ECP Protection Plans - your thoughts on value?

[Truz66]

Thinking about whether it is worth upgrading from 36mo/60,000km (Canadian version, US is different) to 84mo/120,000km. In Cdn dollars this is 3329$ (go ahead and post US version if you know it). That seems like a lot to given it doesn’t cover many things. But with these fancy safety cameras and other tech bits, maybe it now makes sense? Please post your thoughts.

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[Ron]

Not for me.

Those warranties make companies rich with our hard earned dolars. I never pay for them on anything so over time, the probably is that I will save money.

 

[jcwls3]

No. Toyota is a premier Japanese manufacturer. The Tacoma is arguably its most reliable, lowest-cost-to-own model over time. You’re paying a serious premium for it. Don’t flush additional money down the toilet.

Should the 6’ bed Trailhunter for which we’ve forked over a US $1K deposit actually appear, and should we like the truck enough to buy it for US $60K-plus, we will not be buying an extended warranty. Period.

That being said, I am hardly against them. I purchased a 10-year / 100K full-coverage (exclusionary) Fidelity Platinum warranty on our 911. It was a no-brainer. Glance sideways at any German luxury brand, particularly Porsche, and you’ve removed $5K from your checking account just to get started on an out-of-warranty repair.

If we were buying a domestic truck or sub-prime Japanese (think Nissan) that we planned to keep for the long haul, we’d strongly consider a proper Fidelity plan. But for a Toyota? Nope.

 

[JBSwine]

Not worth it.....I may be extremally lucky but in the last 25 years any failure I have ever had was covered by the original warranties and any warranties I bought went to waste. I stopped buying them about 15 years ago and and still have not needed them. YMMV.

 

[Darrin Carter]

No I refused any extended warranty.
I am going on Toyota reliability and my experience with my 07 Tundra and 2010 Rav still have both and never any problems

 

[Truz66]

Thanks for your responses. It chimes in with my own thoughts. I’ve had many vehicles, new and used and I’ve never seen repairs equivalent to 5% of new vehicle value incurred in years 4 to 7. Lemons get caught in the first 3 yrs and I think it improbable to have major issues in the immediate years past that. It’s 500$ to fix anything these days, so that gives us a few blips.

 

[Tacosyeg]

Worth it in my experience. Modern vehicles have too many electronics that can fail. While Toyota is reliable, things can still go wrong. This is especially true for a new model with added electronics. We bought a used 2020 Lexus GX460 with the Lexus ECP and the blind spot monitor on the passenger mirror went. Replaced the mirror at no cost ($1500) and that didn't fix it, replaced the cpu module (1200) and it still isn't fixed, so we will see what the next recommendation is. We also were getting wind noise from the passenger door and they added sound deadening to the door at no cost. Could we have paid out of pocket for those things? Easily. But we have already had covered what we paid for the plan and that isn't considering any potential mechanical issues in the future.

The biggest consideration is you know when and how much you are paying for the ECP. With repairs, they often come out of nowhere. If you are comfortable with the latter, then don't buy the ECP. It's the same reason some people are good with a fixed rate mortgage while others are good with variable.

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