Extended warranty on 2002
07-06-12, 08:30 AM
#2
Lead Lap
Most folks that have them are proponents of them. I am one also. My policy is through Lexus but many others have 3rd party warranties and are quite pleased with them. The warranty can pay for itself when you have speaker problems (very common) or roof problems (fairly rare but may become more common now that our cars have breached the 10 year point). I don't know much about the various 3rd party companies though. Be sure to read the policies very carefully to make sure it actually does cover what you want covered.
07-06-12, 09:31 AM
#4
Moderator
In my mind warranties, it's really just health insurance for your car, are about two things; risk vs reward and peace of mind.
In my case I bought my 02 car in 2009. It had 49k on it at the time. Since 1990's my wife and I, well mainly my wife, have driven several Lexus products and understood there reliability issues as compared to other cars in this class. Even as reliable as Lexus cars are, I was more comfortable getting an extended warranty. So, when I had the car inspected at the dealership we've worked with over the years I spoke with them about entended warranties. While my 02 was too "old" in 2009 to qualify for a Lexus CPO warranty, the dealer also sold 3rd party ones. It just so happens that one is underwritten by a company which is Lexus' southeastern United States distributor. The company, JM Group owns Fidelity Warranty.
They offer several "levels" of coverage. In my opinion, ALWAYS purchase the highest level warranty, otherwise the EXCLUSIONS will bite you just when you need coverage. In addition, the cost of the policy, just like the cost of the car IS NEGOTIABLE.
Other forum members have found warranty insurance from other vendors. If you use the advanced search tool you can find those thread and do some due diligence.
As I mentioned at the beginning insurance is about risk vs reward and peace of mind. What about your bank account are you willing to risk for the reward of driving your SC430? How unsettling would it be for you to be faced with a 5K bill for a repair. As Harold mentioned our sliding rooves are very reliable considering the number of moving parts and the engineering necessary to keep them in sync. But things do fail. If you noticed there has been more threads recently about very expensive failures (according to Lexus dealers) which after doing more research turn out to be something other than the dealer suggested AND a whole lot less to fix. However mine did fail and the was verified by the warranty company because the bill was more than 5K. They picked it up and I did not pay the $50 deductible because the work was done at the dealer where I bought the policy. They also done other work covered by my warranty, speakers, o2 sensor, motor mounts so in my case I am way ahead on the risk vs reward scale.
Lastly, you must consider "how" you drive, and how far you drive on and annual basis. I've owned my car for nearly three years and have driven 16K miles...(actually more than I originally was planning on, but the car is so much fun to drive) If yours is going to be a garage queen then the risk will be very low. But if it's going to be more, then you should consider the purchase of insurance carefully.
In my case I bought my 02 car in 2009. It had 49k on it at the time. Since 1990's my wife and I, well mainly my wife, have driven several Lexus products and understood there reliability issues as compared to other cars in this class. Even as reliable as Lexus cars are, I was more comfortable getting an extended warranty. So, when I had the car inspected at the dealership we've worked with over the years I spoke with them about entended warranties. While my 02 was too "old" in 2009 to qualify for a Lexus CPO warranty, the dealer also sold 3rd party ones. It just so happens that one is underwritten by a company which is Lexus' southeastern United States distributor. The company, JM Group owns Fidelity Warranty.
They offer several "levels" of coverage. In my opinion, ALWAYS purchase the highest level warranty, otherwise the EXCLUSIONS will bite you just when you need coverage. In addition, the cost of the policy, just like the cost of the car IS NEGOTIABLE.
Other forum members have found warranty insurance from other vendors. If you use the advanced search tool you can find those thread and do some due diligence.
As I mentioned at the beginning insurance is about risk vs reward and peace of mind. What about your bank account are you willing to risk for the reward of driving your SC430? How unsettling would it be for you to be faced with a 5K bill for a repair. As Harold mentioned our sliding rooves are very reliable considering the number of moving parts and the engineering necessary to keep them in sync. But things do fail. If you noticed there has been more threads recently about very expensive failures (according to Lexus dealers) which after doing more research turn out to be something other than the dealer suggested AND a whole lot less to fix. However mine did fail and the was verified by the warranty company because the bill was more than 5K. They picked it up and I did not pay the $50 deductible because the work was done at the dealer where I bought the policy. They also done other work covered by my warranty, speakers, o2 sensor, motor mounts so in my case I am way ahead on the risk vs reward scale.
Lastly, you must consider "how" you drive, and how far you drive on and annual basis. I've owned my car for nearly three years and have driven 16K miles...(actually more than I originally was planning on, but the car is so much fun to drive) If yours is going to be a garage queen then the risk will be very low. But if it's going to be more, then you should consider the purchase of insurance carefully.
Last edited by VVTiBob; 07-06-12 at 10:15 AM.
07-06-12, 01:32 PM
#7
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If I know my speakers are blown and am able to buy an extended 3rd party warranty for an 03 w/ 40,000 miles, can I then get the speakers fixed AFTER buying the warranty? How long should I wait to get the repairs? (Given the warranty covers speakers, of course). I know the moral answer, what is the forum answer? !!
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07-06-12, 02:14 PM
#9
but you're right. It was "piling on" but I wanted to cast my vote!
just bought an 03 with 49k mileage a week ago and purchased a warranty through Carchex....got their best coverage offered $2475. 5 year 50k mileage coverage...
07-07-12, 02:46 AM
#14
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I purchased my 2003 with 69,000 miles on it. Within a couple of days of buying it, I did purchase a 3yr/36,000 extended warranty from Mercury Select or Mercury Insurance Group (Through AAA). Within a couple of months of purchase of the warranty, my radiator sprung a leak and needed to be replaced and the warranty company covered the bill minus my $100.00 deductible and they didn't give me a hard time about paying for the repair. A new radiator, parts and labor was over $700.00, so I am very glad I purchased my extended warranty.
07-07-12, 04:17 AM
#15
I bought a 02 with 86k and got a 4/50 Carchex for$ 2400. I found out later my Lexus dealer will sell me a aftermarket one too even though I didn't buy the car there. Price was competitive with Carchex.