Advice on Toyota service
Apr 12, 2024 17:40:19 #
BBurns wrote:
I have been around the auto industry for 50+ years... (show quote)
We will be purchasing the extended warranty on the new vehicle. I have finally found a reliable independent repair facility that has experience with Lexus vehicles. Last year, for instance, I was able to replace two struts for what the dealer would have charged me for one. Both were original Lexus parts as well. You're right, the cost is about half. The dealer just built a new 20 million dollar facility and has to pay it off.
Apr 13, 2024 08:41:29 #
There is mixed opinion on extended warranties.
I generally ignore them. I got one with my first digital camera (1999). It quit in 2001 and was under warranty so I went back to the store and they honored it. The old camera was 1.2MBytes and was out of production and the equivalent was 3.3MBytes so I got an upgrade. That time it worked.
My rule of thumb is that the extended warranty should cost less than a couple percent of the purchase price per year of warranty. The actual number really depends on the MTBF of the item in question. Of course not all warranties are equal. There's fine print in there which is really important.
You also have to determine whether an extended warranty is really necessary. Maybe I'm just lucky but I have spent probably $25K over my lifetime on photographic stuff (cameras, lenses, peripheral items). The high ticket items have not failed. A couple of small items have had infant mortality covered by the initial warranty but generally my cameras and lenses have continued to perform as well as they did originally. They even sometimes take better pictures than they did originally.
I have never purchased an extended warranty for a vehicle. I maintain the vehicle and don't abuse it and it performs well.
I generally ignore them. I got one with my first digital camera (1999). It quit in 2001 and was under warranty so I went back to the store and they honored it. The old camera was 1.2MBytes and was out of production and the equivalent was 3.3MBytes so I got an upgrade. That time it worked.
My rule of thumb is that the extended warranty should cost less than a couple percent of the purchase price per year of warranty. The actual number really depends on the MTBF of the item in question. Of course not all warranties are equal. There's fine print in there which is really important.
You also have to determine whether an extended warranty is really necessary. Maybe I'm just lucky but I have spent probably $25K over my lifetime on photographic stuff (cameras, lenses, peripheral items). The high ticket items have not failed. A couple of small items have had infant mortality covered by the initial warranty but generally my cameras and lenses have continued to perform as well as they did originally. They even sometimes take better pictures than they did originally.
I have never purchased an extended warranty for a vehicle. I maintain the vehicle and don't abuse it and it performs well.
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