Platinum Certified Extended Warranty - How much?

Hi folks:

I'm buying a 2007 Camry XLE which although it has only 80 miles on it, is a Certified Pre-Owned car. (It got dinged a bit in a hail storm and the company is selling it as CPO.) Anyway, it comes with an extended warranty for the power train for 7 yrs/ 100000 miles and the remainder of the regular

3yr / 36000 mile factory warranty (2 yrs 9 months remain).

The deal is done and I take possession tomorrow night.

The dealership offered me the "Platinum Certified" warranty extension which extend virtually everything on the 3/36 plan to the full 7/100 period. Sounds good and the warranty looks very good - no deductibles and the only things not covered are the things you'd expect to wear out - tires, belts, wipers, brake pads, etc.

Anyway, they quoted me a price of $1250. which I must assume is negotiable. If they'd said something like $500, I'd have jumped at it but not at this price.

Anybody have any idea what this warranty can be negotiated to?

Thanks in advance.

- Dave

Reply to
David In NH
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You can get it for $800 elsewhere. If your dealer is like mine, they won't budge on the price.

You can buy the warranty from ANY Toyota dealer. There are a few on-line, and one of the best has been said to be Toyota of Greenfield (MA), I think they said ask for Dean, but, it has been bought by a Volvo/Audi dealer since then, so I don't know if it still holds.

Reply to
Hachiroku

These can be sold by places other than the dealer. If you're a member of a Credit Union, ask them. Also in many cases you can buy these "service contracts" (that's really what they are) up to the time your factory warranty expires. So you should have time to shop. Markup is in the range of 100% (so the dealer cost will be something like $600).

Also, Toyotas are pretty reliable. My '83 Camry has 250,000 miles on it and nothing has happened that would have been covered. Still all original running gear (engine, tranny, clutch, etc., etc.)

Reply to
Kurt Krueger

The credit union will not have Toyota Extra Care products. I am not a fan of extended service contracts in general, and especially ones from third parties. Stick to Toyota Extra Care products if you are going to get an extended service contract for a Toyota.

Reply to
Ray O

Extended warranties on Toyotas are for either suckers or nervous Nellies. Which are you?

Reply to
sharx35

I'm not either one. I almost never buy an extended warranty on anything (other than a laptop PC - found to have ALWAYS paid off on those!). Proof that I'm not a sucker is that I didn't let the dealer coerce me into buying their warranty but even though I'm not a nervous nellie, this car has a whole bunch of computers and sensors which could go bad. Everything from the radio/cd player/trip computer, etc.. I know that the price of the warranty is always greater than the manufacturer's expectations of real value to the consumer. (They don't sell a warranty for $1000 if they expect the average buyer to wind up with over $1000 worth of repairs.)

Anyway, it would be worth it to me to pay a smaller amount for a warranty later. (I've got the factory for 3 years and if the car has problems, buying the extended one for around $800 anytime in the three years, would make sense.)

Reply to
David In NH

The extended warranty offered by the Toyota dealer in Honolulu includes a full refund if you never use it. So, the only thing you're out is the interest on the money spent on the extended warranty that you would have otherwise earned had it been sitting in the bank all those years rather than being spent on something else.

I can understand some concern over the reliability of certain new technologies, such as the hybrid system and the continuously variable transmission. Of course, most components of the hybrid system come with an eight year manufacturer's warranty.

Reply to
tholen

Placing that amount in an interest bearing savings account, and paying for any repairs from it that would be covered buy the extended service plan, (it is not a WARRANTY,) would be an even better choice IMO.

If your intent, when asking for advice in a NG is to disagree with the advice given, why ask? One would expect the person asking would either take the advice given or not, as they chose. ;)

mike hunt

Reply to
Mike Hunter

My original question was not whether to get the plan or not - it was as to how much people were paying for it.

Thanks for your input though.

- Dave

Reply to
David In NH

Paid $1495 for mine in Gresham, OR (Portland suburb). Didn't really even think about it or negotiating the price (maybe I should have). My last Toy was an '88 XtraCab 4x4 truck with a five-speed and the 22-RE engine. Both were supposed to be about as reliable as anything on the market (bullet-proof, I've heard innumerable times). Both crapped out on me in under 120,000 miles, and the vehicle was not an "off-road" vehicle.....I didn't even care to take it on gravel roads.....It was babied and it took me to the point where I swore off Toyotas until two months ago when I began to look for a "high-mile-per-gallon" vehicle. Three years and 36,000 miles wasn't gonna cut it. I'm at 4,000 miles after a month and a half. Six years and 100,000 hopefully will, and at that point I'll probably be ready for something else. $1495 doesn't go very far for electronics, labor, engines, or transmissions.....

Stan

Reply to
Stan Wright

People who spend $1495 without really even thinking about it don't deserve to HAVE $1495 in the first place. I still insist that hell will freeze over before *I* ever buy an Extended warranty on a Toyota. For cripes sake, READ THE EFFING fine print on those extended warranties. Only under very rare circumstances could one even break even on such a warranty. That's why the "closer"--the guy you see after the sales people--tries so hard to sell you that warranty...along with paint protection, upholstery protection and undercoating. SUCKER bait...all of them. Now, if I was buying a Ford, GM or Daimler Chrysler product, damn straight I would get an extended warranty...if the price was at all reasonable. I DID have an extended warranty on a 85 Hyundai Pony...and thank goodness I did--I saved over 4 times the cost of the warranty!!

Reply to
sharx35

You're a Toyota owner, tholen?

Even the battery? If so, I'd bet it's pro-rated, eh?

Reply to
dizzy

That sounds like a pretty good deal. Do you think this is standard? Other than loss of interest during that time, and downside?

Can you sign up during your warranty period, or do you have to do this when you buy?

eb

Reply to
EB

Not many dealers will refund the money spent on an extended warranty, so not, it is not standard practice and so that deal does sound pretty good if it is a Toyota Extra Care Service Contract and not one from an aftermarket company. Aftermarket extended service contracts are generally full of loopholes that allow them to avoid paying out, while the factory sponsored contracts will cover what they say they will.

I am generally not a fan of extended service contracts, which are actually insurance policies. Put the money in a separate account and withdraw it if necessary.

Reply to
Ray O

I don't know, but the fact that nobody else has mentioned it is one piece of evidence that it is not standard among Toyota dealers.

Can't think of a downside.

When you buy.

Reply to
tholen

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