repairs. The air conditioning compressor was replaced, cam tower leak repaired and blinker stalk replaced.

 

Think of an extended warranty as an insurance policy for repairs on your vehicle. You will probably never use it, but it is there just in case something happens. That said, $3k is really expensive for an extended warranty. I think you overpaid for that. When I bought my truck in 2016, the finance guy kept lowering the price and I got an 8 year/80k mile warranty for $1k. However, you already bought the truck and the price of the warranty is worked into your payments. At this point, I would probably just keep it the way it is.

 

Comes down to IF you intend on keeping the vehicle and also it is a selling point because it's transferable. I too was on the fence but after getting with the contact from AZTundra it was worth the cost and I bought for 2 of my vehicles BUT for a great price as compared to anything in Florida!

 

https://www.youtube.com/watch?v=XKmb72JYGS0

 

Love Dave, but like everyone else, he is not always correct. He states that the cost to the provider is 12%. No idea where he gets that figure or how accurate it is. I recently bought a 2021 Tundra Limited for about $50,000. I got a factory extended warranty 10 years/100,000 miles for $1,500. That is 3%. Changes the formula, and in my opinion is worth it. YMMV