Not only in Vietnam, the price of a used Toyota Land Cruiser 2022 is double that of a new car in Japan

Prices for many Toyota models are skyrocketing in Japan’s used car market as automakers grapple with a global chip shortage.

Used car pricing data shows the average price of Toyota Land Cruiser ZX 2022 was 17.05 million yen (equivalent to about 2.85 billion VND) at the end of July. According to a report by Nikkei Asia, this figure is more than double the suggested retail price of a Land Cruiser. 100% new in Japan.

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Not only is the selling price of the Land Cruiser 2022 model being affected, the average price for a used Toyota Alphard MPV in the Executive Lounge S variant has increased to 8.25 million Yen (~ 1.38 billion VND), 7.75 million Yen (~ 1.29 billion VND) higher than the new car price. The prices of some used Corolla Cross and Harrier models have also “eclipsed” their suggested retail price.

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“There have been cases of localized price increases for rare and popular models, but I have never seen that happen for many of these models,” said the director of a used car dealership group. Goodspeed, Yasuyuki Matsui told Nikkei Asia.

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Toyota’s orders have increased dramatically in Japan. It is known that this automaker has about 1 million orders in its home country alone, accounting for one-third of its annual domestic production. This has led to waiting times of more than four years for the Land Cruiser and more than a year for some other SUV models.

Toyota has so many orders that it recently stopped accepting orders for the Japanese market, including models such as Land Cruiser, Alphard and Harrier.

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Not only has domestic demand pushed prices up significantly, some Japan-only models such as the Harrier are becoming popular in foreign markets and overseas buyers have contributed to price increases. Additionally, used car dealers often auction cars to other dealers.

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“Buyers will then export the cars to wealthy customers in emerging economies to pay high prices,” a car seller told Nikkei Asia. In Vietnam, although the selling price of the used Toyota Land Cruiser 2022 is not double the listed price of a new car, it is 1-2 billion VND higher depending on the vehicle and options, odo.

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