To extend warranty or not?

[Fidgits]

So, the 2 year manufacturers warranty is coming to an end next month - and im toying with renewing...

I understand you can buy 1, 2 and 3 years - and compared to porsche, they seem a bargin - but is it worth extending?

its an 06 111R - so Toyota engined, and while its had a couple of niggles, I would hope it would be reliable?

so i was looking for advice and experiences to help me make an informed decsion.

Thanks in advance!

[bogie]

I would do, depending on how long you keep the car for and how many miles you do, its probably going to save you a few quid in the long run....and sods law says if you dont renew it, you will get a huge bill next service

[21TonyK]

Personally, I would say no. Unless of course you suspect a major problem is brewing. Warranties are insurance policies and the underwriters make a living from selling them, so they must make a profit. This means the policy costs more than the average value of claims against it. Therefore, you should save money by simply paying for any work yourself.

Thats the theory... Plus, these are not expensive cars to fix, parts are cheap. It's the labour that is the killer and there are a lot of good indies around. And, if you feel like getting your fingers dirty there is a huge community of technical support and virtually everything dealers have access to is online "somewhere".

Edited by 21TonyK on Saturday 21st June 11:47

[bogie]

Yeah, thats just me playing it safe, as I used to be of the same school of thought until I owned 2 cars in a row out of warranty, never bothered, then ended up with thousands of pounds of work the year after on them

It depends how much it is...if its £500 then Id go for it...people are paying that for mini AA warranty, let alone manufacturer, cover everything jobbie...but if its £1500 then no I wouldnt bother

[21TonyK]

bogie said:

Yeah, thats just me playing it safe, as I used to be of the same school of thought until I owned 2 cars in a row out of warranty, never bothered, then ended up with thousands of pounds of work the year after on them

Lotus? One of the reasons I dumped my M3 because of warranty costs vs. potential issues. But, bar aircon, an engine or gearbox going pop I would have though most Lotus issues are relatively minor and easily fixed by most garages???

[dgr]

Having gone the 'they are cheap to fix' route on my last one and had the dubious pleasure of some 4 figure service bills. My current one had 3 years of warranty as part of the deal when I bought it (new).

Once bitten, twice shy as they say.

[bogie]

21TonyK said:

bogie said:

Yeah, thats just me playing it safe, as I used to be of the same school of thought until I owned 2 cars in a row out of warranty, never bothered, then ended up with thousands of pounds of work the year after on them

Lotus? One of the reasons I dumped my M3 because of warranty costs vs. potential issues. But, bar aircon, an engine or gearbox going pop I would have though most Lotus issues are relatively minor and easily fixed by most garages???

no - neither were Lotus...the most expensive things that I can think of on a Lotus are really just a steering rack or HGF - either is about £500 fitted ...I guess its just if you get a string of things one particular year

[S Works]

If the heater matrix/rheostat hasn't been replaced, and the warranty is c.£500, then it's a no-brainer. It WILL go, and it WILL cost you c.£700 to get fixed. That alone is worth it for peace of mind. From what one reads, on the 'yota's the only big ticket issue has been engine failures due to low oil/hard cornering causing cavitation and resultant wear to main bearings (IIRC). Thousands to fix, but if Gooby's experience is anything to go by, not covered by extended warranty.