Did I get ripped off on extended warranty?

Elyktd

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So I picked up my new Supra yesterday. But the finance guy was relentless and talked me into the 8yr/75k mile warranty and it was $2,725.

Having owned 2 BMWs in my past without a warranty I thought it may be possibly a good thing. But I wasn’t planning on spending almost another $3k and did.

This will only be a weekend car for me with <5k miles a year. I do have the option to cancel the warranty for money back but it doesn’t help lower my payments.

Any thoughts? What would you do and did I over pay?
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Loco38SUP

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My thoughts are to go have it canceled immediately and get your money back. That’s a ton of money for an extended warranty.

What are the chances you will still own the car after factory warranty expires?

Those finance managers are very pushy guys and will do anything to add extra items to your loan.

-RJM
 

H2O_Doc

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So I picked up my new Supra yesterday. But the finance guy was relentless and talked me into the 8yr/75k mile warranty and it was $2,725.

Having owned 2 BMWs in my past without a warranty I thought it may be possibly a good thing. But I wasn’t planning on spending almost another $3k and did.

This will only be a weekend car for me with <5k miles a year. I do have the option to cancel the warranty for money back but it doesn’t help lower my payments.

Any thoughts? What would you do and did I over pay?
I was quoted $1075 for a Toyota Extra Care Warranty for that coverage length (8/75). Not sure if you also got tire and wheel care or any other add-ons.
 

zrk

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I didn't buy the full extended warranty, but I did buy Tire and Wheel. I live in pothole central. I have no idea how well it works.

I'm not sure if you got ripped off too bad, it's only a couple grand. But I'd probably cancel and get the cash back.
 

Thill444

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You can cancel the warranty. Extended warranites don't even kick in until the end of the factory warranty so you have several years to decide if you want an extended warranty of not. In 2 years if you think you want to keep the car another 7-10 years then you can buy an extended warranty.

The finance mangers get rated and incentivezed by how many extended warranties and other aftermarket services/parts they sell. That's why they are so pushy.
 

pcw

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Extended warranties are always a hot topic. With that said, I decided to get a 7/100K bumper to bumper, and here's why:

1. 2021 model, Possible oil consumption issue.
2. It's not really about just powertrain issues anymore. Electronics are as much of a concern, what if your main infotainment system/screen goes out, everything ties through that system audio, nav, suspension, all the dynamics of the car...
3. I will have this car until I retire in 6 years, for sure.
4. Got a real deal on the extended warranty, no deductibles. Negotiate, re-address after the purchase if need be.

If I wasn't planning on keeping it that long or If I planned to modify (tune etc.), I would not have added the ext. Warranty..

pcw
 
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cactusA91

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So I picked up my new Supra yesterday. But the finance guy was relentless and talked me into the 8yr/75k mile warranty and it was $2,725.

Having owned 2 BMWs in my past without a warranty I thought it may be possibly a good thing. But I wasn’t planning on spending almost another $3k and did.

This will only be a weekend car for me with <5k miles a year. I do have the option to cancel the warranty for money back but it doesn’t help lower my payments.

Any thoughts? What would you do and did I over pay?

You got ripped off. Send them a written notice of cancellation. Just tell them you changed your mind. Took me a month and several emails to finance manager to get my $$$ back. Here's what you should pay:

Screen Shot 2021-06-01 at 10.57.07 AM.png
 

SupraGR21

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So I picked up my new Supra yesterday. But the finance guy was relentless and talked me into the 8yr/75k mile warranty and it was $2,725.

Having owned 2 BMWs in my past without a warranty I thought it may be possibly a good thing. But I wasn’t planning on spending almost another $3k and did.

This will only be a weekend car for me with <5k miles a year. I do have the option to cancel the warranty for money back but it doesn’t help lower my payments.

Any thoughts? What would you do and did I over pay?
That price isn't too bad but it all depends on where your located and what dealer. Warranty is a absolute must if your going to keep the car for a long time and you don't mod it(engine mods/suspension/tune).

I purchased a warranty with a $100 deductible for 6 years or 125k miles total for $2,200.00 - I think I got a steller deal but had to go back and forth with the finance guy to get a price I wanted. Im at GA and it was a Autonation Stealership.
 

cactusA91

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You got ripped off. Send them a written notice of cancellation. Just tell them you changed your mind. Took me a month and several emails to finance manager to get my $$$ back. Here's what you should pay:

Screen Shot 2021-06-01 at 10.57.07 AM.png
$2725 - $1075 = $1650 is at least a couple of monthly payments...PS there is really not much point of signing up until close to the 3 year mark.

In a related note - most of the time the dealerships find a way to wiggle out of these plans anyways. It is shameful how they mark these up to collect $$$ from folks but when you need them there always seems to be an exclusion or they give you the run around.
 

Tsuki

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I didn't buy the full extended warranty, but I did buy Tire and Wheel. I live in pothole central. I have no idea how well it works.

I'm not sure if you got ripped off too bad, it's only a couple grand. But I'd probably cancel and get the cash back.
The tire and wheel is great, unless you have to use it. Had 2 flats in a week in my RS3 (stock pirellis crack under 40 degrees, literally), and they had my car in the shop for 2 weeks, because they fought the claim and wanted to investigate. They finally approved the claim, but also told me they would audit any future claims on the car.

On my wife’s Golf R, she cracked a wheel when she hit a pothole, and they denied the claim despite it explicitly being covered by the warranty - they simply exercised their right to refund the price of the policy, rather than paying the price for the wheel. Ended up putting that money into some forged wheels and better tires.

I’ve also had it save my butt a few times - but the tire/wheel coverage is now also firmly on my ‘no thanks’ list.
 

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I would never purchase an extended warranty at time off purchase and view this as a complete "new buyer" rip off...

The only way it would make financial sense to purchase an extended warranty would be just before your manufacturer warranty expires...Even then many claims under extended warranties are still denied...

With all the new cars I've purchased over the past 40 years I've never once purchased an extended warranty and have no regrets not doing so...
 

TX2.0

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When I was living in Florida with a 2002 T-Bird you could not negotiate the extended warranty price. I, of course, waited 'til just prior to my factory warranty expiring and buying the Ford extended warranty from a Georgia dealer for 30% of what the Florida Ford dealers wanted. Kept the car for 11 years.
 

VA90

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Like others said, I would cancel it right away. It is pure profit for the dealer and warranty company in my view. Either the item: a) isn't covered; b) is covered but they find some flimsy reason to deny the claim; or c) it's covered but they bury you in so much paperwork that you give up. Same bucket as "undercarriage rustproofing".

Probably goes without saying, but your default response to anything subject to the hard sell should either be "no" or if you're nonconfrontational, "I'll think about it and get back to you."
 

H2O_Doc

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To be clear, there is often a BIG difference in manufacturer extended warranties and those offered through the dealership through 3rd parties. The Toyota extended warranty isn’t as much of a turd as others (like that one Ice-T sells on TV).
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