Used Land Cruisers fetch over double new price amid Toyota shortage

Aug 11, 2022 | News On Japan

Aug 11, 2022 (Nikkei) - Resale prices of some Toyota models have topped what new ones sell for as Japan's top automaker keeps car buyers waiting.

The median price of the 2022 Land Cruiser ZX reached 17.05 million yen ($129,000) in late July, more than double the manufacturer's suggested price for the gasoline version of the popular sport utility vehicle, according to used car website operator Proto Corp.

Price inversions like this for Toyotas, which reflect the automaker's struggle to produce cars on time amid a global chip shortage, are unusual in their extent, market watchers said.

"There have been instances of localized spikes in prices for rare and popular cars, but I've never seen it happen for this many models," said Yasuyuki Matsui, a director at Nagoya-based used car dealership group Goodspeed.

For the Alphard, one of Toyota's largest minivans, the median price for the hybrid 2021 Executive Lounge S version was 8.25 million yen, above the new-car price of 7.75 million yen.

Some Harrier and Corolla Cross cars cost more used than new, depending on the model year and grade. ...continue reading

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