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Toyota extended warranty (platinum)

Discussion in 'General 4Runner Talk' started by xmt037, Jul 24, 2021.

  1. Jul 24, 2021 at 12:20 AM
    #1
    xmt037

    xmt037 [OP] New Member

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    I just purchased a 2021 4Runner and am worried I didn't get a great deal on an 8 year/100k mile platinum extended warranty through Toyota ($0 deductible). This probably came down to poor negotiation skill (mainly due to exhaustion) on my part, starting with the interest rate on my financing, which they said would be 3%. I asked if it could be lowered and they said only if I purchased a maintenance contract for $2900 because that was the only way it could happen - which would bring my interest rate to 2%. I declined. They then lowered it to $2500. Their rationale was that by lowering the rate to 2% I was saving $1000 in in interest over the life of the loan, and thus my VSA was only really costing me $1500. I feel stupid now because people are getting 8 year platinum VSAs for $1K on here, or $1500 flat, without bringing in interest rates... Did I get screwed and should I consider cancelling and getting through another dealer?
     
  2. Jul 24, 2021 at 12:48 AM
    #2
    Mr.Franko

    Mr.Franko New Member

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    The simple answer is yes, cancel it and buy from another dealer.
     
    Mtbpsych, Spare Parts and Toy4X4 like this.
  3. Jul 24, 2021 at 4:53 AM
    #3
    Spare Parts

    Spare Parts New Member

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    You didn’t get screwed, you used what you had to negotiate with, now finish the process and cancel on those thieves. They where trying to suck ever penny out of you, that’s their job. And yours is to keep every penny, now go get that $2500 back.
     
  4. Jul 24, 2021 at 5:09 AM
    #4
    Mtbpsych

    Mtbpsych New Member

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    If you want the warranty, shop around. You don’t have to purchase it from the dealer you’re getting your 4Runner from. I bought the platinum warranty for $1095. Good thing is like everyone said, you can cancel the warranty and get your money back.
     
  5. Jul 24, 2021 at 6:07 AM
    #5
    JoeDenver

    JoeDenver New Member

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    Extended warranty on a 4runner? Most likely you will never need it, its just insurance. I bought more than 20 new cars and never purchased a warranty. I will say I only kept one more than 10 years and one 60,000 miles.
     
  6. Jul 24, 2021 at 8:01 AM
    #6
    Doubleduty

    Doubleduty Life is better on the mountain

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    I bought mine used but told them I was not leaving the lot without a full warranty. We finally agreed on $500 for extended, bumper to bumper. I wrote them a check for the full amount of the vehicle, ( which they had no idea I was going to do ), oh...got the doc fees to a minimum as well, and drove happily home. The Runner had 32k miles on it.
     
  7. Jul 24, 2021 at 8:03 AM
    #7
    Keirik

    Keirik New Member

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    So what is the going rate for the platinum warranty and is there a place to buy it online at the correct price?
     
  8. Jul 25, 2021 at 12:02 PM
    #8
    xmt037

    xmt037 [OP] New Member

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    thanks everyone. I did shop around pretending to be a new customer and it seems that $2,500 is the going rate for platinum 8-year or 100,000 mile warranty. my big question right now, and I do realize this was a big negotiation flub, is that it doesn't seem I need the extended warranty at all right now, which means the $2,500 could be invested and then I could add on a new warranty at the end of 2 years. is there any other advantage to keeping the warranty/not canceling it?
     
    Spare Parts and Keirik like this.
  9. Jul 25, 2021 at 12:19 PM
    #9
    Ironguy

    Ironguy New Member

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    That is an excellent question. I don't have the answer but hopefully someone will. I would like to know.
     
    xmt037[OP] likes this.
  10. Jul 25, 2021 at 1:36 PM
    #10
    4runningMan

    4runningMan New Member

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    I had a total of about 7 Tacoma’s and 4runners over the years, each driven to about 60k miles, one driven to 120k, and I’ve never paid for anything other than oil changes.

    The reliability of these trucks has shown me that I made the right decision over the years to not purchase any extended warranties. The money I’ve saved will easily cover any major repairs in the future.

    That said, it’s a roll of the dice. But there’s a real good chance you won’t need that extended warranty. Honestly, I worry more about “big repairs” in the first 36k than the second 36k. After the first 36k, it’s mostly maintenance costs. And if you make it through the first 36k, good chance you won’t need the 100k warranty until AFTER 100k. So.

    But this is an individual choice, obviously.
     
  11. Jul 25, 2021 at 1:43 PM
    #11
    Keirik

    Keirik New Member

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    That makes sense if you are trading them in every few years and starting over each time. While I'm not 100%sold on buying one. If I plan to keep this and only this one long term, I can understand the other thinking. 90k miles later and 6 years later, if someone had paid 2500 or so and God forbid something happened, I'd rather know m covered because of that previous investment rather than not. I can see both lines of thinking.
     
  12. Jul 25, 2021 at 6:26 PM
    #12
    wakebrdr142

    wakebrdr142 New Member

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