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For those of you who have purchased (or thinking about) the new Sienna, did you purchase the extended warranty? Why or why not?
 

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This might be a naive answer, but one of the main reasons I shop at Toyota is for long-term reliability. So I would say no to an extended warranty just based on my expectations of reliability. But please challenge me if you have evidence to disprove!
 

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This might be a naive answer, but one of the main reasons I shop at Toyota is for long-term reliability. So I would say no to an extended warranty just based on my expectations of reliability. But please challenge me if you have evidence to disprove!
That is exactly why I created this post! This is my first time that I'm looking to purchase a Toyota and I'm not sure if typical Toyota buyers go for the warranty or rely on Toyota's reputation for long-term reliability.
 

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At our dealership they went through an incredibly long list of protection options. I was surprised by how expensive each was and ended up declining them all. I took a photo of the screen (it was all done on an electronic screen/table) though the prices on the screen don't make sense. They give them as per day costs but they don't correspond to that.

I recall that the 10 year / 100,000 warranty was about $3000.

Is the extended warranty priced differently by region and/or by trim package?

48414
 

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At our dealership they went through an incredibly long list of protection options. I was surprised by how expensive each was and ended up declining them all. I took a photo of the screen (it was all done on an electronic screen/table) though the prices on the screen don't make sense. They give them as per day costs but they don't correspond to that.

I recall that the 10 year / 100,000 warranty was about $3000.

Is the extended warranty priced differently by region and/or by trim package?

View attachment 48414
90% profit?
 

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This might be a naive answer, but one of the main reasons I shop at Toyota is for long-term reliability. So I would say no to an extended warranty just based on my expectations of reliability. But please challenge me if you have evidence to disprove!
Ditto.
 

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I normally don't, and have never had an issue. Only a scattered minor thing here and there which costs pennies compared to the warranty charge.

However, with that being said, I'll probably end up going without it this time as well, but I am considering it. The only reason why is because I'm somewhat concerned about being a whole new model from the ground up, and this being the first production year so there will probably be a bug or 2 along the way
 

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I normally don't, and have never had an issue. Only a scattered minor thing here and there which costs pennies compared to the warranty charge.

However, with that being said, I'll probably end up going without it this time as well, but I am considering it. The only reason why is because I'm somewhat concerned about being a whole new model from the ground up, and this being the first production year so there will probably be a bug or 2 along the way
For what it's worth, the last time I purchased an extended warranty was on our '05 Honda Odyssey. It was the first year of a new gen as well. I don't recall every having to use it.

The basic economics of extended warranties are that they smooth out your expenses but probably double them. If you take the $3000 that you'd spend on an extended warranty, plus the hundreds you'd spend on other extended warranties for appliances, electronics, etc, and put them in a rainy day fund, you'll come out ahead.

There are some things for which most people can't self-insure and for those we have efficient markets like life insurance, homeowner's insurance, liability insurance, health insurance. I can't set aside the $1000 I spend each year on homeowner's insurance and expect over the course of my lifetime to have enough to replace my home if it burns down.

But even the most expensive car repair (and certainly most appliance repair or replacements) are things that lots of people can afford to weather if they instead set aside their premiums in an emergency fund. Every once in awhile you'll spend more on something than you would have if you hadn't self-insured but according to pretty much everyone from Consumer Reports on down you'll save money in the long run.
 

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I don't purchase extended Warranties any more. However, if I did I would purchase the warranty after the purchase separately and do it online where you can find the cheapest nationwide. You can find dealers for most manufacturers that sell a lot of extended warranties at rock bottom pricing and do so because they sell a lot of them. I would never purchase 3rd party only Toyota Warranty, I know States like Florida the choices are limited. Also, never purchase GAP from dealer your insurance company or another source is likely drastically cheaper.
 

