If you have a Toyota vehicle one of the extras you may be grappling with is whether to purchase a Toyota extended warranty. You wonder if you will need the extra protection, and the associated cost, and fear that if you don’t have, you definitely will need it.
This is a decision that can be made intelligently by asking a number of questions.
Assuming you are still under the original car warranty, do you have any other warranty coverage? Some dealerships offer extra warranty packages when you purchase their vehicles. If you have one of these, why would you need two extended coverage policies?
Can you handle the repairs? While extended warranties can be pricey, they are kind of like a long-term repair plan, paying for it regularly over time until something goes wrong. If you weren’t paying for the extended warranty on your Toyota, would you be able to put that money away in a ‘rainy day fund’ so it would be there when you need it? If not, it may be a better plan to put the money into an extended warranty policy so you have repair coverage when you need it.
How much will those repairs cost? Some cars cost a lot more to fix than other cars, whether it’s because of imported parts or specialized labor, certain vehicles can run up a high bill for small fixes. You should look up your car history and see what average repair bills run. You could even ask the dealership. If they are on the high end, a Toyota extended warranty may not be a bad idea.
How long will you keep your car? Are you the kind of person who will be using your car until it’s no longer a viable form of transportation? Or, when the new Toyotas come out in a few years are you going to ditch this car for a newer model? If you are going to keep it around a long time you may want to invest in the extended warranty program to keep it going for as long as possible. If you are more of a trade-up kind of person the extra warranty coverage may not even kick in by the time you get rid of this car.
Do you have faith in your car? Some cars are just more reliable than others. Part of this answer is going to come from what you already know about your car, the other part should come from doing some research into others who own the same kind of vehicle. If they are having a tough time keeping theirs running, you should consider you will likely have the same kind of problems and may want that extended warranty.
How many things can go wrong? The more options your car has, the more things there are on it to go wrong and need to be repaired. Take an inventory of all the extra bells and whistles you have on your car. The more of them you have, the more likely a Toyota extended warranty is a good idea.