jjscsix

I would only buy what is effectively an insurance policy for something where the risk is very significant. What would be the most possible damage that you would anticipate? If you are trying to pay for it when you buy the car just so that you don't get pissed off when you turn it in if they hit you with $500 damage, then it's a bad deal. I cannot comprehend spending $1500 for wheel damage over the life of the car (it's $150 to repair a wheel). I just don't get why anyone would buy it when there is no chance for a catastrophic event - which would be covered by your insurance anyway. Best bet is you are hoping you break even on it.

Crispy

iTrader: (3)

The lease includes a wear and tear allowance as well. I'd have to get the paperwork out to see what it is (I don't recall now), but it is generally around $1000. You are only liable for anything costing above this amount to repair, and this is usually sufficient to cover curb rash and door dings.

In my experience, if you are leasing another Lexus vehicle when you turn your car in they tend not to nickel and dime you on the returned car as well.

marjenmill

For tire protection, I ran up to my local tire dealer (Tire Discount) and they let me buy a $60 road hazard warranty to cover all 4 tires (flats, blowouts, re-balancing, rotating all included). This doesn't cover the rims, but if something happens to one of them, I'd look for a used one on eBay or CL.

The rest sounds like expensive snake oil as others have mentioned.

bclexus

The reason why the dealership pushes this coverage is because they (i.e dealership and salesperson) makes a significant amount of money when they sell them. I'm told the dealership's cost is only about 50% (or less) of what the retail sales price is.

lex326

Seems to be overwhelming opinion to cancel both. Given the alleged profit the dealerships make on these, I can expect some resistance.

bclexus

I'd say it is a very good bet that you'll get some degree of resistance to cancel them. My guess if that you'll first be offered a lower price (uh, why didn't they offer the lower price up-front to begin with), and if that doesn't work...then they will try to get you to keep one of the two plans (maybe even at a lower price). But, regardless of what may be offered or the degree of resistance - I would most definitely cancel them both - if it were me.

Hopefully the dealership's sales people won't push you so hard to keep it that you leave with a sour taste for the dealership and/or the car buying experience. If they start getting on your last nerve - kindly tell them that you do not want their persistence to damage your [current] positive opinion of the dealership's people...or Lexus. That should make them back-off and cancel the plans without further ado.

Good luck with it!

lex326

I appreciate everyone's input pro and con. Will let you know how it turns out.