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I don't purchase extended Warranties any more. However, if I did I would purchase the warranty after the purchase separately and do it online where you can find the cheapest nationwide. You can find dealers for most manufacturers that sell a lot of extended warranties at rock bottom pricing and do so because they sell a lot of them. I would never purchase 3rd party only Toyota Warranty, I know States like Florida the choices are limited. Also, never purchase GAP from dealer your insurance company or another source is likely drastically cheaper.
Actually, now that you mention it I remembered that I didn't buy my Honda Care extended warranty with the car. I just checked my notes and found that I purchased it a couple of weeks later from a different Honda dealer over the internet. The dealer was present in one of the Honda forums offering the extended warranty well below the price my dealer had offered. I purchased over the phone and received the Honda Care documentation in the mail.

Does Toyota work the same way where any dealer can sign you up for an extended warranty on a recent purchase? I'm still leaning toward not but it might be a harder decision at a drastically different price point.
 

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Actually, now that you mention it I remembered that I didn't buy my Honda Care extended warranty with the car. I just checked my notes and found that I purchased it a couple of weeks later from a different Honda dealer over the internet. The dealer was present in one of the Honda forums offering the extended warranty well below the price my dealer had offered. I purchased over the phone and received the Honda Care documentation in the mail.

Does Toyota work the same way where any dealer can sign you up for an extended warranty on a recent purchase? I'm still leaning toward not but it might be a harder decision at a drastically different price point.
Yes any Toyota dealer can sell you an extended warranty; however, some states have weird laws so I'd look into that for instance my brother lives in FL and they treat it as an insurance product so it is regulated at a fixed price, and I'm not sure about purchasing out of state if you live in a State with certain laws. I know for Honda those that sell them online have a drop-down box and you can't select States they are not allowed to sell to. That would be a question to dealer if you find one out of state if they can sell it to you and it be valid in your state; otherwise, you could just look within your State at dealers see who offers the lowest, maybe your own dealer will match it, bring the quote with you and tell dealer I'm buying from this dealer unless you match it.
 

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Let's put it this way, do you really think the dealerships would be pushing it so hard if it weren't a pure profit thing for them? Heck no! Like someone posted, its basically betting against yourself. My advice is forget the extended warranty and just put the money you saved in some investments. Bet on yourself instead. Plus, the new Sienna is based on the new Highlander, which has been out a couple of years already.
 

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Dealers love selling extended warranties. Many people gladly fork over $2,500 or more giving the dealer in some cases more pure profit on that sale than on the vehicle itself. It also means that you are more likely to return to the dealer for even minor repairs that you might have done yourself or gone to a private shop for. And while you are there for that repair visit, they have the opportunity to get you to agree to fluids, brakes, batteries and other things that they might never have an opportunity to sell you otherwise.

And yet I almost always buy a Toyota Platinum 7/100 or 8/125 plan, a Subaru Gold Plus, Honda Care plan etc. Why? Because when done right it's a great deal for BOTH parties.

1) I don't pay retail. At least in NY it's not locked down to selling dealer or NY sellers. So I almost always buy out of state from one of the big boys with minimum markup. If I can buy an 8/125 $0 ded plan for under $1,500 with no sales tax, I'm pretty confident of getting my money's worth out of it over that much time. I'm not locked into a day of sale transaction or price-fixing dealers. Let the dust settle on the vehicle purchase, buy the warranty a month later with a fresh search approach.

2) I appreciate Factory mediated repairs. After the new warranty is up, something goes wrong. Welcome to the stealership, where your open wallet is at their picking for as much as they can charge, while learning and experimenting on your vehicle at your expense. But when you flash your Platinum Plan card, the dealer has to do all the diagnostics and then present them to TMC for review and approval. And if the repair doesn't work, the dealer gets to do it again at their expense. Total cost control, with an excellent chance of First Time Right. And your vehicle gets priority, as a loaner car bill is the leverage. Dealer is to busy to look at your vehicle? Call the 800 number for a priority time slot. Not sure if it's safe for you or the vehicle to drive it in? Call for a tow. And maybe an overnight accommodation.

3) Boost your resale value. Young buyers LOVE making a private party purchase on an older vehicle that is STILL backed by a transferable warranty. It greatly reduces their risk/anxiety.

