Used Toyota Land Cruisers fetching over double the new model's price: Here's why

Toyota Land Cruiser has set a new record. The old Toyota Land Cruisers are selling at more than double the price of the new models in Japan, reports Asia Nikkei. The report claims that the median price of the 2022 Land Cruiser ZX reached #129,000 in late July this year, which is more than double the price for the petrol variant of the popular SUV. The reason behind this price hike for the old models is the crunch the automaker is facing to deliver its vehicles to the customers, further claimed the report.

Toyota is among the major global auto manufacturers that have been suffering from the microchip shortage that emerged due to the Covid-19 pandemic. Apart from that several other issues like rising prices of raw materials and shortage of critical other auto components too have impacted the production of the SUV greatly. On the other hand, demand for the SUV remains steep. This has prompted the consumers to consider buying older models at a higher price rather than wait for an indefinite period for a new model.

The report quoted a Toyota car dealer in Japan saying that there have been cases of localised spikes in costs for the cars that are popular and high value. However, that is not the regular fashion, said the dealer.

The case is the same for the other Toyota models like Alphard, Harrier and Corolla Cross. These cars' older models too are selling at higher costs than their new models' price.