Platinum warranty price
#1
Driver School Candidate
Thread Starter
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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
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
#3
Pole Position
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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
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
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.
#5
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#6
Advanced
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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.
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.
#7
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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.
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.
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#8
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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.
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.
Last edited by jsch222; 10-12-20 at 04:56 AM.
#11
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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
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
#12
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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.
To me - $5000 for a warranty seems crazy for such a reliable car.
#13
Pole Position
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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.
To me - $5000 for a warranty seems crazy for such a reliable car.
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#14
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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'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?
#15
Lead Lap
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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.
To me - $5000 for a warranty seems crazy for such a reliable car.