Hello everyone,

First post ever so please forgive me if its in the wrong place.

I just bought a 2015 Lexus IS350 F-Sport (wooooo!). The car had 12k km on it and manufacturers warranty up to 80K km. The extended warranty from CoverageOne adds to that and increases the warranty to 120k KM. it was quoted at $3861 but the dealer knocked off $1000.

My question is, does anyone have any experience with coverageone? The last thing I want is to blow almost $3k on something that will not help me especially after dropping this kind of money on the car. I have by monday (tomorrow) to confirm with the dealer when I pick up my new girl and sign the final papers.

Thanks for all your input!

Also, if anyone is in the Toronto-Area, hit me up!

 

Extended warranties and gap insurance are just another avenue of revenue from consumers. If you are concerned with future problems with the car take that additional money you would pay for the warranty and put it into a savings account for the possible event of repairs that would be covered by the warranty. Odds are you are gonna have that money to use else where when you sell/trade in the Lexus.

If you still need an extended warranty to help you sleep at night I think $2,8xx is way too high. Cost on the warranty for the dealership is probably around $1,500 (might be less) so they are potentially charging you almost twice the cost. Good luck

 

Also, you can get an extended manufacturer warranty from Lexus as long as the car has less than 50k miles. It would probably be better and cheaper if you go that route.

 

It's a Lexus, known for reliability. It's your call but I always find these extended warranties as a waste. Just follow your maintenance schedule and you likely won't have issues. After all it's not a high performance car.

 

like others have said, for a lexus there is no need for extended warranty.
now if it was a european luxury vehicle, then it might be a good idea

 

i dunno about that. i mean, maybe for his/her particular car, sure, although i used my lexus extended warranty a whole damn lot when i had my 2IS. engine problems, transmission problems, electrical problems, navigation system problems, etc.

and so what's the takeaway (for me)? well, i bought another extended warranty when i purchased my 3IS just in case. total peace of mind.

 

I would personally want a Lexus warranty. Here in the states it's called Extra Care.

 

If you can buy it any time I advise you to wait until the car about 60-70k km. I tell you this because it is not guaranteed you will have the car until 80k km, you could sell it, get into an accident and the insurance consider it totaled, or get into a fight with the dealer due to bad service...

 

All very good points. Thanks everyone.

The dealer knocked off another $200 and I accepted it.

I know Lexus has a great reputation for being reliable. But I also feel like in the real world, things don't always go as planned. $2661 is not a large sum of money to sleep easy (relative to the price of the car). And I figure I only have to use it once to be happy I got it.

 

Thanks for your input. The coverage is transferable. Either to another car, or to pad my resale value to the next owner.

 

Was a Platinum VSA not available?

 

yeah -- i hope you bought a lexus extended service agreement and not a third-party warranty.