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Car Forum / Toyota / Camry / February 2008Where to get warranty for my used Corolla?
ITs on 03 corolla, 71K miles. I think there are companies that sell used car warranties, for those buying used cars wheich no have any mfg. warranty? More importantly are any reputable/honest or are they rip-offs? > ITs on 03 corolla, 71K miles. I think there are companies that sell > used car warranties, for those buying used cars wheich no have any > mfg. warranty? More importantly are any reputable/honest or are they > rip-offs? Extended warranties are a waste of money. They are a major profit source for anyone selling them. Period. >> ITs on 03 corolla, 71K miles. I think there are companies that sell >> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 3 lines] > Extended warranties are a waste of money. They are a major > profit source for anyone selling them. Period. I am not sure you can say this so definitive... I got an extended warranty on my 04 honda accord with no deductable for $550 and already used it up on two electrical problems I would had to fix out of my pocket... but they were free because of warranty. You could probably find a lot of people who got their money back spent on the warranty as well... Of course, you can also find people purchasing warranty to never use it in the future, but it does not mean every case will be the same... It will strongly depend on how much you have to pay for such warranty and what is the car in question... $2000 warranty on a S-Class mercedes or Audi A6/A8 would probably be a different story than the same $2000 warranty on a corrolla which is more reliable and does not cost so much to repair as mercedes or audi. The same is with insurance - if it did not bring profit for the insurance companies nobody would offer it... It does make major profit to insure cars agains liability or your own collision but you would still do it if you had a car which you don't afford to lose. >>> ITs on 03 corolla, 71K miles. I think there are companies that sell >>> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 28 lines] > liability or your own collision but you would still > do it if you had a car which you don't afford to lose. The FACTS are that insurance companies and warranty sellers receive MORE in premiums than they PAY OUT in claims. Therefore, ON AVERAGE, it is better to take responsibility for your OWN repairs. However, yes, in the ONE case I bought an extended warranty, REALLY CHEAPLY, for a NEW 85 Hyundai Pony, it paid off in spades. Hondas, too, might fall into that category. But MOST Toyotas, no, it wouldn't pay to buy an extended warrant unless it was LESS than ONE-QUARTER the initial price they asked for the warranty, e.g. $200 or 300 dollars. > The FACTS are that insurance companies and warranty sellers receive MORE in > premiums than they PAY OUT in claims. Therefore, ON AVERAGE, it is better to [quoted text clipped - 4 lines] > than ONE-QUARTER the initial price they asked for the warranty, e.g. $200 or > 300 dollars. The whole idea of insurance or warranty is that "on average" seller wins, otherwise he would not bother selling the product. But as a client, if you buy it cheap, and read all the fineprint to make sure you know what you are buying you have a chance to fence off BIG repairs which might or might not happen. You do not care about "on average". You have to decide if you can afford replacing the car if something happens or buy insurance. Unless you can pay for any repair out of pocket it is worth it to buy warranty. Yes - you need to play the price game not only with the price of the car, but also the price of the warranty. I payed $550 after negotiating it down from thousands... With the process of buying the warranty not from the dealer, later in the game, it will be harder to lower the price much. >> The FACTS are that insurance companies and warranty sellers receive MORE >> in premiums than they PAY OUT in claims. Therefore, ON AVERAGE, it is [quoted text clipped - 18 lines] > With the process of buying the warranty not from the dealer, > later in the game, it will be harder to lower the price much. You hit just about the right 'sweet' spot on price, as did I with the warranty on my old Hyundai Pony. Unfortunately, literally MILLIONS get sucked in. >>> ITs on 03 corolla, 71K miles. I think there are companies that sell >>> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 9 lines] > on two electrical problems I would had to fix out of > my pocket... but they were free because of warranty. The repairs were "free"? In looking at your statement, it appears that the repairs cost you $550, the cost of the warranty. >>>> ITs on 03 corolla, 71K miles. I think there are companies that sell >>>> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 12 lines] > The repairs were "free"? In looking at your statement, it appears that > the repairs cost you $550, the cost of the warranty. Valid point but the implication is that he would have had to pay thousands for all the work done on his Honda. But Hondas...the Ford of Japan. >>> I am not sure you can say this so definitive... >>> I got an extended warranty on my 04 honda accord [quoted text clipped - 7 lines] > Valid point but the implication is that he would have had to > pay thousands for all the work done on his Honda. Maybe not thousands, but the first repair was needing replacement of the electrical module with the parts cost $380 not including labor. Second problem was related to the rear window defroster and it was not anything simple like a fuse (checked the fuse myself) but the electrician spent whole morning on the repair. This one would cost me a lot of labor if payed out of the pocket... The extended warranty I got has no deductible, and I have already noticed burned bulb under dasboard switch so I am going to ask to replace this bulb during next oil change service. According to the warranty papers - interior, dashboard or instrument cluster lamps/bulbs are covered so another thing I do not have to worry about and it would probably cost me $100 or more and I would not care to fix it for that much anyway :-) > But Hondas...the Ford of Japan. Really? Why do you think so? Do hondas have so bad track record? Are they worse than toyotas or nissans? I