Hi, I have a 2012 Toyota Tundra SR5 TRD Pro Crewmax with 124,000 miles. I have always purchased a new vehicle at 10 yrs so I can enjoy a new car and not worry about the old one tanking on me.
However, this Tundra has been awesome and the only repair so far was an alternator about 3 months ago. And with the auto industry in such a crazy state (MSRP+ pricing, Toyota doing away with the V-8, EVs getting all the attention, etc), I am thinking of keeping it another 5-6 years. I am dreading a major drive train issue and so I got a quote from Carchex for $3600 for 6 years of coverage called Powertrain Plus. It works out to 18 payments of $201.57 if I want a payment plan.
Here is the summary:
| Service Contract Provider: | American Auto Shield |
| Product Name: | Powertrain Plus |
| Coverage Term: | 72 months / 100,000 miles |
| Deductible: | $100.00 |
| Limit of Liability: | $15,000 or Actual Cash Value (whichever is greater) |
| Waiting Period: | 30 days & 1000 miles |
| Expiration Date: | 9/4/2028 |
| or Expiration Odometer: | 223,450 miles |
Do you guys have something like this or do you have an opinion if this is a smart option?
$3600 for 6 years of coverage called Powertrain Plus
Invest this $3600 wisely and in 6 yrs, you may have enough saved up to pay for any unforeseen drivetrain work, in cash.
What does the fine print say regarding covering an old, high mileage vehicle? What about the company’s reputation about honouring warranty claims from other customers?
Usually, 3rd party aftermarket warranties rarely want to pay for expensive repairs.
Plus, your Tundra is actually pretty low mileage for a Toyota.. If I were you, I wouldn’t pick any extended warranty for it (OEM or 3rd party).
All the best!
These aftermarket warranty deals are scams and a rip off.
There's a lot they don't cover or won't cover for an older vehicle and plenty of ways they can deny paying out on a repair. I would pass on Carchex.
We would love to hear from you as to what you think are "legitimate companies." I have never found one. And I get 4 phone calls a week trying to sell me an extended warranty on my 41 year old truck that never had an extended warranty to begin with.
Isn’t that the whole point of buying/owning a Toyota product in the first place? So you don’t have to get an extended warranty.
Anyways, avoid these third party warranty companies; if one had to get it, the best extended warranty is through the OEM.
Thanks, guys. There are hundreds of car warranty scams but there are certainly legitimate companies. I really like Wingman's idea and is what I was thinking; being my own warranty provider.
Will keep an eye out for other opinions but definitely appreciate you guys.
What legitimate companies???