Toyota corrolla extended warranty Is this good? corrolla owners??

Q: Hi I bought a corrola and they loan guy wanted me to take the extended warranty for four years... It covers the computers in the car and it costs 500 dollars... Well the loan guy was so desperate to give it to us why??? Was he or is he hiding somehing from me?? Please tell me if the extended warranty is worth it.. If you didnt take this option tell me why and if you did also explain your answer Thanks in advance

A: You can purchase the Toyota Extra Care extended warranties at any time up through 3 years/36,000 miles from your car's in-service date/mileage, so you have time to shop around. You can buy it from any Toyota dealer, not just the one where you purchased your car nor where you plan to have it serviced. You can haggle on the price, and get it for far less than MSRP. (Most people don't think about getting an extended warranty other than when they purchase the car. Many dealers charge MSRP or higher on the extended warranties, and therefore it is a large profit center for them so they may give you the hard sell.) You can view the MSRP pricing here: http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=pg_VSAPricing But if all the plan that your dealer was offering to you at $500 only covers the computers, it doesn't sound like a Toyota Extra Care plan. See the benefits page/tab on the link above for coverages. If your dealer was offering to you a 3rd party extended warranty, then I'd say that it is probably not worth it. What is on the exclusions list? Will they directly pay your dealer, or will you have to pay and then file for reimbursement? What prior authorizations do you need for them to cover your repair? How financially solvent is the company - will they actually pay out when you need it? Can you transfer the extended warranty to another owner (or get a refund) if you sell or total the car? (The Toyota Extra Care as offered by Toyota Financial Services is backed by Toyota. Your dealer can call in for authorization, and are paid directly.) Should you decide to sell your car within the extended warranty period, you can transfer the Toyota Extra Care extended warranty in a private sale (or get a pro-rata refund otherwise), so having the extended warranty may make your car more valuable. It is up to you if the extended warranty (really an insurance policy) is worth the peace of mind, or if you'd rather have that $money in the bank earning interest (and just use that account should you have unscheduled maintenance out of the basic warranty period). If you decide to shop around, or would like to look at a policy, you might like this document for Toyota Prius owners: http://www.vfaq.net/docs/ExtendedWarranty.html It is a little out of date, but for a Corolla you should be able to get even better pricing than what is listed there for some Prius-friendly dealers.

Related items