Prices for many Toyota models are rising in Japan’s used car market as the automaker continues to struggle with a global chip shortage. The average price reached 17.05 million yen at the end of July, more than double the suggested retail price of a new Land Cruiser in Japan.
It’s not just Land Cruiser that’s feeling the effects, with the median price of a used Toyota Alphard minivan in Executive Lounge S guise reaching 8.25 million yen, higher than its new car price of 7.75 million yen. Prices for the Corolla Cross and Harrier models have also eclipsed their suggested retail prices
There are examples of rare and popular cars going up locally, but I’ve never seen it happen for this many models, said Yasuyuki Matsui, director of used car dealership group Good Speed.
Toyota’s order book in Japan has grown dramatically. With a wait of more than four years for the Cruiser and more than a year for several other SUV models, Toyota has so many orders that it recently suspended Japanese orders for the Land Cruiser, Alphard and Harrier models.
It’s not just domestic demand that’s fueled price hikes, with several Japanese models like the Harrier gaining popularity in overseas markets and overseas buyers contributing to higher prices. Export buyers to wealthy clients in emerging economies pay higher prices, a seller told Nikkei Asia.
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