kymbakitty

I'm still on the fence about buying an extended warranty.

I know the manufacturer warranty is pretty sweet...4/50k. But I'm considering extending up to 100k.

I also have never purchased a warranty from dealer. Markup on these is worse than jewelry from a mall shop! Every once in awhile, you can get a good price on extended warranty from dealer, but it is certainly an anomaly. Of course dealers will try to tell you their warranty is superior...just not true.

Anyone feel the need to buy one on the new RC?

If so, would you mind sharing the insurance company, price and length/miles.

Here is a list of the top 10 insurance companies...

http://www.consumersadvocate.org/car...car-warranties

dmac250

I got it, Always do, its worth it for me.

kymbakitty

Excellent! Thanks for responding.

In the event I buy one, would you please provide me with more information so I have a frame of reference if I do buy one? It can't be any more taboo than sharing the price we paid for our cars.

Did you get warranty through dealer or outside of dealership? What were your terms (beyond 4/50)?

Total cost? Deductible?

If I do buy one from dealer, I would like to know ballpark of what people have paid. I realize different states have different markup.

The best quote I've received so far was approximately $2k, up to 100,000. One of the 10 ten insurance companies. Can't recall which one right now (they don't all have the capability to sell to California).

I've purchased and used Warranty Direct, Safe Credit Union, and Mercury before and used every single one of them with great success.

Thank you!

GearHead69

Why run two warranties in parallel? You don't have to buy the warranty from the dealer, which is pure profit for them, as you can go through AAA and get one cheaper. I had one for my wife's 2004 ES330, and it was bumper to bumper like the factory warranty, and only cost $1,500 with a $100 deductible. I had it always serviced at Lexus and the AAA warranty never had a issue with Lexus.

You don't need to buy one at the time of purchase as it is a waste of money to run them in parallel. Just as long as you get one before the factory warranty runs out you'll be fine. My Dad was a car salesman and the extended warranty is the biggest money maker for the dealer.

Baopee

Had bad experience with one of the extended warranty company listed on the link with my M3, The most important thing to remember is to make sure you get everything in writing, or they will refuse to reimburse the bills.

what had happened to me was, I got the EW to cover M3 SMG pump/ actuator, I did confirmed with sales agent that it would be covered since it was part of transmission component, but they refused to pay when it failed, their reason was, it wasnt listed on the contract.

kymbakitty

There are horror stories for every type of insurance. But I have had 3rd party insurance on all of our vehicles. None were purchased from dealer (I learned years ago that there was so much mark up on those and that's why they pushed so hard). Incidentally, I only know of one person that had issues with extended warranty and she bought it through dealer!

Warranty Direct paid over $2,800 on ring job on Northstar, I turned around and sold it...transferred the warranty (I think he had small transfer fee). Motor blew 6 months later and warranty company paid out over $5k again. Zero issues. But we've had claims for every warranty we ever purchased without issue.

I do know you can get a policy at a discount if you buy when car is new, but probably not enough of a discount to make a difference.

I may not even get one. Car will be paid off in 3 years so at least I won't have a car payment after manufacturer warranty expires.

jowsleyyy

iTrader: (1)

You have up until your current warranty expires to purchase another one. I would wait until then to do it. If you do it before you'd have to finance it and end up paying interest on it.

kymbakitty

I have not nor would I ever finance a warranty. Seems odd to me to do so.

I'd either pay for it in cash, or not get one at all.

kymbakitty

I just reviewed the contract sent to me by Car Chex.


Funny thing is that they gave me the option of 24 months (82.71) with ZERO interest.


I still think I'd pay for it upfront. I hate having payments. Having a car payment after years of none is going to be enough as it is. I just don't like having bills....other than our mortgage.

GearHead69

Have you tried AAA for a quote? Also, I would wait until the current warranty is almost up otherwise you are paying for something you won't use.

New2L

I bite the bullet with the 2015 Rx350 CPO we just brought home, and purchased 3 more years added onto the coverage already there of the remaining factori warranti plus the add'l 2 years with unlimited miles from the CPO program. Those carry me to spring 2021. The extended Platinum bumper to bumper, $0 deposit, unlimited miles for 3 more years ending 2024 cost me another $2250 plus tax, and starts when the others end in 2021. I'm told it's refundable at a prorated interval less 10 percent fee, and it's transferable. Am wondering did I make a mistake? I went to a Lexus because of reputation for reliability, so shouldn't need it, but my luck has cars which are well cared for breaking down with components that don't normally break.

kymbakitty

I have purchased MANY car warranties over the years....probably close to 8. We have used every single one of them too (this was back before we bought Toyota). But I found out early on that it is just like insurance--and you can shop around for one that will be just as good as the dealer's but way less.

If you have a short period of time to get refund for insurance (usually you have 3 days), I would shop around on line. There are VERY reputable car warranty companies on line (A+ rating). And you know what your deductible is, the length of coverage, blah, blah, blah, so you can compare apples to apples.

My coworker's husband bought a $40k new truck the other day. He bought the extended warranty through the dealer. We had a discussion about this and she went online. They cancelled the insurance they bought through the dealer and got it directly online and saved $1,200!!! Just like financing, the extended warranties are BIG BUCKS (profit) for the dealers. I've only known one or two occasions where a customer has gotten a sceaming deal on a warranty at a dealer (because the dealer messed up big time somewhere else and was trying to make it right without having to take car back!). But usually, you can get much better prices directly on line (payment options too).

Good luck and congratulations!

Dawn

New2L

Thx Dawn. I wonder if you could relate some examples of high rated extended warranty venders?!

kymbakitty

Did you open the link in the very first post? That was a webpage with the top 10.

I don't know what state you are from, but this is really super easy to do. Just google "extended warranty California" or whatever state you are in and you will see a plethora of options you can pick from. You can have all your information ready (price, miles, deductible, etc.) and make a few inquiries, whether it is on the phone or by chatting. You can do a few email requests for prices too.

This is not a scam...extended warranties is a big business. Also, (re) read a few of the posts above. The mark up directly with the dealer is RIDICULOUSLY high.

Baopee

Need help to make a quick decision, my factory warranty expires today, local Lexus stealership just call and ask if I want to extended the factory warranty for another 4 years to 75k total miles for 3478.00, after some negotiation, I was able to get it down to 2600.00.
do you think it is a good deal?