am sure they are at least better cars than mitsubishis :-) >> I am not sure you can say this so definitive... >> I got an extended warranty on my 04 honda accord [quoted text clipped - 4 lines] > The repairs were "free"? In looking at your statement, > it appears that the repairs cost you $550, the cost of the warranty. Yes, they did, but 1st: they would total more than $550 and 2nd: I am left with the warranty for many years to come so if anything more will need attention it will not cost more. So you got rid of the 88 Camry? > ITs on 03 corolla, 71K miles. I think there are companies that sell > used car warranties, for those buying used cars wheich no have any > mfg. warranty? More importantly are any reputable/honest or are they > rip-offs? Not yet, but just yerterday I took a drive up to San Antonio and bought an 04 Corolla 5-spd from original owner, 80 K miles. So now I can get rid of the 88 Camry...I'll probably just give it to my inlaws in town who are always needing cars. The only feature it didn't have on it that I really want to have is a cruise control. I once bought one from JC Witney which I installed on a Tercel I had some years ago. It only lasted a little more than a year, just long enough for the warranty to expire. So I am leery about ordering another one from them. Any ideas where to get a good aftermarket cruise cont. for this car? >So you got rid of the 88 Camry? > >> ITs on 03 corolla, 71K miles. I think there are companies that sell >> used car warranties, for those buying used cars wheich no have any >> mfg. warranty? More importantly are any reputable/honest or are they >> rip-offs? > ITs on 03 corolla, 71K miles. I think there are companies that sell > used car warranties, for those buying used cars wheich no have any > mfg. warranty? More importantly are any reputable/honest or are they > rip-offs? I once had a policy through CSAA, which they called "All Risk." It paid off for me big time, soon after I reluctantly agreed to sign up for it, but you had to have <50K miles when you signed up. This was on a VW Rabbit. They paid for a whole new manual transmission, a new clutch, and new struts. At the beginning they didn't even exclude normal wear items. It's probably not worth it on a Corolla under any circumstances. You're probably looking at well over $1000 for another three years/36,000 miles, with large deductibles. Plus these type of companies love to find any reason to deny a claim. If it were a BMW or other unreliable model, then it might be worth spending the money. On new cars, if you get the extended warranty, always get the genuine manufacturer's extended warranty, not the third party one that the dealer pushes, and always bargain on the price. Some people don't understand the math on the extended warranties, and automatically proclaim them as a bad deal, but this isn't always the cas, and the insurance analogy is a bad one. Remember that the amount the manufacturer pays the dealer for a covered repair is a fraction of what you'd pay on your own. For example, a single moderate problem could cost you $1500 if you paid for it, at the dealer, on your own, but the dealer is probably getting only a few hundred dollars from the manufacturer to fix it under warranty. You could pay $1000 for the extended warranty, and have it cover a $1500 problem that the dealer gets paid $300 to fix. The "loser" is the dealer, but only if that dealer would have been able to charge you $1500, versus you going off to an independent shop and getting the problem fixed for $750. >> ITs on 03 corolla, 71K miles. I think there are companies that sell >> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 20 lines] > automatically proclaim them as a bad deal, but this isn't always the cas, > and the insurance analogy is a bad one. Bull sh.t. Some dealers make MORE on crap like extended warranties then they do on the actual SALE of a vehicle. > Remember that the amount the manufacturer pays the dealer for a covered > repair is a fraction of what you'd pay on your own. For example, a single [quoted text clipped - 5 lines] > would have been able to charge you $1500, versus you going off to an > independent shop and getting the problem fixed for $750. A relative of mine is telling me that since its an 04 Corolla and has already over 80K miles on it, an extended warranty would be very, very expensive. I know its highly improbable that the engine or clutch would suffer a major expensive failure, given the reliability record of COrolla, but it could happen. I just cringe at the thought of the engine cratering and maybe having to take out a loan to have it replaced, still owing several thousands on the car. Regards, Geronimo >>> ITs on 03 corolla, 71K miles. I think there are companies that sell >>> used car warranties, for those buying used cars wheich no have any [quoted text clipped - 33 lines] >> would have been able to charge you $1500, versus you going off to an >> independent shop and getting the problem fixed for $750. > A relative of mine is telling me that since its an 04 Corolla and has > already over 80K miles on it, an extended warranty would be very, very [quoted text clipped - 48 lines] >>> would have been able to charge you $1500, versus you going off to an >>> independent shop and getting the problem fixed for $750. You don't have an emergency fund for such expenses? One should save up a fund sufficient for SIX months average expenses before splurging ANYTHING on home electronics, for example. > You don't have an emergency fund for such expenses? One should save up a > fund sufficient for SIX months average expenses before splurging ANYTHING > on home electronics, for example. That was funny! :-) People in USA have on average negative savings... They simply do not save money, they spend borrowed money. >> You don't have an emergency fund for such expenses? One should save up a >> fund sufficient for SIX months average expenses before splurging ANYTHING >> on home electronics, for example. > > That was funny! :-) People in USA have on average negative savings... > They simply do not save money, they spend borrowed money. Oh, it's not just in the States. Many of my income-tax clients are just a couple of pay checks away from financial disaster. |
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