New Buyer ?'s w/Veritas Protection

[Denise Luize]

Hi All,

1st Lexus purchased 48hrs ago!  Questioning decision on Protection Plan - are there so many exclusions and/restrictions it is not worth the cost?  I paid $5k/5yrs. Finance did not offer various tiers at various costs, I apparently bought the top tier. 

 

 

 

 

[RX400h]

Hi, Denise. Congrats on your purchase!

You may want to read this Consumer Reports article about this topic.

Should You Get an Extended Warranty for Your Car? - Consumer Reports

[Denise Luize]

Thanks for the suggestion, Dave.  I did look into a few reviews of a general type of extended warranty before buying this car.   Unfortunately, I was a little out of steam by the time I got to the finance office and didn't have the energy or wherewithal to ask many questions.  The FM told me the Protection Plan from Veritas covered everything except oil changes.... of course it doesn't!!!  Which I only learned when I got home and was able to read all 10 pages of the fine print.  THANKFULLY, someone somewhere made it possible to cancel this plan at any time - and I will be doing just that first thing tomorrow.  

[RX400h]

I've been through quite a few "meetings" with dealership finance department personnel, so I know what you've experienced. It's like a much longer version of getting offered insurance for a new TV. If extended warranties were typically not profitable for the sellers, they wouldn't be offering it. 
Is your purchase for the 2013 RX350? If so, hopefully you reviewed maintenance records. 
 

[Denise Luize]

Thanks, Dave, for giving me support by sharing some of your own similar experience.  I did get that protection plan for the 2013 that I just purchased - and I did so because the FM told me the plan covered everything except oil changes, which is why it seemed like a good plan.  Of course, I am responsible for reading the contract, but I didn't do that until I got home.  Fortunately, AutoNation makes it easy to cancel the plan - and that's exactly what I did today!! 

[Lexus-CT]

The only extended service or warranty I find reasonable is for the hybrid battery. Not that the hybrid battery is usually failing before the 15 years the warranty that is offered when car is serviced with Lexus, but when service is needed once yearly with new oil etc. anyway, the extra price paid to have Lexus do it compared with a cheaper place is acceptable, as with Lexus OEM parts are probably used and also the correct oil, so Lexus has our car as service customer till 2031 if we keep it that long.

Could be we are lucky and hydrogen will be available here before that, as that would be a reason to get a new car.