nitroracer

Like I said, you can expect for the plan to not payout. That's by design. This is not my opinion.

Yes they're great to have if you need them. On average, most people won't need them.

mikemu30

Great then you are getting a terrific deal. Perhaps they even lose money on it just to make sure you sleep well🙃

bc6152

If you do decide to purchase these extended warranties be sure to read the fine print regarding exclusions. These policies are rife with clauses to exclude coverage. Especially if the policies are not from Toyota/Lexus...

LeeSoFL

I think the 95% that was mentioned means that only one-in-twenty people who've purchased the plan, use it at any time during the coverage.

mikemu30

It's a $ metric and not a subscriber one.

glamglam

I personally know people who own both the newer Toyota and Lexus vehicles that have all the computers and sensors in them that didn’t purchase the extended warranty and when their factory warranty expired and they had to do repairs​​​​​, they had to pay out of their pocket around one thousand dollars or more each time that they had to fix and replace any one of these computers or sensors. They aren’t cheap and they do burn out at some point when the miles put on the vehicle.

nitroracer

What percent of total Toyota/Lexus owners does this inner circle represent?

Which sensors were they?

Also, I tried to search but couldn't find it, what is the actual cost of this separate extended warranty that covers all the electronic gizmos and what not? Perhaps it got lost in the fray.

glamglam

I personally know 4 families that had to pay out around $1,000 or more out of their own pockets because the regular warranty expired on their Lexus vehicles and they didn't have the extended warranty. One of them had issues with the ABS sensor. Another had problems with the screen on the dashboard as well as with something that was connected to the transmission. They all have the V6.

The dealer cost for the Lexus 125,000 mile/10 year warranty is $2,832. The cost of all warranties have gone up because the cost of parts went up 4x times.

nitroracer

Forgive me if this sounds stupid, but maybe I'm missing something. They paid out $1,000, and the warranty cost $2,800? Wouldn't this reaffirm what other posters have been saying? Better to just pocket the cost of the warranty and save the difference?

glamglam

You are missing something. That was for ONLY 1 repair. They ALSO paid more out for each of the other repairs that Lexus did to their vehicle. They had multiple repairs done at different times. So, they paid out MORE money than what an extended warranty would've cost them. And they will continue paying out of their pocket when more stuff breaks that needs replacement. Computers and sensors and switches don't last forever.

nitroracer

Interesting.

Well, so far we're only at $1,000. Some more specifics would be great.

Also, just googling around on YouTube and Lexus Parts Now, ABS sensor looks like it's anywhere from $150-$300, depending on which model/year, with 1-2 hours of labor.

In my experience, if Lexus/Toyota charged $1,000 for this repair, there's probably an indy mechanic that would happily do it for less than half that. You know, someone that still cares about what their Google Reviews say. This is a bit tangential, but if I'm in the Extended Warranty period, I'm probably not getting my vehicle serviced at Lexus any longer...

lobuxracer

iTrader: (2)

Here's another data point. I never bought any warranty for my 2008 IS F. It has almost 200k miles on it. None of the electronics have failed or had any issues at all. The only parts I've had a problem with were the starter at 158k miles and the valley plate at 180k miles. The starter was less than $200 from Rock Auto. Parts for the valley plate were less than $200. I've only done basic maintenance and mandated maintenance to drive my car on the track. Currently the brake booster is not well - it hasn't failed, but it is definitely leaking, part from Lexus was $500. I definitely would have lost big time on any of the available extended warranties.

Data point 2 - the wife's 2016 GS F got the extended warranty. It's been pretty much a loss for us. The only thing repaired under warranty was a bad outside mirror - the motor froze up and stopped moving the mirror. The repair bill was a little more than half the cost of the warranty. Nothing else has failed and it will expire in October or at 100k miles which actually might come before October. I'm not sure I'd repeat buying an extended warranty with a new car given my experience.

Data point 3 - the 1993 Supra got an extended warranty for a ridiculously low price. I got new hatch struts, a new blower motor, and a new windshield under warranty (ever see a windshield crack underneath the mirror mount with no damage outside? Bizzare.) This one was worth it, but only because I took the price down from $2100 to $715.

Besides all that, I don't trust dealership mechanics, they're not incented to do quality work, they're incented to work fast (flat rate) and the results I have seen from their work do not represent the quality of workmanship I need to keep my car(s) for a very long time (I have no intentions of selling or trading my IS F or my Supra, I like them too much every time I drive them). So all the work on my car is done by me. My big expense is a professional subscription to TIS with Techstream. It's up to $1295 annually, but I could easily burn that much in shop labor with a single visit to the dealership, and I amortize it across three Toyota/Lexus vehicles in my garage.

While others tell me of electronic failures and there are some well documented for 2IS and 4GS, I haven't experienced one myself.

glamglam

Good for you that you know how to work on your own vehicles. Most people don't know how to work on their own complex vehicles and that's why they need to bring them to the mechanics at the dealership. You knowing how to repair your vehicles is irrelevant with what we are talking about here in this thread and topic.

lobuxracer

iTrader: (2)

Yes, I understand most people have no idea what goes on inside the devices they use every day, and it makes people like me valuable. It also fosters fear to make people do things like buying insurance for just about everything in their lives - homes, cars, appliances, tech devices, pets, the list is endless. Just remember, the insurance company loses money on very few clients, and makes money on the majority of them. If they didn't they couldn't stay in business.

nitroracer

Here is an example of when Lexus simply do not want to honor the OEM warranty, let alone an extended one.