Toyota service plan

[Shepsy]

We have a 2024 RAV4 PHEV and are trying to understand if it’s worth taking out the Toyota service plan.

We cover around 1500 miles/ year.

Has anyone followed the increase in Toyota servicing costs over the past few years and if so, could you please give us an example?

Also, if a service plan is taken out and we decided to change to another car, can the plan be transferred?

Finally, If the plan is cancelled at any point , is a full refund given for the outstanding amount?

 

[Roy124]

Regardless of mileage you will need an annual service. 

I think the plan is terminated when you change cars and any balance refunded.  Either way you don't lose.

[philip42h]

26 minutes ago, Shepsy said:

We have a 2024 RAV4 PHEV and are trying to understand if it’s worth taking out the Toyota service plan.

It's really a matter of preference. If you take out a service plan you pay for your servicing in advance by monthly instalment at today's prices so are protected against inflation. Price increases due to inflation over the past three years run to around 20% - so a service plan taken out three years ago would likely have saved around 20% on service costs.

Conversely, you could have put money away each month to save up for your servicing, earning interest on your savings to offset against higher service costs. Over the same period, it is highly unlikely that interest earned would have matched inflation.

Who knows what tomorrow may bring ...

As Roy says, the plan is not transferrable, but the unused value can be transferred to a new plan or be refunded, so you don't lose out significantly.

[Corolly Poly]

46 minutes ago, philip42h said:

It's really a matter of preference. If you take out a service plan you pay for your servicing in advance by monthly instalment at today's prices so are protected against inflation. Price increases due to inflation over the past three years run to around 20% - so a service plan taken out three years ago would likely have saved around 20% on service costs.

Conversely, you could have put money away each month to save up for your servicing, earning interest on your savings to offset against higher service costs. Over the same period, it is highly unlikely that interest earned would have matched inflation.

Who knows what tomorrow may bring ...

As Roy says, the plan is not transferrable, but the unused value can be transferred to a new plan or be refunded, so you don't lose out significantly.

I calculated that without allowing for inflation or interest in the bank that the price of servicing /MOT through a plan was about the same as buying them individually. BUT inclusion of EU breakdown swung it for me as I intend travel around Europe a lot now me SWMBO are retired.

[FROSTYBALLS]

Service intervals are either 12 months or 10,000 mile, whichever occurs first. So if you do less than 10,000 miles per year (whether it is 5 or 9,000), servicing is due on the annual basis

[Shepsy]

Whoops, Sorry it should have read 15000 miles / year.

[Roy124]

3 hours ago, Shepsy said:

Whoops, Sorry it should have read 15000 miles / year.

So you will need your first service at 8 months, second at 16 and third at 2 years.

Safe guarding against price rises over 2 years as opposed to 3 years will be less valuable. 

As I said elsewhere,  the App is now good for predicting the 10 000 mile interval date.

[ToyotaFanDriver]

I looked into this with my 2023 RAV4 hybrid and when I sat down and worked it out it was basically the same as paying at the time. Yes it might hedge against inflation but the last few years have been an exception scam for all consumers in all industries. I decided to just pay it yearly whenever I get it serviced in the end...

[+Steve]

i work out the service costs and stick £50 a month away in a interest account and at end of year have covered enough to pay for the service and more. Any change leftover i use for the following year.

Your money is better in your own account.

 

[PAISLEY1903]

I currently pay £30 a month on mine.

Will get me 2 MOT full service and interim. Happy with that I suppose. 

[152bobby]

I had a few simple queries on my new service plan, mainly about the unused transfer part from old plan to new plan and sent a very plainly written detailed email to Emac, who manages these plans and they replied that they would rather talk to me than reply in writing.  I told them I'd rather get a email and not talk to them, I've not heard back from them since.

Toyota dealers really don't have much of a clue about these plans, they simply fill in the boxes, but they sure know how to fill out a Direct Debit Form to get your money !!

[Hayzee]

2 hours ago, 152bobby said:

I had a few simple queries on my new service plan, mainly about the unused transfer part from old plan to new plan

When I changed vehicles I rang eMac and they refunded me a higher ammount than I expected. They didn't offer a transfer to the new plan, but I was fine with that.

[philip42h]

If it is an EMaC service plan, they provide some FAQs here that answer some of the cancellation and transfer questions.

I believe there are other service plan providers ...

[152bobby]

I have in and called them, they have confirmed that I got £56 transferred from my old plan to my new plan.  The reason the payments are over 18 months and not 36, is because the plan was higher than normal.... didn't understand that part at all. 

But I did clarify that my actual maintenance plan is 3 years and includes 3 services and 3 MOTs.