Should you get a Lexus extended warranty?
When it comes to purchasing a new Lexus vehicle, one important decision you'll need to make is whether to get an extended warranty. An extended warranty can provide additional coverage beyond the manufacturer's standard warranty, but it's important to carefully consider the pros and cons before deciding if it's the right choice for you.
What is a Lexus Extended Warranty?
A Lexus extended warranty is an optional service contract that you can purchase to extend the coverage of your vehicle's manufacturer's warranty. Lexus offers several extended warranty options, including:
- Lexus Certified Pre-Owned Warranty: Provides coverage for up to 6 years or 85,000 miles from the original service date.
- Lexus New Vehicle Limited Warranty: Extends the standard 4-year/50,000-mile warranty to 6 years/70,000 miles.
- Lexus Hybrid Battery Warranty: Extends the standard 8-year/100,000-mile hybrid battery warranty to 10 years/150,000 miles.
The extended warranty coverage includes repairs and replacements for a wide range of vehicle components, from the engine and transmission to the electrical system and more. The specific coverage details and costs can vary depending on the plan you choose.
Pros of Getting a Lexus Extended Warranty
There are several potential benefits to purchasing a Lexus extended warranty:
- Longer Coverage Period: The extended warranty can provide coverage for your vehicle for a longer period of time, giving you peace of mind and protection beyond the standard manufacturer's warranty.
- Comprehensive Coverage: Lexus extended warranties typically cover a wide range of vehicle components, helping to protect you from costly repairs.
- Transferability: If you sell your Lexus, the extended warranty can often be transferred to the new owner, potentially increasing the resale value of your vehicle.
- Convenience: With an extended warranty, you can have repairs done at any Lexus dealership, which can be more convenient than finding an independent repair shop.
However, it's important to carefully review the terms and conditions of any extended warranty to understand exactly what is and isn't covered.
Cons of Getting a Lexus Extended Warranty
There are also some potential drawbacks to consider when deciding whether to purchase a Lexus extended warranty:
- Cost: Extended warranties can be expensive, with prices ranging from hundreds to thousands of dollars, depending on the coverage and length of the plan.
- Overlap with Manufacturer's Warranty: If you don't plan to keep your Lexus for the full duration of the extended warranty, you may end up paying for coverage you don't need.
- Limited Coverage: Extended warranties may have exclusions or limitations on what is covered, so it's important to read the fine print carefully.
- Potential for Disputes: If you need to file a claim, there's a possibility of disputes or disagreements with the warranty provider over what is covered.
Ultimately, whether a Lexus extended warranty is worth the investment will depend on your individual circumstances, such as how long you plan to own the vehicle, your driving habits, and your comfort level with the potential costs and coverage limitations.
Does Lexus have a good warranty?
Lexus confidently stands behind these exceptional vehicles with the L/Certified Limited Warranty,* when combined with the new-vehicle Basic Warranty, can provide up to six years of vehicle warranty coverage. Mileage is unlimited.
Can I negotiate the price of extended warranty?
An extended warranty can provide many benefits, including financial coverage and peace of mind, should something go wrong with your vehicle. If you are considering the purchase of an extended warranty for your used car, it is possible to negotiate with the dealer for the best price and the warranty coverage you need.
What are two reasons not to buy an extended warranty?
About 1 in 5 consumers who use an extended warranty is dissatisfied with the repair, and service can take a long time or require multiple tries to get it fixed. There's also the risk that the warranty provider will go out of business. Consider how much repairs would cost.
What is not covered by the Lexus warranty?
BASIC WARRANTY
This warranty covers repairs and adjustments needed to correct defects in materials or workmanship of any part supplied by Lexus, except in the following situations: Fire, accidents or theft. Abuse or negligence. Misuse—for example, racing or overloading.
How much should an extended warranty cost?
Typically, the average cost of an extended warranty for a used car ranges from $350 to $700 per year, but every car owner and contract is different. For example, some providers may require you to pay the full cost of coverage upfront, whereas others allow for monthly payments.
Is it worth getting an extended warranty from the dealer?
Extended warranties may reduce financial stress, particularly for those who own models from unreliable brands. They're available through dealerships, auto clubs, and insurance companies (which sometimes call them mechanical breakdown insurance). The plans can vary in length of time, what they cover, and price.
Can I negotiate the price of an extended warranty?
An extended warranty can provide many benefits, including financial coverage and peace of mind, should something go wrong with your vehicle. If you are considering the purchase of an extended warranty for your used car, it is possible to negotiate with the dealer for the best price and the warranty coverage you need.
Do I need a Lexus extended warranty?
If you plan to hold onto your vehicle long-term, we recommend a Lexus extended warranty. Even if you keep up with your car's regular maintenance schedule, repairs are inevitable. Replacement parts for a luxury vehicle can be expensive.
How much should I pay for a Lexus extended warranty?
Although it may depend on the area you live in, the vehicle you are looking to cover, and the coverage package level you choose, the average driver in the U.S. might pay around $2,800-$3,000 for a Lexus extended warranty, also known as a Vehicle Services Agreement or VSA.
Is extended warranty worth it?
It safeguards against unexpected repair costs that can arise as your vehicle ages, giving owners peace of mind regarding potential expenses after the manufacturer's warranty expires. The extended car warranty covers various components, from electrical systems to engine parts, depending on the specific plan chosen.
