The continued decline in the value of the naira amid a severe FX scarcity has pushed up the cost of importing cars into the country. The naira, which was around 460 per dollar before the liberalisation of the FX market in June last year, fell to a record high of ₦1,598.057 per dollar on Sun 21 July 2024.
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This has affected the price of vehicles in Nigeria to 100%, As of August 2023, a brand new Lexus LX 600 costs ₦180 million in Nigeria while Toyota Land Cruiser LC 300 costs ₦145m. at the time of this piece, the brand new Lexus LX 600 SUV now cost as much as 298 million naira according to Nigerian luxury auto dealership, LagosCleanCars.
A popular Instagram blogger, Tunde Ednut took to his page to wonder why the prices of cars skyrocketed in Nigeria, he quoted, “See car price. For Lexus? Aaaaaaaaah…. N298,000,000? Ah! Are things this expensive now? Ordinary Lexus.” JDautoscenter, added in the comment section “For car wey Lexus don recall cause it has factory issue that the engine blows less than 20k miles.”
The 2023 Lexus LX 600 is a full-size luxury SUV with a 3.4-litre twin-turbo V-6 engine that produces 409 horsepower and 479 lb-ft of torque. It has a 10-speed automatic transmission and four-wheel drive and is known for its durability and smooth ride. The 2023 model has a few minor changes from the 2022 model, including a heated steering wheel as standard on all models, a new Takanoha wood trim and an available Sunflare brown interior for the Ultra Luxury trim.
The real price of the 2023 Lexus LX 600 in Nigeria
The 2023 Lexus LX600 has become the best-selling SUV in Nigeria since its release. The Lexus LX, long known as a plusher version of the iconic Toyota Land Cruiser off-road SUV, As of July 2024, a brand new Lexus LX 600 costs ₦270 million to ₦310 million in Nigeria, while the bulletproof 2023 Lexus LX starts at 500 million naira and goes up to 650 million naira.
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