Hello, we are looking at purchasing a 2022 LC500 convertible and are debating we should buy the extended warranty for ~$5000 for 10 years/100k miles. From my perspective, everything on the LC is reliable as it has been shared with other models and perfected over years. The only issue could be the convertible roof and its mechanism. Does anyone has inputs on convertible's reliability and/or if we should buy the extended warranty for mechanical and electrical issue for 10 years. We do plan to keep the car for a long time 8+ years. Thank you for your help!

 

Convertible has only been out for less than 2 years. You can’t gauge any reliability on that small amount of time.

It’s a Toyota…I didn’t buy an extended warranty on mine because of that.

 

As they are prone to do, IMO, your dealer is bending you over by a couple thou.
Here is the cheapest Toyo/Lexus Factory Platinum bumper to bumper in the country. There is another cheap warranty dealer in New Hampshire but they're not quite as cheap as Wolverine.
This was for my 18 coupe that I got the 10/100 for this Jan. I am pretty sure this is also the Vert pricing.
Call and check with Jennifer, tell her I said Hi.
Bruce in Fl

 

Thank you 355F1 and Bruce for sharing this! I greatly appreciate your help and will reach out to Jennifer.
The warranty seems could add value to the car on resale - dealership mentioned it is transferrable to next owner on sale. Any thoughts?
Also, dealer tried to sell me the tire and rim protection plan for $3k. Any suggestion on if this is a good to have? They told me the rim itself costs $3k each.

 

Get Jennifer @ Wolverine to price the tire/wheel warranty for you too.
The tires are at least 500 a pop. So to speak.
Bruce in FL

 

my sc430 is 20 years old and have zero issues with the top. It's an 02 as well, so first year production. Generally i wouldn't worry about toyota reliability.

Also i wouldnt bother with the tire warranty. Mine came with Michelin Pilot Super Sports and they are 4300 canadian for a complete set of 4!!! (they also only have a rating of 50,000km, so likely they'll wear out before the warranty even kicks in... or the warranty is mileage pro rated) im not going to track this thing, so once these wear out, ill never put on such expensive tires.

 

At what point (mileage/yr) can you no longer add an extended warranty to a vehicle?

 

How much are you going to drive it? Are you planning to put 100k miles on it? That's the real question.

Warranties are super negotiable. Get a few quotes from competitors and see if they will match. Start with https://joinyaa.com/extended-warranty/

 

I plan to drive it for less than 6k miles per year mostly locally. My understanding is extended warranty could only be purchased before factory warranty runs out, which is 4 yr 50k. But I think the year will matter more so the 10 yr will come in before I can hit 100k miles. The warranty Bruce and azmojo mentioned seems like a good choice. Given I am new at extended warranty, are the extended warranty the same coverage compared if purchased from Lexus?

 

I don't know that you'll be driving it enough to really need a warranty. You can buy car warranties at any time though maybe not from all providers. The cost will vary an increase though because warrantying a new car for 10 years is cheaper than warrantying a 5 year old car for 10 more years.
Some warranties are better than others. Read the fine print. Call your service guy and maybe he can help you too.
BTW, I'm not a warranty expert, this is just stuff I've picked up here and there over the years. One thing I learned is that a lot of warranties can be cashed out if you sell the car. Meaning, if you have a 4 year warranty and sell the car after 2 years, you can usually get refunded for half.

 

Manfrtj is correct you can get the Toyo/Lexus extended as long as your Lexus 4 yr 50k original is still in effect.

Just to show that indeed it is the top of the line Factory Platinum extended warranty. Bumper to bumper, loaner after 1 day, etc; Bruce in Fl

 

Not a good deal. You might expect a 3k tire and wheel warranty to buy a new wheel when one gets ugly, but the fine print says you only get a new wheel when the original is so damaged the bead won't seal to hold air...which is completely destroyed. You'd need to blow 5 tires at $600 each to justify the cost for tires, which seems like something that should take over a decade.

My car came from the factory with all 4 wheels out of alignment. By the time I noticed at 6000 miles, one front with the worst toe-in was bald on the inside edge and the others were half gone. The dealer says Lexus doesn't warrant tires, and the wheel/tire warranty wouldn't apply. Obviously a "manufacturing defect" but Lexus today is not the customer-focused Lexus of 1995.

 

Not a good deal. You might expect a 3k tire and wheel warranty to buy a new wheel when one gets ugly, but the fine print says you only get a new wheel when the original is so damaged the bead won't seal to hold air...which is completely destroyed. You'd need to blow 5 tires at $600 each to justify the cost for tires, which seems like something that should take over a decade.

My car came from the factory with all 4 wheels out of alignment. By the time I noticed at 6000 miles, one front with the worst toe-in was bald on the inside edge and the others were half gone. The dealer says Lexus doesn't warrant tires, and the wheel/tire warranty wouldn't apply. Obviously a "manufacturing defect" but Lexus today is not the customer-focused Lexus of 1995.

 

When they stated becoming popular in the 80's I resisted. Have NEVER purchased one and know I don't need one on a Lexus product. Have owned 11 Harley's during those 40 years and have never needed one, even though HD's have a bad rep. I treat my vehicles like my children and firmly believe if you treat them right, they will make you proud. Lucky? I make my own luck.

 

Statistically you lose on extended warranties. I never buy them. You’re getting a 4 year with a Lexus. $5k will go a long way in upkeep. I’ve had 2 Lexus cars the last 16 years. Only had one bad subwoofer go bad in 250,000 miles. That’s it.