Hello I currently own a 2019 NX300. It has 21000 miles on it and I was wondering if I should buy extended warranty. The coverage covers almost every part besides the routine maintenance like oil change. I negotiated the price to 2600$ for 7 years/110000 miles

 

If you do buy one, the only one to go with is the Lexus Platinum VSA & not a 3rd party warranty. Additional benefit is if you get rid of vehicle prior to expiration, you can get prorated refund on unused portion.

 

Some things to think about...

There are two key characteristics of the (basic) warranty - TIME and MILEAGE. Based on your previous driving, you may only be driving about 7k/year, which is very little (relatively speaking). Therefore, you are more likely to hit the TIME characteristic of the warranty period well before you hit the mileage limit. I have a 2020 and the warranty is for 4 years or 50k, whichever comes first. Since I drive a lot, I am more likely to hit the 50k much sooner than 4 years.

I'm assuming that when you say you'll get "7 years/110,000 miles" that means 7 years from the day you took ownership (sometimes referred to as "in-service date". If that's true, then it sounds like you're only getting an additional 3 years on the warranty. Sounds like you'll never come close to the 110k limit on the warranty.

The manufacturers are very smart when it comes to these warranties - basic OR extended. They've got it all figured out.

From the little information I have about your situation, I would suggest you pass on the warranty. Why not just put $100 into a bank account EVERY month starting now, until you've hit the 7 year mark. At that point, you would've banked well over the $2,600 it would've cost you for the warranty, and you can use that money any way you choose. In fact, if you're a 'careful' driver and good with preventive maintenance, then you might not ever need to take any of that money out. Also, if you're a DIYer you'll save even more.

Just my 2 cents worth