To extend the warrenty or not? ('06 LC)

[1point4]

I did a search first but couldn't find exactly the discussion I was looking for.

I got a 2006 LC (with AHC and Nav) which has 29,900 miles on it. All seems well so far (2nd owner, bought it with 24K mi on it).

I swung by my local dealer today to check out extended warranties and what they (Toyota Fin Svc) was a Platinum 72 months 75,000 miles plan for just shy of $1,800 (then there was other options for longer periods and more miles of course). $0 deductible.

My questions:
- Is that a fair price? It seems high, even if they stated that they have a sale this month?
- Is this type of extended warranty really needed on a truck of that age/mileage? I guess it like an expensive insurance...

They also said that the rates go up with about $150 once the truck passes 30,000 miles and even more once it is out of warranty.

What are your suggestions?

 

[LandCruisers4Life]

Always buy an extended warranty on higher end vehicles. It pays for itself in the long run. As a Rover owner, and a Cruiser owner, I can say that you will thank me later. Especially if your 06 has the AHC....

 

[Greg E]

I paid $1250 for 7 years or 100,000 miles when I bought my 04.

 

[pint]

With the AHC and NAV, I would say yes as well. One problem with either of those and you could more than cover your cost!

 

[Brasil]

Personally I wouldn't do it. You are betting that something over $1800 will go wrong before 75000 miles. Say the worst happens and you have to buy a new NAV, they run around that same thing and are easy to pop out and plug in the new one.

If something major goes wrong with the vehicle before 100k and you have done all the regular maintenance chances are you can negotiate with Toyota to cover part of the repair. They don't want bad stories about their flagship vehicle.


Depends on how much sleep you are loosing over it.

 

[1point4]

partly, i think the price is somewhat ridiculous. let's face it, the manufacturer wouldn't offer this product unless it was profitable for them (for certain IT/TV/game retailers 85% of their profits come from selling extended warranties and financing).

 

[justimaginejack]

my search sucked. look online. the warranty is worth it. one shock will cost 1K.
as long as your vehicle is still within the new warranty period the Toyota financial services platunum warranty is the best deal. search on here. there is a guy on the east coast who will sell you the 100K warranty for 1400.00

 

[1point4]

i'm beginning to figure this out. it turns out you can cancel the ext. warranty at any time and get money back pro-rated + you can finance it with monthly payment. if it comes down to $30-40 per month I think that seems like a pretty good deal [read: big phat pillow to sleep better on]

anyone has that link for the guy selling at $1,400? Is that via Toyota Fin Svc? I know the 3prd party will do it at around $1,200 but then you have to file insurance claims, argue about labor rates per hour etc, etc - I'm looking for less stress, not more...

 

[1point4]

guys, thanks for all the input so far, here is where i am.

100K/6 yrs platinum warranty with zero deductible - $1,895
10% down and then finance with zero % and pay over 18 months, that's like a $100 bucks/month which I can totally live with.
It is fully transferable or cancelable (is that a word?) at any time, refund prorated.

I wish I could find it cheaper, but I do want it to be from Toyota Financial Services, I don't want to be stuck in a situation where I'm arguing labor rates with some stinking insurance company...

Planning to pull the trigger tomorrow unless someone can persuade me that I'm totally overpaying alternatively being a complete schmuck!

 

[ycookmd]

If you have the cash, save yourself $450. Troy Dietrich at Toyota of Greenfield will sell the Toyota 7/100 Platinum warranty for $1440. This is the same Toyota Financial Services Warranty you're going to buy, just sold through his dealership. You just mail him an original signed letter stating the vehicle mileage with your check, or call him with the credit card.

His number (413) 772-0989, email TDietrich@FactoryDiscountWarranty.com.

I'm taking my 2006 LC in tomorrow to have the AHC looked at. Based on what I've read, I may recover the cost of the warranty in one day.

 

[e9999]

it's easy to figure out. The insurance guys are not pricing their policies to lose money. IOW, their prices are such that they are statistically sure to come ahead and you are bound to lose.

So unless you get a large discount or know about a part soon to fail, you're just playing roulette (casino is sure to win overall)...

How unlucky do you feel?


(we have come out ahead on our extended warranty, but we only got it cuz we got it below cost)

 

[100 TD]

.............
I'm taking my 2006 LC in tomorrow to have the AHC looked at. Based on what I've read, I may recover the cost of the warranty in one day.

However, your warranty claim is in the FREE 3 Year warranty supplied with the vehicle. Your extended warranty does not kick in until the vehicle is over 3 years old.

........

I got a 2006 LC (with AHC and Nav) which has 29,900 miles on it. All seems well so far (2nd owner, bought it with 24K mi on it).

- Is this type of extended warranty really needed on a truck of that age/mileage? I guess it like an expensive insurance...

What are your suggestions?

