Toyota Increases Prices for RAV4 and Camry for Second Time in Six Months, Exceeding $1700 Hike

Toyota, the biggest seller of new motor vehicles in Australia, has announced a new round of price increases. The prices for some of the most popular new Toyota cars in Australia will go up for the second time this year, as wait times stretch from six months to two years. Toyota Australia advised dealers to expect a price increase for all but three models from July 2023. The increases range from $160 to $1,890 and follow a previous price increase announced in January 2023. The latest round of price increases will affect popular models such as the Toyota RAV4 Hybrid and Toyota Camry Hybrid, with the highest price rises impacting them. The delays now primarily stem from an increase in demand for Toyota cars rather than any production delays and shipping bottlenecks.

The Toyota HiAce vans and Toyota HiLux ute have wait times of six to 12 months, depending on the variant. However, because the delays now stretch across model-year updates, Toyota last year began providing customers with a document when they sign on the dotted line, advising price and equipment could change before the vehicle arrives. Customers are entitled to a refund of their deposit at any point of the ordering process if they do not agree with the new price or equipment. This means most customers already in the queue will be hit with the latest round of price rises, unless their vehicle was manufactured prior to September 2022 (Kluger) or November 2022 (all other models). Given that most vehicles meeting the above criteria have already been delivered, the majority of customers who take delivery of their new Toyota after 1 July 2023 will be hit with the latest price rises.

Toyota Australia has advised dealers that while the latest price hikes “may be unwelcome … please understand we have carefully considered all factors before making such a decision.” The only exceptions to the price rises are some (but not all) Toyota models subject to Luxury Car Tax. As the minimum price threshold for Luxury Car Tax creeps up according to CPI, the recommended retail prices of certain models have come down. The listed Toyota Australia price rises due from 1 July 2023 include the following models: Toyota Camry, Corolla Cross, hatch, and sedan, GR Corolla, GR Yaris, RAV4, Supra, Yaris Cross, Yaris hatch, Granvia (standard model), HiAce bus and van, Kluger GX, GXL petrol, 2WD Grande petrol, AWD Grande petrol, hybrid (all models), Prado GX, GXL, VX, Kakadu, LandCruiser 300, HiLux 4×2 single-cab petrol and diesel, 4×2 extra-cab diesel, 4×2 double-cab petrol and diesel, 4×4 all models, and Fortuner all models.

In conclusion, Toyota’s latest round of price rises has left thousands of customers in Australia disappointed as wait times continue to stretch. Toyota Australia has advised dealers to expect a price increase for all but three models from July 2023, ranging from $160 to $1,890. While the delays primarily stem from an increase in demand for Toyota cars rather than any production delays, the latest round of price rises will affect most customers who take delivery of their new Toyota after 1 July 2023. Customers who do not agree with the new price or equipment are entitled to a refund of their deposit at any point of the ordering process until the vehicle is registered in their name.

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