The escalation in the price of the Lexus LX 600 luxury SUV, which soared from ₦260 million seven months ago to over ₦500 million today in Nigeria, raises eyebrows and prompts inquiries into the factors behind this staggering increase.
Back in August 2023, a pristine Lexus LX 600 commanded a price tag of ₦260 million, while its counterpart, the Toyota Land Cruiser LC 300, was valued at ₦145 million in the Nigerian market.
This surge in vehicle costs can be predominantly attributed to the exchange rate fluctuations affecting cargo clearance, which now hovers over ₦1,400 per dollar.
Consequently, a brand-new Lexus LX 600 now demands an eye-watering ₦580 million, according to insights provided by Unique Motors, a leading luxury auto dealership in Nigeria.
The latest iteration of the 2024 Lexus LX 600 has witnessed an astronomical surge in ownership costs, surpassing the ₦500 million mark. This marks a staggering 92 percent surge from its pricing just a few months ago. The relentless escalation is undeniably influenced by the relentless rise in exchange rates for cargo clearance.
Unique Motors, in one of their Instagram posts, unveiled that a brand-new Lexus LX 600 now commands a jaw-dropping ₦580 million price tag.
In August 2023, the pricing landscape painted a picture where a Lexus LX 600 could be acquired for ₦260,000,000 in Nigeria, while its Toyota counterparts, the Land Cruiser LC 300 Twin Turbo, and the Land Cruiser SPORT GR, were priced at ₦145,000,000 and ₦150,000,000 respectively.
It’s worth recalling that Autojosh, Nigeria’s authoritative car blog, previously shared the manufacturers’ suggested retail prices of various Toyota and Lexus models in Nigeria back in August.
However, the persistent fluctuation in exchange rates, now exceeding ₦1,400 per dollar, continues to fuel the relentless surge in vehicle prices, spanning both new and used (Tokunbo) vehicles, rendering them increasingly unattainable for the average Nigerian consumer.
Since May 2023, the Federal Government, through the Central Bank of Nigeria (CBN), has adjusted the exchange rate upwards on more than four occasions, from as low as ₦422.30/dollar, significantly impacting import duties for cargo clearance at the nation’s seaports.