Try and get it for the $1440 up front price, that equates to $1 per day for 4 extra years of warranty.
If you have a starter fail, you will probably recover that in one hit, and the starter is a known problem with age and miles. Lots of other things to go wrong which aren't cheap. I would definetly go for it. NAV is $5K, an auto tranny I'd hate to guess, a brake master cylinder $2K installed........GO FOR IT and sleep at night, especially if you plan on keeping the vehicle.

 

[offroadkid]

We bought our 98 with 73K on it, and paid the $1600 for the 3yr./36K ext. warr. So far, they have paid about twice that amt. in warr. repairs and it only has 76k on it now.

On another note, we bought our 97 with 160k on it and paid for the ext. warr. and never had to use it.

Normally I wouldn't expect so much work to be needed on a 98, however the Carmax it was shipped from to the Carmax here must have filled-out the 100 something point inspection checksheet without even looking at it.

Little did they know they were selling it to a Benz Tech who took it to work and went through it with a "fine tooth comb!"

When we sold the wife's '03 Corolla, the transferrable ext. warr. was a selling point to the new owner.

So, to sum it up, I'd say i'm a beliver in ext. warranties.

 

[1point4]

I'll definitely calling Troy tomorrow to see what he can offer me.

Thanks for chiming in guys! Being born/raised in Sweden, I guess I'm conditioned for that cradle to grave comfort experience. I don't playing the odds every now and then, but in this case I bought the LC used with 24K miles on it, I plan to keep it so that extra comfort/warranty makes for a soft pillow

 

[ycookmd]

However, your warranty claim is in the FREE 3 Year warranty supplied with the vehicle. Your extended warranty does not kick in until the vehicle is over 3 years old.

The warranties down under must work differently. Here in the States the original warranty is 3 years OR 36K miles, whichever comes first. I've had the truck 2 years and have over 45K on the odometer.

Ya'll Aussies must spend too much time installing all those cool OME and ARB accessories and not enough time driving.

 

[2000TLC]

Let me give everyone a good example of why it is a good idea to get an extended warranty, with the experience I had with my LC. In my case, I had the Toyota certified warranty but same difference, extended coverage with a $50 deductible. If you guys are as picky as I am with my vehicles then you will like the fact that with a Warranty, you can take you ride into the dealership and get almost anything covered that looks or feels wrong to you. I have taken mine in to get seals replaced, for the dreaded cracked exhaust manifold($1500), and also found an extremely small leak of Anitfreeze coming from the head gasket($3500). Also, when I got my timing belt changed, the dealership found the water pump was starting to leak internally, again, replaced under warranty. All these items replaced under warranty with labor cost, was well over $6000.00. So,you ask if $1800.00 is worth it? I say, Hell Yeah!

 

[super90]

Looking at 100-series trucks right now and thinking over this same subject.

I would submit the following:

It's like any insurance policy.

Yes, "on average" Toyota is not losing money on selling warranties. Now, that is the average of all owners of these trucks, not the average of all of us TLC fanatics. That said, do we think the average owner is as picky and notices everything that even hiccups sideways on their truck and consequently needs attention? I would say, absolutely not. Those folks are the ones that subsidize the TLC fan getting the warranty and getting every little thing fixed as it appears. So, I would say that as a group, we tend to get a better value out of a warranty purchase than your Average Joe. Is it still possible that you won't have anything break over that time period? Yes. Is it probable that you won't find anything to fix and get your premium back? With this group, I am betting that will not be very probably.

Just my humble opinion.

 

[dnp]

Anyone have a good source for Lexus warranties? Or are they the same as the Toyota warranty?

From working at a car dealership years ago, I have never been a big fan of extended warranties, as my observation was that the insurance company could usually figure a way not to pay the claim. That was 20 years ago, so I'd like to see how the new policies differ from the old ones.......also, considering that this truck is built by Toyota (and since the starter was the SOLE issue I had on my recently-sold 140,000 '99 LX), I'm still dubious about these warranties; however, I'd still like to learn more about them and what one would cost for a 5 model-year old, 69,000 mi. LX.

I performed a Google search, and all that turned up were non-Lexus companies......if it's not from the mfr., I don't think I'd touch one of those warranties.

 

[100 TD]

The warranties down under must work differently. Here in the States the original warranty is 3 years OR 36K miles, whichever comes first. I've had the truck 2 years and have over 45K on the odometer.

Ya'll Aussies must spend too much time installing all those cool OME and ARB accessories and not enough time driving.

I'm out of warranty, I think the original was 3 years or 100,000 km

 

[Greg E]

I would do it. I have and 04. Just took it in for navigation problems. They are replacing my navigation head unit under my 7 year 100K Toyota Platinum plan which I paid $1250 for. I do not know what the head unit costs, but I am glad I had the additional coverage. Does anyone know what the navigation head unit costs?