Should I cancel Toyota extended warranty?

[ern-diz]

Originally Posted by tmontague

Extended warranties are an upsale, they are not designed to save the consumer money, but rather to make the dealership larger profits. I dont doubt they may have some consumers here and there (that is if they actually decide to honor it and not weasel out of it) but on a large scale it just increased the profits of the dealers.

This is true for just about every piece of insurance one can buy. I don't argue it and gun to head, would also vote for cancelling it.

Having said that (and to be my devil's advocate self ) you are taking a bit of a risk, albeit a very tiny one. To Trevor's point, 9.99 times out of 10 you're going to be fine with these cars. As an example of the .01 times, my extended warranty saved me from spending on a new rack and pinion. It went on me just before the warranty expired and they covered it. I suspect it went out due to a minor collision my car was involved in very early on but nonetheless, there aren't any guarantees in life.

Cancel it knowing that you're taking the better Vegas odds but if you do, just don't be pissed at yourself later if something happens (which I highly doubt will).