Toyota Announces Price Increase on 2011 Vehicles
By Jim Sharifi
Posted: Apr 01, 2011
Car shopping is all about finding the best deal, and if you’ve had your eye on a new Toyota, Lexus or Scion, you should get while the getting’s good. Yesterday, the automaker announced that they would be raising prices in a news release.
You’ve got about a month before new prices go into effect. “The increase takes effect in May for all 2011 models across the company's Toyota, Lexus and Scion brands,” writes the Detroit News. “Aside from limited output of Prius and other hybrids, Toyota's production in Japan has been halted since March 14 because of the damage and supply disruptions caused by a massive quake.
Still, the disaster in Japan isn’t to blame for the elevated sticker prices. “A Toyota spokesman said the May price increases are not related to the earthquake but rather are related to the strength of the Japanese yen,” reports the Wall Street Journal. “The yen currently trades at ¥82.85 for every U.S. dollar. A year ago, the yen traded closer to ¥94 to a dollar. A stronger yen reduced the reported profit generated by its cars sold in U.S. dollars.”
How the price hike affects you depends on what you want to buy. “The smallest increase comes on the Scion xD five-door, which sees a $65, or 0.4 percent, bump to $15,110,” says Left Lane News. “At the opposite end of the spectrum, the Toyota Land Cruiser and Toyota Sequoia both see their list prices increase by $900, which represents a 1.3 percent increase on the Land Cruiser and anywhere from 1.5 to 2.2 percent for the Sequoia, depending on trim level.”
Lexus models see the largest price jumps across the product line. IS models will increase in price by $650, while GS 450h, LS and LX 570 models all add $900 to the bottom line.