List price reductions

[Ken R]

I've noted that there are fairly significant list price reductions, certainly across the RX and NX ranges.

The RX450h+ Premium Plus Pack with Pano roof, special metallic paint and protection pack now £71844 against a previous £74480. Low rate finance and finance contribution still available.

[steve2006]

Perhaps the price reduction is to reflect the increased cost of insuring these vehicles and should be marketed as such.

”Lexus offer a £2500.00 insurance premium contribution for the first year as there is a good chance you won’t still have the car in the second year”

 

[Scotlex]

Possibly car sales are slowing down.

Cars in general since covid are too expensive.

[Tickedon]

Looks like it’s the plugin hybrids which have had reductions? 350h seems to be at same old price? They were already offering higher deposit pcp contributions and lower pcp interest rates vs a standard hybrid.

NX 450h+ premium plus has fallen from £61k to £56k - a bargain for what you get!

I’d bet it’s linked to the zero emissions mandate - they need “credits” worth 22% of car sales, They get one credit per EV, but, can also get partial credits for low co2 emission vehicles - which plugins are - using a complex formula based on average fleet emissions. Someone has clearly worked out they need to sell a few more plug-in cars to balance things… 

[TonyLexus]

My RX450h+ premium plus arrived in the UK last Wednesday and is to be delivered to the dealership in three days time. My dealer has phoned today with the news of the price reduction - tonight may well be a few of these 

Reason given to me, are the points system and the government targets with the ZEV mandate (and the very heavy penalties levied if they are not met)

[Jez S]

This price reduction on Lexus models really affects the second hand value of cars people bought fractionally before the cut off date. I purchased a second hand NX450H in November 2023 with 650 miles on the clock registered in September 2023, and now a vehicle with exactly the same specification with only 150 miles on the clock that is only 2 months old is available £8600 lower than what I paid for mine back in November. So whilst it is good for people buying new those that bought previously face a big drop in the value of the vehicle. It certainly has put me off buying another Lexus again. 

[Ken R]

41 minutes ago, Jez S said:

This price reduction on Lexus models really affects the second hand value of cars people bought fractionally before the cut off date. I purchased a second hand NX450H in November 2023 with 650 miles on the clock registered in September 2023, and now a vehicle with exactly the same specification with only 150 miles on the clock that is only 2 months old is available £8600 lower than what I paid for mine back in November. So whilst it is good for people buying new those that bought previously face a big drop in the value of the vehicle. It certainly has put me off buying another Lexus again. 

I feel your pain! Those that bought EV's are in a worse situation though! I was advised by a motor trade professional to avoid purchasing any electric vehicle or PHEV outright but instead use the pcp or leasing routes as he could foresee this happening. OK it costs to sign up to these financial packages but it at least offers a safety net of a GMFV that you can simply walk away from.

[Tickedon]

5 hours ago, Jez S said:

This price reduction on Lexus models really affects the second hand value of cars people bought fractionally before the cut off date. I purchased a second hand NX450H in November 2023 with 650 miles on the clock registered in September 2023, and now a vehicle with exactly the same specification with only 150 miles on the clock that is only 2 months old is available £8600 lower than what I paid for mine back in November. So whilst it is good for people buying new those that bought previously face a big drop in the value of the vehicle. It certainly has put me off buying another Lexus again. 

I have some appreciation for your pain...

Due to a discount scheme I have access to, after the price cut, I could now buy a brand new car (same spec) for less than I purchased mine used (at 9 months old, 7500 miles on the clock)! Is that slightly annoying, yes, but I'd also be waiting to get it, and I wouldn't have had an amazing car for the last year or so.

I also still can't purchase an equivalent used car for less than I purchased my used car for (i.e. right this moment it'd also be cheaper for me to buy new than nearly new). I knew I got a great deal on my car from a main Lexus dealer, and I've been tempting fate by checking AutoTrader to see if anything similar has come up again (it hasn't). 

The list price cut for the NX 450h+ was approximately £5000, so I think part of your pain is perhaps over-paying for your nearly new car, rather than just the cut in prices... given the lead times in 2023 for a brand new NX (which have now mostly disappeared - many models and colours are in stock in the UK), there was a price premium for the instant satisfaction of being able to drive off in a car sat in a dealers compound. 

In 2023, there was also still the hangover of covid car shortages, limiting volumes, and deals were much harder to get - the pent up post-covid demand hid the impact of the cost of living crisis, whereas car purchase volumes have decreased quite significantly since (creating the environment for better deals as manufacturers try to shift cars). The ZEV mandate is also pressuring manufacturers to shift PHEV and EVs to hit mandatory targets (else they pay £15k fines per non-compliant vehicle sold). I purchased a car in 2023 with my eyes wide open to the fact that 2024 would likely be a better year for deals - but I didn't want to wait. 

The price that WeBuyAnyCar would offer for my NX has also actually increased in the last few months (to it's current highest level that I've seen), even as the mileage on it has gone up as well! So the price cut doesn't yet seem to have impacted used values.

But they are absolutely lovely cars, so I'm not surprised we're all happy to pay top dollar for them! It's certainly the most expensive car I've ever bought, and I'd never planned to buy anything this expensive/luxurious. 

[Sybaris]

I keep mine for a long time to that the depreciation curve flattens out a bit more