Yeah, if it really becomes a pain to find a used set should i keep my 5e to full term I will likely find a dealer that will sell the product at minimum above cost but seeing as I have base wheels it may just break even.
You should watch Doug Demuros Range Rover videos on YouTube and then get back to me about the Warranty never being worth it, and it’s the dealer screwing you over…
You can’t control how other people drive or if they hit and ding your car though. This kind of warranty is likely far more valuable to people who street park, etc.
Nobody said it’s never worth it. I said it’s a measured risk like anything, hence why people here still will put up thousands of dollars due at signing on a lease knowing full well if the car gets totaled (which is again, is never 100% in anyone’s control) on their drive out of the dealership, it’s gone.
I don’t even like putting inception costs up front personally and consider it cheap insurance to roll them in and do MSD instead where available.
Yep. My car will be indoor garage parked at home, driven mostly on highways, parked at a parking deck at work. I will be Uber/Lyfting in the city.
Lol I just watched it:
The whole time I was thinking… why would you ever buy a used Range Rover knowing how unreliable those cars are? And he said exactly that at the end of the video. In Doug Demuro’s case with purchasing a used Range Rover, extended warranty even for 3K was a no brainer.
I agree that putting down anything more then drive offs is foolish for on a lease, but I also know that my M3 is gonna need a new set of tires at lease end which is gonna run me over $1000. So I paid $995 for Wear and Tear. The tires are already covered plus anything else. Wear and Tear can add up quickly. I am not hedging anything. I already replaced 4 tires at 18k, So it’s guaranteed I am gonna need 4 more at the end. It’s easy to talk yourself out of the protection.
Yep I think for you driving a M3, getting the wear and tear at $995 is a very reasonable, no-brainer price. I guess it all depends on the situation!
I’m actually talking about drive-offs, as a person who got a car totaled 8 months into a lease and lost thousands. The one thing I’m grateful for is that I DIDN’T buy any extra warranties on that car. I had just had my first decent scratch on the thing about a week before, too.
Going back and forth is getting us nowhere here. None of us have a crystal ball. Enjoy your wheel and tire purchase, I’ll enjoy my lack of wheel and tire purchase, this is the end of the road on this topic for me!
Warranties are cancelable and refundable if you total your car and I didn’t get Tire and Wheel protection I got Lease Excess Wear and Tear Protection. Lease Drive offs is just paying for License Title Registration and first months payment. If you don’t pay the drive offs it gets rolled into the cap cost. I’m not trying to argue w you I am just trying to help the hacker community.
And then you run the risk of your insurance premiums going up or getting cancelled. Its all about hedging risk.
Depends on the state. Extended warranties in Florida are considered ‘insurance products’ and are non-negotiable. (i have no idea if lease products fall into that category)
Those are definitely negotiable. We negotiated the GAP insurance with Toyota during our last Mirai car and saved about 300 total.
Also, don’t worry too much about end of lease inspection. My wife car got keyed (pretty long scratch) and a big dent in the bumper where she hit a curb, but we only got charged 300. Note that you will need to shop around before returning the car. One dealer did our pre-inspection and quoted 1.7k on the damage but, luckily, they said they did not have space to take it at the end. So, we went back to the original dealer, and that saved my day.
We bought the extra damage protection for our new cars, but, they costed much less than 2k, and, my wife is definitely a BAD parker, so, it’s for her peace of mind.
I have never purchased a lease wear and tear package in 20 years of leasing. I have also never been in a situation where I would have needed them. I’ve literally saved thousands due to this. Even if I had to pay out of pocket for excess damage, I’m still way ahead.
Niceshot,
I will be purchasing a Mirai this week and will be negotiating to purchase a GAP insurance for it. May I ask how much you paid for yours? If you don’t want to post here, you can PM me.
Thanks.
We paid about 20$/mo. Check with your insurance first, your insurance may cover that at a lower rate. Mine was higher so we went with Toyota. Also, I believe if you go with insurance, you’ll have to pay deductible. TFS plan will pay up to 1k deductible for you in the case of total loss.
Thanks. I have Geico as insurance and they don’t offer GAP so I will have to purchase via Toyota most likely.
Try a credit union. It’s been a while, but last I checked you could buy GAP even if you lease/finance the car elsewhere.
I recently bought mechanical breakdown insurance (“extended warranty”) from a credit union on a car I bought with cash 8 years ago.
Geico offers mechanical breakdown but on a lease in warranty doesn’t exactly make sense…
What’s the point of gap insurance on a lease? Isn’t that included in the lease?