4) Get your money's worth? Just based on what the factory paid the dealer for the repairs (and I KNOW I would have paid a whole lot more for some of this), it's ranged from a slight loss to a huge gain based my vehicles 2002 to date. Top return? Over $8,000 on the 2008 Sienna. $3,500 to date on the 2015 Sienna.

Given the total historical unknown of a brand new highly complex model, can you afford not to?
 

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Can you afford not to?

You don't sell extended warranties do you? lol. Sounds like a scare tactic quote from the finance guy. Toyotas have earned a reputation for reliability, if they were breaking down in droves after the warranty period it wouldn't have that. Plus the drivetrain for the hybrid system has a 10 year/150,000 mile warranty from Toyota.
 

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I paid $800 after negotiations for a 7 year 150k bumper to bumper extended warranty on my Honda civic which was 100% a waste of money so I wasn't going to waste any money on my Sienna doing that. In the end it's just a risk I'm willing to take and there's lots of people who will swear by extended warranties as it'll give them the piece of mind that they won't have any huge cash outlay in the event something unfortunate does happen. The only good advice someone can give when discussing extended warranties is to negotiate and not pay full price.
 

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The last two Toyotas that I’ve owned (1999 Camry and 2007 Sienna), I would have lost LOTS of money had I purchased the extended warranties (and throw in the 1992 Subaru Legacy in that mix for good measure). For those vehicles I had very few (if any) problems that would have been covered by the extended warranty within the time limits of the warranty that wouldn’t have been covered by the original factory warranties. Maybe a few hundred bucks out of pocket across all three of those vehicles.

My experience has been that the vehicle models where the extended warranties are on the cheaper side (Toyota, Honda), you typically won’t have problems in those time limits. Where you have a moderately (or more) repair prone brand, the extended warranties get pricey for decent coverage (VW, I’m looking at you).

-Mike
 

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Can you afford not to?

You don't sell extended warranties do you? lol. Sounds like a scare tactic quote from the finance guy. Toyotas have earned a reputation for reliability, if they were breaking down in droves after the warranty period it wouldn't have that. Plus the drivetrain for the hybrid system has a 10 year/150,000 mile warranty from Toyota.
Nah, just telling it like it is. I've been on these boards long enough listening to folks that talk big about legendary reliability and don't think they need an extended warranty. It's rather hilarious how many of them pop up a few years later cursing and whining about their latest breakdown and for reasons I can't fathom truly expect Toyota to rush in and pick up the tab. If you chose to be 'self insuring', then I hope you'll be man enough to hold to that position and accept what happens.

Oh, and I believe the powertrain still has the 5/60 warranty with the exception of a list of specific hybrid components that have the longer warranty. And only the battery goes out to 10/150. Lets keep this factual.

But again, you guys do you. If you don't think factory backed service is worth it, that's your decision. I've found it to be extremely worth it: On two Sienna vans, a pair of Subaru Outbacks, and both the Honda Odyssey and the CR-V. Vehicles that are deemed "reliable".
 

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Discussion Starter #19
1) I don't pay retail. At least in NY it's not locked down to selling dealer or NY sellers. So I almost always buy out of state from one of the big boys with minimum markup. If I can buy an 8/125 $0 ded plan for under $1,500 with no sales tax, I'm pretty confident of getting my money's worth out of it over that much time. I'm not locked into a day of sale transaction or price-fixing dealers. Let the dust settle on the vehicle purchase, buy the warranty a month later with a fresh search approach.
I am interested in this point. Anyone have any experience with this in Canada? I understand that you have 31 days from your date of purchase to buy the warranty. What's not clear is if I can buy it from another dealer and if it will be any cheaper.

From Toyota's website, the platinum plan for 8yr/120k km is a whopping 3,089 CAD.
 

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I also think part of it is whether one is comfortable and experienced with diagnostics and turning a wrench. It’s a lot easier to be “self insured” when we’re talking about parts costs only vs parts+labor. But, I still would have lost lots of money with extended warranties, even factoring in labor costs.

Unlike @fibber2, I just haven’t had the non-wear item failures inside 125k miles that he has.

-Mike
 
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