Lexus is a name that oozes luxury when it comes to the exquisite nature of a genuinely elite vehicle. Because of the price tag associated with a luxury car, you can expect that repair costs reflect the initial investment. While everything is covered under the manufacturer warranty at the beginning, once that warranty ends, you’re responsible for paying for everything out of pocket. That’s where an extended warranty comes in.
1. Plenty of Extra Coverage Options
You can use a company like CARCHEX to find the best deals for an extended warranty for luxury cars. You can easily check CARCHEX reviews to see the quality of the service they offer. Examples of warranties include four or five years and tens of thousands of miles at different affordability levels. You’ll find warranty plans for covering major problems like engine or transmission issues on the lower end. On the high end, you’ll find coverage comparable to a bumper-to-bumper warranty. Finding the coverage depends on your needs, so you’ll need to contact a company or a broker directly with your details.
2. Warranties Can Transfer
Depending on the warranty coverage, you may be able to transfer the contract to a new owner if you sell your Lexus later on. You’ll need to verify with the broker and your agreement to see what is allowed. If transferring is a sticking point with you, before deciding on a warranty, make sure you ask about transferability.
3. Some Warranties Have Perks
Some warranties come with significant perks, like 24/7 roadside assistance that is entirely covered by the policy. This can include helping with a flat tire, towing, providing lockout services, getting your car jump-started, and even taking you some gas if you run out. Other perks can include rental reimbursement when a rental is needed and trip interruption protection if your car breaks down when you are more than 100 miles away from home.
4. Deductibles Are Affordable
Extended warranties are negotiable, and you can pay a lower premium if you’re willing to pay a higher deductible. Some warranties also give you the option of what is called a disappearing deductible. Over time, your deductible can be reduced to zero while still giving you excellent and expected coverage. In some cases, if you go to an approved dealership or mechanic, the deductible may even be waived. To make your deducible affordable, you have the power to choose from various options.
5. Repairs Can Be Expensive
An extended warranty for a luxury vehicle like a Lexus comes in handy when you experience a major breakdown. In some models, the catalytic converter is easily close to $3000 to replace. For many, that amount is a lot to handle in one shot, but with warranty coverage, the fees become more manageable. In deciding if a warranty is right for you, consider how long you plan on keeping your Lexus and the kind of mileage you intend to have. Having the extra coverage provides you with peace of mind in paying for repairs without worrying about any unexpected expenses.
The Bottom Line
When you purchase a Lexus, you expect to sit in the lap of luxury. With that comes specific responsibilities, including upkeep and future repairs. Getting an extended warranty is an excellent idea because you can choose exactly what you want to cover. If you decide to sell your Lexus later, you might even transfer the warranty to the new owner. As an owner with an extended warranty, you can also enjoy the perks of traveling with knowing assistance is available if you break down on the road. If you’re still questioning the affordability of an extended warranty, you can decide what you want to pay by adjusting the deductible. You’ll also appreciate having an extended warranty if you experience an unexpected repair.