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SolaraGuy.com • View topic - Extended Warranty ? To Have Or Have Not?
Stock talk about the Generation 2 and 2.5 Toyota Solara which was released in 2004-2007

Extended Warranty ? To Have Or Have Not?

Extended Warranty ? To Have Or Have Not?

Postby razorbackdave » Tue Sep 07, 2010 12:55 pm

My Solara is an 07 w/ 56,000 miles convertible 3.3L that looks and drives like new. When I purchased my car from a Chrysler car dealership 2 months ago I opted out on the extended warranty they tried to sell me. The car was previously owned by a school teacher that drove it 40 miles a day to and from work. She owned it for a year and had no problem while she owned it. I visited with her before buying the car and she seemed to be the type that would have kept the car properly serviced while she had it. The first 2 years of the cars life was as a lease vehicle and I have no information on how it was used then. My Solara still has about 4000 miles of factory warranty on it so I figured that I have that long to decide whether or not to purchase an extended one from a third pary. The extended warranty to 100,000 miles would have cost me $1700.00 and that would cover between 60,000 and 100,000 miles. Based on Toyota's reputation for dependability I am thinking I will not spend that much on the car between now and 100,000 miles. The car now has 56,000 miles on it and my wife will be driving it daily to work. I have never owned a Toyota before so I would appreciate anyone posting their opinion on the warranty pro's and con's.
Thanks.......
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Re: Extended Warranty ? To Have Or Have Not?

Postby MrMikeL » Tue Sep 07, 2010 6:20 pm

Put the $1,700 into an account that you won't touch unless you have a car repair to pay for. By the time you reach 100,000 miles, I bet you will still have some money left.
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Re: Extended Warranty ? To Have Or Have Not?

Postby GzNutz » Tue Sep 07, 2010 6:44 pm

^x2. just save the cash and put it towards the 90k belt, water pump and plug replacement.
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Re: Extended Warranty ? To Have Or Have Not?

Postby Black Bob » Wed Sep 08, 2010 1:28 pm

I agree with MrMikeL.

I have an 100k mile extended warranty on my 'Lara and I haven't even come close to needing it. In fact, I have about 800 miles left before it runs out. The ONLY reason I opted for the extended warranty in the first place was for emotional reassurance. You see, my previous car was a Suzuki Verona (look it up) which was an absolute lemon (after $20k worth of warranty work on the $17k crap appliance the engine still died). After the stress of getting a lawyer involved to get Suzuki to declare it a lemon and buy it back, I just took the extended warranty based solely on peace of mind. If I hadn't been through "Suzuki Hell" I wouldn't have opted for the extended warranty. I was pretty much every finance guy's wet dream when I walked into that dealership.
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Re: Extended Warranty ? To Have Or Have Not?

Postby yaddadaimsayin » Wed Sep 08, 2010 3:22 pm

I've worked at banks and credit unions and today I'm at training regarding vehicle warranty and insurance (sitting in training room right now). The dealerships will cheat the crap out of your pockets with their warranties. We have mechanical protection and payment protections that end up being mere cents a day that cover just as much. I agree with what MikeL says. Many of us have had our Solaras for years and still haven't spent 1700 in maintenance. Besides, there are a lot of things they cover that you can simply lookup on the boards here and take care of yourself.
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Re: Extended Warranty ? To Have Or Have Not?

Postby linmk2 » Sat Sep 11, 2010 12:47 pm

I worked for car dealerships for over 20 years. AVOID non factory esp's. The problem with the non factory extended warranty programs, is that many service facilities won't accept them. They want their money up front and let you deal with the insurance company (that's what extended service plans are by the way). These extended service plans do anything they can not pay a claim. Before work begins, authorization has to be received. In most cases, authorization will not be given until a rep views the car and its service record. The reason most new car dealerships don't sell the factory plans (backed by the car makers), is they don't get as much commission for them. Now, factory plans are a whole different ball of wax. If you are traveling and your Ford, or whatever breaks down, take it to the dealership and no questions are asked. Your car is fixed, assuming what happened to it is covered by the plan. The only non factory plan that I've worked with that treats its customer's right is GE Capital. I'm not sure GE offers the plans anymore. Whether you need an ESP is up for debate. I know Toyota has taken a lot of crap lately about the quality of their cars. I can only speak for myself. I've owned many cars over the years from many different makers. My Solara is the first Toyota I've owned, though I have worked at a Toyota dealership. I can say that in the almost five years I've owned the car, it has never had to be in the shop. Never! I can not say that about any other car I've owned. There have been a few little problems, but with the advice from this forum, I'm been able to fix my car myself. In just two months, I will be saying good bye to my Solara. The lease will be up. I will not be buying another Toyota, not because of the bad press, but because I prefer a mid size two door, and Toyota does not offer such a car any more. Whatever I get, I hope it will be as reliable as my Solara.
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Re: Extended Warranty ? To Have Or Have Not?

Postby razorbackdave » Thu Sep 23, 2010 11:23 am

Great feedback on extended warranties......... Thx!
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