Hi all,

I am considering a 13-15 LX570. For a few reasons, either age or recall, I can't find a local CPO one. I've had a few deals worked out but have fallen apart because of the price of the platinum warranty. Here's what Lexus is asking:
$2900 for 2 years, $3600 for 3 years $4500 for 3 years. Taxes are additional. Price seems too high for a low mileage (under 60k lexus). Do you have any thoughts on if the price is good?

Also, does anyone know where to buy online if that's possible to save on taxes and/or a cheaper price?

Thanks for your help.

Eric

 

You are buying one of the most bulletproof, reliable, trouble free SUV’s ever built. You’d get a better return on investment with that money on hookers and coke than a warranty.

 

I was quoted $4000 for 3 years when I bought a '13 Land Cruiser. I said "no" given the 200 Series inherent reliability. The F & I guy then offered the same warranty for $2000. I cut the conversation short as I had a 10 hour drive home that afternoon. There's now just over 100K on the truck with no issues other than regular maintenance items.

Imo extended warranties on vehicles with superior reliability are a great way for the dealer to profit and the buyer to waste money. Prices are VERY negotiable.

 

Thanks for the replies, very helpful.

 

You're welcome. Another way to look at warranties is why would the dealer offer it to you if it were not profitable to them? Simple.

 

I’m not sure this is helpful but might be a point of reference.

we bought a 2018 CPO. Dealer said they could extend the cpo warranty for 5 additional years for $2950. Since the car was titled first in Aug 2018 it would be unlimited mile warranty until Aug 2029. I have not pulled the trigger but would need to do before the original 4 year is up or the price jumps substantially.

 

As another point of reference, you could drop $20-30 a month into the cookie jar or invest it and make money. Once again, odds are that the dealer profits as you've got an extremely reliable vehicle.

 

Different strokes for different folks. I try not to argue the warranty debate when these questions come up. To each is their own.

I personally have never bought a warranty until our last car - 2020 4Runner. We paid $900 for a Toyota zero deductible warranty 7yr/100k miles. With all the electronics and sensors all it would take is one to go bad and you’d break even. These cars are extremely reliable but are increasingly getting more complicated with electronics.

most dealers are marking warranties up 50-100% these are a HUGE money maker for them. Shop around.

 

Mine, I paid 3000 for additional 5yrs unlimited warranty from Lexus (so total of 10yrs warranty from when car was first titled).

 

10 year 125k miles about 5k.

 

I just bought a 2015 570 with 100,000 miles on it. I paid 5400 for 5 years/60,000 miles/$250 deductible/platinum. I went back and forth on the merits but in the end decided to get the platinum warranty which covers electrical/nav/etc. I don't think it's worth the price to get a warranty for only the drive train, because that's unlikely to break. I bought it through the dealer.

 

My dealer states once the vehicle is out of factory warranty the extended doubles in price. he quoted me $2950 for 5 years (car is under warranty) and claimed he was making around $500. I think somewhere between $5000-6000 is going to be fair.

To me - $5000 for a warranty seems crazy for such a reliable car.

 

Beyond crazy, imo. Like a small fish on a big hook, you'll get landed.

 

This is quite a coincidence, but within a couple of hours of my earlier reply, the power steering failed on my 570. The repair cost is $550. I went for the more expensive platinum warranty because I thought if anything would fail in the vehicle it would be an electrical issue. There is a basic extended warranty option that would have covered this repair - I was quoted $1100 (4 years, 48,000 miles) - which would translate to recouping 1/2 of the cost within a week of purchasing the warranty.
I'm still comfortable with my decision to pay a lot for a platinum extended warranty. It's a gamble, and the price is based on the insurer betting they'll come out ahead. In my opinion the correct choice depends on your personal tolerance for risk. If you compare prices among the insurers the costs are fairly uniform and determined by the components covered and miles.
Another problem I've discovered with the vehicle is that the touch sensor on the door handle for locking/unlocking doesn't work. The car beeps but doesn't lock. I have to use the key fob. This part is probably the same one that is used on all Lexus models so the fact that it's an LX probably doesn't matter. BTW - has anyone else experienced this problem?

 

I thought once your out of the factory 4/60k your unable to purchase a Lexus backed extended warranty?