robsvdp

This comes up so often, I thought a poll would be good -- let's see what people have been spending for warranty-eligible repairs as compared to the estimated $2k contract price.

golfxx

I am concidering an extended warranty for my 03 SC. I only have 9K miles on it and I am looking at a 70K 7 year bumper to bumper warranty for $1700. I do not have enough miles on my SC to comment on the pole. I will watch the responses and make my decission accordingly. good pole.

mrblister

By far the best price I got for an extended warranty. I highly recomend tell I referred you.

Buddy

LEXUS PLATINUM WARRANTY
0 deductable
Transferable for a $ 50.00 fee
7 year Warranty or 75,000 miles
[ cost was $ 1590.00 ]

So I have a 2005 sc430 original warranty expires Nov 2008 extended warranty
kicks in from November 2008 and will continue for 3 years 75,000 miles.


Specializes in Lexus Platinum Warranty's
TROY DIETIRICH
1 413 772 0989

ASER

Does anyone know if it's possible to extend the Lexus CPO coverage by getting a Platinum warranty? (I doubt it but would like to double-check.)

golfxx

So far with only 7 people with input is looks like no one has got there moneys worth with the extended warranty. What I mean by moneys worth is total repair costing more than the extended warranty cost of 1500 to 2000 dollars. Anyone with other experiences? I'm thinking about buying an extended warranty however this pole indicated it now worth the cost. If something goes wrong just pay for the repair cost with the money you would have spent on the extended warranty.

tfischer

Even if you have repairs that equal the cost of the warranty, you do not come out ahead, and that's just considering the time value of money. I suppose that "peace of mind" is worth something, but $1,700.00 is a pretty steep price to pay to cover repairs that, considering the reputation and history of this car, are not likely to occur and which I can afford if necessary. (This is not a car bought, for the most part, I hope, by people with little discretionary income.)

The odds are that $1,700.00 will not be necessary, because the professionals that set the price of the warranty (really a service agreement) need to make a profit on the deal, and they have all the data. I'll go with them and keep the cash myself, because the odds are pretty good that I will not have to spend it on the car. If I do, I'll have that cash available, plus all the other cash I have not spent on "extended warranties" for my computers, plasmas, etc.

robsvdp

Although the poll is showing a definite "don't buy", I was hoping for a little higher response to make it a little more statistical and a little less anecdotal. Hopefully more respond.

tfischer

More responses won't make your sample any more valid; you will still be generalizing from insufficient data. Besides, your search is for an economic answer, which is not a matter of opinion. Your best information here would be the frequency of repairs, although Powers and other services gather data from a far larger universe (as statisticians say).
Once you know that the car is not prone to breakdowns, the self-insurance answer becomes self-evident (I think).

ultra63

Probably should specify it should be filled in at the end of the extended warranty. Probably more things go wrong the last year of the extended warranty than any other year of the warranty.

bbatts

Hey. It's an insurance policy and piece of mind. Not a bet on whether you would use it on not. Most likely you will use some or most of it. If you should have a catastrophic failure you are totally covered. Even the small things get really expensive when they start to go wrong with nav screens, seat switches, motors for tops, engine computers, transmissions, radios, etc, etc. It's also a comfort factor for the new buyer if/when you may sell the car......with a warranty.

My SC goes out of warranty in July -09. I will certainly have some type of warranty coverage from Lexus. There are a couple different coverage levels.

BB

BB

JohnnyCake

This is probably the most succinct explaination that I have seen of whether to purchase insurance or an extended warranty.

If the reasonably possible expenses are going to really hurt your lifestyle if they occur, then the insurance/warranty is a good idea. If not, then its a bad idea.

That is why utilities and some major corporations are either "self insured" or the functunal equivelent of "self insured" -- the hit they are going to take from lawsuits is something they can absorb in stride. It is also why you need health insurance. Unless you are super rich, you are not going to be able to take the hit from virtually any surgury in stride. Likewise you need auto insurance, cuz having your $60K ride stolen is gonna hurt, not to mention the money you'll have to pay if you run over some old lady.

So if a reasonably possible repair is gonna leave you really scrambling, then definitely get the insurance / extended warranty. If its something that you could handle realtively easy, then don't.

scdroptop

iTrader: (1)

I have posted some of this stuff before, but I will give you an update.

2002 SC430...one of the handmade early SC's.

26k miles. Adult driven on weekends and to/from gym in the morning <5mi.

Bought the Platinum Warranty in 2006 as the factory warranty was expiring. I believe they wanted $2100 or something, but I got it for $1600.

Here is what has been replaced and approximate costs (I say approximate because sometimes they put the price on the receipt, sometimes not):

2006-$3,000 total, approximately two weeks in shop
Engine motor mounts
Engine stabilizer
Engine front mounting bracket
Transmission mounts
pillar insulation kit
battery cables failed
strike plate on roof


2007-$2200, approximately three weeks in shop
Control Arm and bushings $931
middle console trim clips replaced
strut mounts separated $800
One ML speaker

2008-$2,700, approximately five weeks in shop so far.
seal around windshield and doors-leaking and not sealing right
One ML speaker
Error 6 Code on ML Head Unit-replaced entire stereo
Another ml speaker
ML subwoofer
middle shift assembly (squeaking/shifting when turning)

Total covered: roughtly $8k. Warranty Cost: $1600. Expiration Date: 7/09

I still have problems with one speaker when the top is down it just rattles a bit. It is not blown and it is one that was replaced and reinsulated around it, but it still rattles. My middle console and passenger's seat still rattle. I live with a few things, but this car has had a LOT of issues.

In my opinion these cars need to be driven more than I drive it. Perhaps it's the hand made aspect of mine or the parts just failed due to time. I don't know. All I know is that I sure am glad I bought that warranty and I probably will trade in the car when it expires due to all the problems I have had.

tfischer

SCDropTop tells a sad story, but an unusual one, and here at The Forum we try not to generalize from insufficient data.
For example, my SC is also an early 2002 (I was #12 on the waiting list when the car went on sale in April of 2001, ahead of 150 others). My car has also been lightly driven, and has just turned 30,000 miles. It has been in the shop for nothing other than new tires, a new battery and routine service at the suggested intervals.
So in conclusion, all I know is that I sure am glad I did not buy that extended warranty and I certainly will not trade in the car in the foreseeable future due to the total absence of any problems I have had.

Solman

I purchased my 02 Sc430 with only 24K miles in August and looked aggressively for breakdown insurance. Besides an internet search, I found my auto insurance reasonable at 1.5K for 3 years, but was blown away that my teachers credit union (schools first, formerly OCTFCU) offered me a 7 year, 100K miles, zero deductable warranty which is a premium policy meaning they also cover all the electronics for a measly $1300. That means this car is covered until 2015 (on an 02!!!) or 124K miles with a ZERO deductable. The insurance company pays with a credit card after authorization, so I never pay a penny. They recommend using a lexus dealer. I consider this just as good as the deal I got on the car (26K) for an SC that everyone thinks is brand new. It is in premo shape and I am the proud papa! I recommend to anyone to check with your credit union, if you have that access.

tfischer

I think he means "primo."