The prices in the used-car market in Japan are currently soaring rapidly due to the ongoing global chip shortage in the market
Used cars in Japan are currently enjoying a strong demand due to the ongoing chip shortage across the globe. The effect of this strong demand can be directly seen in the retail prices of used cars. A recent report shared by Nikkei Asia shared that the price of a used 2022 Toyota Land Cruiser ZX in Japan is more than double the suggested retail price of a new Land Cruiser.
Here is everything you need to know about this new and strong trend in Japan’s used car market. For starters, the average price of a standard used 2022 Toyota Land Cruiser ZX is around 17.05 million yen (INR 97.15 lakh) in late July in Japan.
Except for the Toyota Land Cruiser, other cars like the Toyota Alphard minivan and the Corolla Cross also have a strong demand in the market and the prices of such cars have also gone higher than their suggested retail prices.
The production of the new cars has suffered heavily due to the global chip shortage and Toyota alone has approximately 1 million pending orders in Japan. The Toyota Land Cruiser currently has a waiting period of almost four years while many other SUVs have a waiting period of over 1 year. The Japanese carmaker also suspended many orders of the Land Cruiser, Alphard, and Harrier models in Japan.
Other Toyota cars like the Harrier are also gaining popularity in overseas markets and are currently being auctioned by used car dealers to other dealers in other markets. Increased domestic demand and higher demand for exports have contributed significantly to the rising prices of these used SUVs in Japan.
Toyota India will also be launching the new Land Cruiser LC300 in India in the next few weeks. The bookings of the LC300 recently commenced in the country at Rs 10 lakh. The new LC300 will be offered with a 5-seater cabin and will be powered by a 3.3L diesel engine that comes mated to a 10-speed automatic gearbox. The price of the new Land Cruiser LC300 is yet to be announced in India.