Toyota Land Cruiser price difference of 600 million VND, even with money it is hard to buy

Toyota Land Cruiser is a large SUV model of Toyota brand, likened to "president's car" because it is often used by group presidents and people with status in society. In Vietnam, although only wearing a common logo, Land Cruiser is implicitly positioned as more luxurious and high-end than luxury cars from Europe, in the same segment as BMW X7, Mercedes-Benz GLS, Audi Q8,...

In July 2021, the new generation Toyota Land Cruiser (LC300) was officially launched in Vietnam with a single version, with a selling price of 4.06 billion VND.

After many price adjustments, this car model is currently listed at 4.286 billion VND, but supply still cannot meet demand, causing dealers to sell at significantly higher prices.

Mr. Nguyen Quang T. (salesman at Toyota dealership, District 1, Ho Chi Minh City) shared: "The Toyota Land Cruiser model has a very limited supply, the quantity imported is small. Customers who order this model must deposit 500 million and wait 1.5-2 years to buy a car with the desired color code."

The shortage of Toyota Land Cruiser models is not only happening in Vietnam but also in many major markets around the world. In July 2022, Toyota posted information on its Japanese website about temporarily stopping taking orders for the Land Cruiser model due to overloaded orders.

Also during that time, a representative of Toyota Vietnam also said that this large SUV model was not in sufficient supply for the market, so they temporarily stopped accepting deposits to pay off previous orders.

However, Mr. Dinh H. (salesman at Toyota dealership, Binh Tan district, Ho Chi Minh City) said that the current car price will be about 600 million VND higher than the listed price and the total rolling cost in Ho Chi Minh City will be about 5.4 billion VND, including the difference.

Meanwhile, Ms. Kim C. (salesperson at Toyota dealership, District 2, Ho Chi Minh City) also admitted: "Toyota Land Cruiser is a hot and rare car model, buyers have to accept a price difference of 550-600 million VND but are not sure to receive the car in the desired color. The number of cars is limited so it is only for customers who are quick."

The situation of selling new Toyota Land Cruiser LC300 at high prices is also happening at private showrooms specializing in imported cars, with prices ranging from 5.2 to 5.4 billion VND, excluding rolling costs. This price difference is about 900 million VND to 1.1 billion VND compared to the listed price of Toyota Vietnam. However, these private showrooms have cars in stock, and customers will receive the car immediately after paying in full.

In the used car market, Toyota Land Cruiser is also famous for being the top car model in terms of price retention. Currently, used Land Cruiser LC300s manufactured in 2023 are priced from 4.6-5 billion VND, depending on the ODO number. Compared to the listed price of a new car, a used car when completing the rolling procedure is around 4.75 billion VND, will have an equal value and even be 200-300 million VND higher.

In the new generation, Toyota Land Cruiser is no longer equipped with a V8 engine, instead it is a turbocharged gasoline engine, 3.5L capacity, 409 horsepower and 650Nm torque, with a 10-speed automatic transmission and four-wheel drive system. In some other markets, this model also has a diesel engine option, but Toyota Vietnam only distributes gasoline engines.

In addition to design upgrades, the Toyota Land Cruiser LC300 has also been equipped with many modern amenities, especially with full safety support features in the Toyota Safety Sense (TSS) package that were previously not available on the old generation Land Cruiser LC200 in Vietnam.

Faced with the above price problems, most consumers in Vietnam are forced to accept buying Toyota Land Cruiser LC300 at a higher price and have to wait a long time for the car to be delivered.