Japanese consumers are really beginning to feel the hurt caused by Toyota’s supply chain issues. And no, we aren’t just referring to long wait times and halted reservations.
A new report by Nikkei Asia has revealed that Toyota’s supply problems have created a thriving reseller market. Models like the Toyota Land Cruiser LC300 and Alphard are, in some cases, being sold used for more than brand-new units.
“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,” used car dealership group Goodspeed director Yasuyuki Matsui told Nikkei Asia.
It’s particularly bothersome in the case of the Land Cruiser. The report says that the median reseller price for the full-size SUV’s ZX variant has hit a whopping 17.05 million Japanese yen (almost P7.1 million). That’s already more than double the vehicle’s standard retail price.
The Alphard isn’t faring much better at the moment, either. Its hybrid Executive Lounge S in Japan now has a median reseller price of 8.25 million yen (P3.43 million). Its SRP currently sits at a lower 7.75 million yen (P3.2 million).
Helping keep reseller prices high are buyers from overseas willing to shell out a sizable premium for models currently unavailable in their countries.
“Buyers exporting to wealthy customers in emerging economies pay high prices,” one seller told Nikkei Asia.
It appears the auto industry is going to be grappling with this problem in the long run. Have you had a car purchase affected by the supply chain crisis? Let us know your experience in the comments.