Buy Extended Warranty ?

I am new to this forum and would appreciate advice. I purchased a new 2020, now out of the original warranty. 15K miles on it and have been approached by Toyota about an extended warranty. Terms are extra 6 years, extra 72,000 miles, and a $100 deductible each repair, " all " for $4,178. Fairly sure I'll turn it down; anything I'm missing ?

 

Long post below to read. Speaking for myself I have never purchased extended warranty because Toyota/Lexus have been reliable for me. All the electronics in modern vehicles is what changed my mind. Very expensive to repair. Cheap insurance to not have to worry about something going wrong with expensive repair. If I don't need it that's a good thing in my opinion. Bought my first extended warranty.

https://www.4runners.com/threads/toyota-extended-warranty.31880/

 

Also worth noting that you can buy an extended warranty from any Toyota dealer and some have better prices. There's a guy back east that sold an extended warranty to a bunch of people on this or the other 4R forum. I'd search for it but you can do the same.

 

I did on my Tacoma and it got me new leaf springs, new headlights, new rear propshaft and a windshield reseal outside of the standard warranty that were all TSBs. Search around for a better price as others have mentioned. For the Runner, I bought from Wolverine Toyota in MI but I'm in CA, however the contact there have moved to Lexus now.

 

Jerry is who I bought mine from listed in thread above. Best price at the time.

 

What can break on a 4Runner which cost $4,178 within the first 72k miles? Stay away from the extended warranty. For that price they offered me 10 years and 999,999 miles warranty on a Volvo XC90. Now that car definitely needs it but not a 4Runner.

 

If it doesn't have KDSS I wouldn't buy extended warranty. Only KDSS cost arm and a leg when they start to leak.

When 4Runners with XREAS leak the shocks can be replaced lot cheaper with some aftermarket options or even regular factory shocks.

Other than that I don't see anything going wrong with 4Runners. I would put that money towards maintenance.

 

Careful...

are they selling you a "Toyota" warranty?
or some no name after market warranty?

I know one can buy a Toyota warranty anytime during the initial 3 years/36,000 miles...but not sure about after factory warranty ends

I don't usually buy extended warranties, but after reading a few threads here decided I would buy one in a couple of years, before the factory warranty ended

In March 2024 best online price for a 10 year/125K miles that I found was $1800+ 3% for CC fee...
In May 2024 I paid $2500 at time of purchase for 10yr/125K toyota warranty...

IF you can get a Toyota warranty now, I would consider it...but try for a better price
If its an aftermarket warranty sold by the dealer, I would be very skeptical...

 

Its a Toyota. Change the oil every 5k and forget the warranty.

 

Put it this way, when I bought my 2020 Tacoma brand new I asked about warranty is it was my first brand new vehicle. The sales director told me I am buying a Toyota and do not require it. They did not even bring it up when I bought my 2023 4Runner either.

 

In over 40 years of owning dozens of vehicles of many different brands, (VW, GM, BMW, Audi, Toyota, Ford…) I have never had an extended warranty. I have never had an out of warranty repair that was not a simple DYI part replacement or junkyard visit or the like for under $200. I have probably spent less than $500 on out of warranty repairs over the years. Had I purchased extended warranties for 25 or 30 vehicles, I would have had piece of mind and saved that $500….. But I probably would have spent $40,000- $50,000 in extended Warranties. If a surprise repair bill won’t cause you meaningful financial stress. (Like you cant buy food or pay your bills), I would roll the dice and just “self insure”.

 

Not missing anything.

Third party extended warranties in general are a scam and are usually full of so many exclusions and loopholes it’s hard to get any meaningful coverage out of them…. Even when used for cars that really need them like Fords and BMWs.

And this is a Toyota. In fact it’s probably the most reliable Toyota period. Odds of needing it are slim .

 

How is changing the oil more often than needed extent the life of the whole car?

 

I just bought a 2023 two months ago and paid $1500 for 10 year/100,000 miles through the dealer. It’s the Platinum whatever thing they have so covers bumper to bumper and all electronics.

The price you were quoted seems really high. I negotiated with the dealer for the price I got.

 

Changing the oil in your 5th generation 4Runner at no longer than 5,000 intervals prevents it from blowing up...

This guy was at 12,000 miles...and look what happened

 

I agree, it's possible something goes wrong but for $4000 I'd save the money.

It's a whole debate but 5,000 miles has stuck around both as the severe recommendation ("severe" covers a lot of conditions) and margin for error as we do not know OP's use case.

You could probably replace that with 7,000-10,000 and be fine but there's other threads for this.

 

Put the $4200 in a CD making 5% and forget about it. In 5 years you’ve made $1160 and likely haven’t even had to do a repair. Compound interest is a wonderful thing. So is Toyota reliability.