Lexus has increased the price of all but one of its models recently, with certain variants of the Lexus GS and Lexus RX rising by £1500.
A company spokesman said the price rises are not a result of the Brexit vote, which has caused several other manufacturers to raise their prices, with many claiming the fluctuation in the value of the pound as their main reason.
Lexus’s biggest seller, the Lexus IS, has risen in price by £500-£750, while its coupe counterpart, the Lexus RC, has risen by £1000. The Lexus CT, Lexus’s hatchback, has risen by £750, or £250 for the Premier version.
Despite this, the price rises are likely to be a knock-on effect of the Brexit vote, as the company’s price rises are managed in accordance with the market. Lexus’s entries into the burgeoning SUV market, the Lexus NX and Lexus RX, have risen by between £750 and £1250, and £1000 and £1500 respectively.
With price hikes elsewhere, Lexus’s prices, which are adjusted to keep market placing competitive, were likely to rise.
The Lexus LS is the only model in the Lexus range which has not risen in price. The LS is the oldest model in the Lexus range, so it’s likely that the brand chose not to adjust the pricing of its BMW 7 Series rival for this reason. Its rival to the BMW 5 Series, the Lexus GS, has been increased by between £1000 and £1500, though.
Since the UK’s vote to leave the European Union, multiple manufacturers have hiked their prices, while Chinese-owned MG has pulled final assembly from its Longbridge plant.
Lexus's parent company, Toyota is likely to raise its prices as competitors adjust theirs to combat the fluctuation of sterling, although it’s unknown at present by how much this will be. Honda has raised its prices by an average 0.9% across its range, so it’s likely that a similar margin of adjustment will be applied to Toyota’s models.
Add your comment