Can a Lexus dealer sell an extended warranty on a car that's passed the CPO period?

The Lexus dealership told me I could buy a Lexus (not 3rd party) warranty from them for $4800 (4yr/48K). Salesperson said that was the price with no markup. It's a car they tried to sell as CPO, but the CPO period recently expired so they can't sell it with the 2 year CPO warranty now. I thought you could only buy an extended warranty while the warranty period is still in effect. Is this right, and is $4800 a good price for an LS 500 with more than 60K miles on it?