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OT: Lifetime car warranty......

GenesGrill
GenesGrill Posts: 308
edited November -1 in EggHead Forum
I have noticed that several Toyota dealerships give free lifetime warranties on the drivetrain of their new cars. Is there any other cmpany that does this? Sounds like a good deal to me....

Comments

  • Little Steven
    Little Steven Posts: 28,817
    I haven't had to so a single thing with mine. That hurtling headlong into a fiery demise from a stuck accelerator thing hasn't happened to me yet either. :laugh:

    Steve

    Steve 

    Caledon, ON

     

  • GenesGrill
    GenesGrill Posts: 308
    My daughter has owned two Prius cars and loves them...
  • Austin Egger
    Austin Egger Posts: 256
    Jeep did it in 2008 and dodge did it in 2010. I am sure there have been others. With those 2 examples, I think they just wanted to spur on sales and it seemed to work. Both were temporary and did not last long.
  • stike
    stike Posts: 15,597
    lot of 100,000 mile drivetrain warranties out there. not lifetime, but considering many (most?)folks don't own their cars long enough to hit 100k, it is effectively 'lifetime' for the period of their ownership.

    figure 15k miles a year, that'd be about 7 years ownership before the drivetrain warranty was no good.

    even in stingy yankeee territory, a seven year-old original-owner car is a little rare.

    mine's a 2000, though we got it in 1999. :laugh:
    has 120k on it
    ed egli avea del cul fatto trombetta -Dante
  • achtungpv
    achtungpv Posts: 39
    I told my wife she can get a new car when the engine or transmission goes out in her 4Runner. ~110,000 miles in and it still looks and runs new.

    Only bad thing about that is I am under the same rule and have a Tacoma with 140,000 and no signs of slowing down. When I was waiting for it to be prepped at purchase, a guy came in for an oil change on his Tacoma and said he was going to consider a new one at 500K, he was at 400K with no problems.

    Previously had a Jeep Cherokee that nearly fell apart completely by 80K...new AC, heat, transmission, all 4 window motors, new AC only worked on high, etc. Wife had a Dodge Stratus that required a full tune up at 30K and the dealer said that was normal for that model.
  • Mickey
    Mickey Posts: 19,669
    GenesGrill I am the GM at a Toyota store in Texas (42 years)
    What you are talking about is not a "Toyota" warranty. The longest "Toyota" offers for a fee is 8 year / 125,000 miles.
    What you are talking is an aftermarket item, not a real Toyota warranty.
    I would be suspect of being able to drive 300,000 miles and get a free transmission, etc.....
    I am not pushing the buying of an extended warranty, just saying.
    Salado TX & 30A  FL: Egg Family: 3 Large and a very well used Mini, added a Mini Max when they came out (I'm good for now). Plus a couple Pit Boss Pellet Smokers.   

  • boston_stoker
    boston_stoker Posts: 794
    The number one money maker for car dealers is extended warranties. You would likely be better just putting that money in an account and saving it for a car's rainy day.
  • I've got a Dodge Ram 1500 with lifetime. It's a 2008 ... I think they were trying to get people to use them for their business (construction etc) to keep buying ..... haven't had to test the warranty out yet (knock on wood).
  • 407BGE
    407BGE Posts: 187
    Lifetime warranty on a big ticket item is a cheap way to spur sales. Lets say that you provide this an sell 10,000 cars and 5% of them will ultimately have transmission issues (that are applicable to this warranty).

    Quick math would be that you signed up for 500 cars with a $3,000 transmission issue. That would be true if everyone kept their cars. Instead people often sell cars sell way sooner and this warranty is no cost to the manufacturer.

    Lets say instead that 20% of the 5% cars are applicable, that works out to 1% of cars sold have an issue that costs $3,000 to fix.

    That work out to $30 per car. Pretty cheap way of selling something that people typically value (protection from an unexpected expense) for alot less offering $1,000 cash back.

    The above analysis shows why the dealers typically push a $500 extended warranty. In most cases the commission on these products is 50%, so a $500 warranty is worth $250 to the dealer.
  • Fidel
    Fidel Posts: 10,172
    Yea, but you isolate this only to transmission problems.

    I bought an extended warranty on my truck. It cost me $200. It covers everything except wiper blades, brake pads, light bulbs, and tires. It has a $50 deductible. To me, personally and anecdotally, this is a very cheap insurance policy (which is really what this is as opposed to an actual warranty). Even one minor repair during my ownership of the vehicle and I come out ahead.

    If you are the type of person that trades in a car before the manufacturer's warranty expires then they are a waste of money. Likewise, if you lease a vehicle they make no sense at all.

    But if you are someone like me who normally keeps a vehicle longer they make sense. Especially if you use a truck as a truck is intended to be used - to pull, haul, tow, and actually work. I put a lot of load on my drivetrain, brakes system, and frame just this past weekend towing a 7000 pound camper through the mountains. The peace of mind I bought with $200 was a bargain.

    Mine even covers door dings with no deductible up to three times. If they can't pull them, they will repair and repaint.

    If you spend $35,000 on a truck then why not spend a little bit more to protect your investment?
  • Mickey
    Mickey Posts: 19,669
    407BGE the new car/truck factory wants you to buy soon rather than later. That is why now you see so much leasing pumped by factory and short term with lower rate.
    The long term finance is not good for the factory, much better to have you buy often not hold on and on....
    Salado TX & 30A  FL: Egg Family: 3 Large and a very well used Mini, added a Mini Max when they came out (I'm good for now). Plus a couple Pit Boss Pellet Smokers.   

  • srq2625
    srq2625 Posts: 262
    There's a car dealer conglomerate (lots of brands under one dealership name) that offers something like this. The catch is ... and there's always a catch .... is that you HAVE to have ALL SCHEDULED maintenance performed by them. If you miss one scheduled maintenance item then all is null and void.

    Bottom line .... read the fine print.
  • Hoss
    Hoss Posts: 14,600
    Wifey's car is a 2000 model.It just hit 100K.Lookin forward to the next 200K. :)
  • The Naked Whiz
    The Naked Whiz Posts: 7,777
    He said it was free. You won't make much money putting $0 in any account. :)
    The Naked Whiz
  • Hoss
    Hoss Posts: 14,600
    We had a Dodge work truck with Lifetime warranty back in the 80's.Actually it was a 7 year unlimited mile warranty.It was one of those warranty packages they all want to sell you.If something happened to it we had to remove the tow bumper,replace all terrain tires with street tires,remove gooseneck hitch fron the bed and cover the bottom of the bed with bolted down plywood so they could'nt see the scratches and wash all dirt and grime off before taking it in or they would not honor the warranty.It was all in the fine print.It was worth it.We got 3 engines,2 trannys,2 rear ends plus axels and one front end plus axels. :)