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is the carmax warranty worth it? anyone have any experience with it?

jmang 741 76 May 18, 2016 at 07:26 AM
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I'm looking to purchase a car from carmax, it's $21k. I got approved for $18k @ 1.69% and will be paying the rest in cash.

tax tag and title equates to roughly $1400. Max care for 100k miles on the odometer, or 60 months is an additional $1300.

im looking to get a lexus CT 200h, it's got the same motor as the prius, plus all the lexus luxury.

i'm 60/40 on not getting the warranty, since i know it's a reliable car. at 24k miles, there is plenty of life left. at the same time, i'm going to be relocating soon, and i will need reliable transportation. i'll have peace of mind knowing that if anything major happens, i'm covered.

should i get the warranty?

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Joined Dec 2005
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#2
The only extended warranty that can be considered an actual warranty is a factory extension. All others are insurance policies. Check the fine print. I suggest passing.
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E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
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#3
A contributor to jalopnik.com has had a series of interesting articles chronicling his experience with a MaxCare warranty on his laughably unreliable Range Rover. http://jalopnik.com/you-cant-get-...1655587419

This guy posted something relevant just last Friday: Should You Bother With An Extended Warranty?
[jalopnik.com]
I wouldn't get the warranty on a reliable car.
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Last edited by dhc014 May 18, 2016 at 09:19 AM
#4
Quote from jmang View Post :
I'm looking to purchase a car from carmax, it's $21k. I got approved for $18k @ 1.69% and will be paying the rest in cash.

tax tag and title equates to roughly $1400. Max care for 100k miles on the odometer, or 60 months is an additional $1300.

im looking to get a lexus CT 200h, it's got the same motor as the prius, plus all the lexus luxury.

i'm 60/40 on not getting the warranty, since i know it's a reliable car. at 24k miles, there is plenty of life left. at the same time, i'm going to be relocating soon, and i will need reliable transportation. i'll have peace of mind knowing that if anything major happens, i'm covered.

should i get the warranty?
Not to be the only realist in this thread, but if you were only approved for $18k and you are buying a car that not only is at least $18k, but over $4k more, I would be remiss to not say you are buying a car over what you should be affording.

No one is going to say you CAN'T buy this car, but you really SHOULDN'T.

It is possible that you left out extra details but even so, I'm not sure I would recommend this.
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#5
Quote from eekthecat View Post :
Not to be the only realist in this thread, but if you were only approved for $18k and you are buying a car that not only is at least $18k, but over $4k more, I would be remiss to not say you are buying a car over what you should be affording.

No one is going to say you CAN'T buy this car, but you really SHOULDN'T.

It is possible that you left out extra details but even so, I'm not sure I would recommend this.

KBB has it at 20k. carmax has it for sale at 21k. i don't mind paying that 1k premium for a carmax transaction.

CPO lexus has fully loaded 2013 models with 24k miles at 24-25k from what i've searched online through inventory.

i've also looked through craigslist, using searchtempest for the past 2-3 months, and nothing that's a good deal has come up.

my down payment can be upwards of 10k but i'd rather not blow that cash at a single time.

im just checking to see if this community has any experience with extended warranties through carmax.
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Joined Jan 2006
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#6
CarMax is as crooked as they come. Skip the warranty and save your money for all the problems you're going to have with that vehicle.
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As the username says ...
#7
Quote from ManUpOrShutUp View Post :
CarMax is as crooked as they come. Skip the warranty and save your money for all the problems you're going to have with that vehicle.
Agree personal experience if its a brand new car it will come with warranty if any warranty you want to get is directly from the factory warranty any other warranty is a headache. A decade ago parents got a car with lots of issues. After that the extended warranty kicked in they wanted high deductibles told my old folks to forget it canceled it so they could get a refund of what was left and fixed it else where at a fraction price.
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#8
I would do some hard negotiating with a Lexus dealer and try to get a CPO from Lexus. There are some in that price range on their website.
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#9
Here's a story of a $6,000+ repair on a BMW engine being covered by a $2,079 CarMax warranty: . OTOH a Lexus isn't a BMW.
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#10
Quote from larrymoencurly View Post :
Here's a story of a $6,000+ repair on a BMW engine being covered by a $2,079 CarMax warranty: . OTOH a Lexus isn't a BMW.
Well there's always going to be instances in which they simply can't find a way out of paying. In the case of a $6,000 repair it's also possible it would have been an open and shut legal claim even in the absence of a warranty. In PA, for example, despite the lack of a lemon law it is a violation of law for a dealer to fail to disclose certain problems, such as a cracked engine block/head or bad transmission.
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#11
On a Lexus with only 24k miles if it's in good condition I would not get an extended warranty. Find a good independent mechanic in your area that specializes in Japanese cars and your golden. The dealer in this case is more expensive.

The situation totally changes if you know your buying an unreliable car, (Landrover, etc)
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Vague questions receive vague answers . . . . . .
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#12
Contact Troy to see what he can offer has great prices

Troy Dietrich at Toyota of Greenfield. Direct number 413 772 0989.


Always recommended on any Toyota or Lexus board.
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#13
your looking for piece of mind, currently its a cost of $1300.

While i wouldn't buy it myself, i'm different than other people. I can wrench on a car on my days off, i might not want to but i can. $1300 on a lexus is about 1-2 repairs.

In terms of claims and payouts, i've talked to service managers at my infiniti dealership and he doesn't have an issues having carmax's warranty pay out for a repair. So thats a good thing, i assume lexus is similiar but i cant say for sure. Trim wear and tear is what i'm most worried about but rarely will you have an extended warranty cover that.

I would say NO to getting it. As you are betting you will spend less then $1300 on repairs for the next 75k miles.
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