buying 2020 SR5 - buy extended warranty?

hey guys, my wife and I are buying a 2020 SR5 Premium today with 45k miles. The current owner had purchased a maintenance plan good through 75k miles and also purchased an extended warranty that they say is good until 125k miles.

The current owner spoke with the dealership this morning and the owner is saying he thinks he can have the warranty and maintenance plan transferred to me for an extra $1500 dollars. I've never owned a car this new before and never had any kind of warranty. So not sure if this sounds like a good thing to buy?

Thanks in advance guys!

 

$1500 to transfer? Sounds like another money grab. You do what you feel is best though. When something is paid for already by one person it should be for the vehicle not the owner (imho). That is the right way of doing business.

 

i think if the vehicle gets traded in, you cannot transfer the extended warranty, but i could be wrong. i know you can transfer it via a private sale and i think there is no cost involved.

if its not transferable via the dealership, i'd just skip it and save the $$.

ymmv

 

we are just buying it from a private party... seems like an odd system to me. The seller is saying toyota prorates the cost and refunds him any balance left if he terminates it. If he opts to keep it he is essentially asking me to pay him the cost that he is for going via the refund... atleast thats how I am understanding the way he has laid it out to me

 

Toyota VSAs (extended warranty) are transferable to the new owner in a private party sale, and it looks like the seller is correct in being able to cancel and receive a prorated refund: https://www.toyotafinancial.com/us/en/vehicle_protection_plan/vehicle_service_agreements.html

$1500 seems steep for a vehicle that's almost 3 years old and has already used 45k of the 125k mileage. Maybe ask him for a doc confirming what his refund would be then offer to pay him that amount?

 

that makes sense.

is the extended warranty just for the powertrain, or is it a B2B warranty? if powertrain, just skip it.

 

he says its the "platinum" plan... whatever that means haha

 

If you buy from a dealership, you get the Toyota Certified used warranty. I would not pay for the extended warranty from the private sale. Basically, you buying them out from over paying.

but let’s ask this, why are you buying a Toyota?

 

My paperwork indicated if I sold my vehicle I could transfer the warranty. I think this seller wants to "sell you" the warranty. I would call Toyota with the VIN and ensure that it is in fact a Toyota Warranty and some other fly by the night company if you decide to buy it

 

Because my wife wants it. I am perfectly happy with my 2005 4x4 runner. She thinks she needs a gas guzzling 40k vehicle to drive 80 miles back and forth to work everyday.

 

I told my sales person, I didn’t need the warranty because I was buying a Toyota, then I asked if I should look for another brand. They stopped trying to sell me the warranty. Put that 1500 bucks into a savings account or other way to make some money, then use it if something needs fixing. Oh, most of the time Toyota will try to deny the warranty work.
Good luck with the purchase.

 

Ask you insurance company if they have mechanical breakdown insurance that can be added to your policy. Its really cheap compared to extended warranty.

 

They are cheaper when purchased from the dealer. I got it in case of any issues like I had with my Tacoma.

 

There's nice people who call me everyday about my warranty. Maybe you should buy one from them?

Don't pay to transfer, he's just trying to get out of it. But from dealer directly so you get the termination clause also, or purchase one on your own. They are all 3rd party warranties anyways.