Lexus offered me something called Platinum Plus tire and wheel protection for $940. They claimed it will replace damaged tires and wheels for 5 yrs. Seemed silly to me to pay almost a grand for that. They also offered me lojack. I didnt even know that was still around.

Any additional warranties worth getting from lexus or a third party retailer?

 

I would never go third party. Too many loopholes.

 

Yep, loopholes and fine prints. Whatever you get, make sure you are very thorough.
I did get dent & ding protection for 5 yrs which was about $1000 I think. I live in NYC and I street park quite often, so I almost got my moneys worth within first year of owning the car.

 

I got the Platimum Plus Tire and Wheel Protection Plan for the ES and paid $900 for it. I found it worth it since it covers any scratches or damage to the rim (replace if needed). It also covers any punctures and since Lexus doesn't beleive in repairing tires, they give you a new one. It also includes paintless-dent repairs and windshield repairs. For that price for 5 years, that is cheap!

 

that actually sounds like a worthwhile deal. tire and wheel protection my dealer offered didnt include cosmetic damages. Just tire bubbles. I have never gotten a bubble in my life so I skipped out on that one. I think the dent & ding + wheel protection together was like $1500 for 5 yrs

 

I damaged my Lexus wheel the other day in one of the infamous Pennsylvania potholes. Had it repaired in my driveway for $40.00. Cannot be told from new... As far as dent protection, most that I've seen require painting. Paintless dent repair is a gotcha!

 

I know that there are many people who say that buying these add-on plans gives them "peace of mind". And having piece of mind is certainly fine, but it should be understood that getting peace of mind by buying these plans comes at a very high cost.

I brokered vehicle purchases for several years, and I know that, whether it be an extended warranty, a paint protection plan, a wheel protection plan, an interior finishes protection plan, or other similar add on, the cost to the dealer of such plans is typically in the range of 20% to 25% of what the dealer's price to the customer is. When you buy those plans, it is the same thing as giving back a good portion of the "savings" that you got when you worked hard to negotiate a purchase price for the vehicle of 8% or 10% or 12% off from MSRP.

When I was brokering the vehicle purchases, if a customer wanted a plan like these, I would try to discourage the customer from purchasing the plan, but, if he/she insisted on buying it, I would sell it to him/her for $25 over my cost, which was generally around 30% of what the dealers would typically have charged.

If you really feel that you need something like a wheel protection plan or a paint protection plan, the way to get it is to first completely negotiate for the price of the car. When the dealer's offer comes down to a price that you are willing to pay, say that you will buy the vehicle, but say that you will do so only if the dealer throws in that wheel protection plan or paint protection plan. The odds are that the dealer, in order to make the sale, will agree to throw it in, or else the dealer will agree to sell you that plan for a small fraction of what the normal price would be.

 

But they don't cap the number of repairs or replacements you get. I think it's $1500 per occurrence, and that's impossible to achieve for the ES. So if you're unlucky enough to hit several potholes or run over many nails, you'll get new tires every time. Lots of construction around here, so many small rocks are hitting the windshield too. The driver of the ES in my home tends to scratch and curb the wheel a lot, so repairs are free now. In regards to the paintless dent repair, most cars I see that have dents don't need repainting because it didn't break the clear coat. Just a little buffing gets the other car's paint out of yours. They also said that if I sell the car before 5 years, I can cancel and they'll give me the amount (calculated by length of time) that I haven't used.

 

What does that mean? Does it mean you helped people buy cars?

Good information. Thank you!!

 

I had a working agreement with the sales managers of local dealers who sold virtually any make of vehicle. They agreed to sell my customers vehicles for $100 over their true cost (not invoice). I would then charge the customer a $100 fee, and the customer would end up buying the vehicle for $200 over the true cost of that vehicle. It was an arrangement that benefited both the customer and the sales manager. The customer was able to buy a vehicle at a good price without having to deal with haggling for that price or spending lots of time, and the sales manager was able to sell that vehicle by spending a minimum amount of time and without having to pay a salesperson a commission. I also had agreements that allowed me to sell my customers typical dealer add ons, such as extended warranties, and I typically sold them to my customers (if they really wanted them) for $25 over my cost, which was only a fraction of what the dealers normally would have charged.

 

That is so cool.
I am new to this forum. How would one go about finding a reliable broker in the area?
If that is not possible, how would one be able to find the best deals on a car that they'd like to purchase? If there are any resources that you could point me to, I'd really appreciate it.

 

Interesting concept. Sounds like a poor business practice for the participating dealers, though. Were the salespeople in the dark?

 

If I werea sales rep, I don't think I'd be too happy.

 

When I was doing it, it was before the age of the internet. With all of the information available to car buyers today via the internet, I can't imagine that anyone would even try to do what I was doing.

I eventually stopped providing the service because I had too many people who would take the information that I provided them to and use it as a negotiating tool with which to go out and buy the vehicle themselves, and I would end up spending my time and getting nothing in return.

In today's world, my suggestion would be to use sources like Edmunds and KBB to get a rough idea of what people in your area are paying for the vehicle that you want to buy. Then, I would contact the internet sales staff of dealerships in your area and use the pricing information that I got to help negotiate a price. Even with doing that, however, you have to be ready with similar pricing information about your trade-in (if you have one), and you have to make sure that you are not giving the dealer added profit by agreeing to unfavorable lease terms, by agreeing to unfavorable finance terms, and by buying high mark-up add ons like extended warranties, paint protection plans, etc.

I got to know sales staff at many of the dealerships, and I don't think that they particularly minded what I was doing because most of my customers were people who were not likely, on their own, to have gone to those specific dealerships. And, as I said above, there were a good number of people who took my information and thought that they could do better on their own and ended up dealing with the sales staff.

 

lesz, thanks for your input! I appreciate it.