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Toyota Australia has announced it will be upping prices of its imported models across the board from January 1 next year.
This comes as the Australian dollar dips to a low not experienced for some time -- a low which, according to Toyota Australia senior executive director of sales and marketing David Buttner, reflects a weakening against the yen by more than 35 per cent in the past three months.
"The current rate is more than 20 per cent below the long-term average of around 79 yen -- and we do not expect it to recover to any great degree in the near future," he said.
The price increases will average 2.4 per cent over Toyota's range of imported product, in some cases amounting to as high as $3773 (LandCruiser) in real cash. Even the modestly priced Yaris will cop an increase of as much as $800, while the Prado will cost up to $2000 more than in December.
The top-selling Corolla model will be priced up to $750 more, while the Kluger SUV will be lifted by as much as $1500.
Workhorses are not to be ignored either, with 4WD HiLux models increased by up to $1700 and the HiAce commuter by as much as $2000. The Coaster bus will be hit by an increase of $2500.
Toyota will be holding prices of its locally-built Aurion and Camry models, as well as the Prius hybrid, at current levels.
As well as the currency issues, David Buttner also cited other factors putting pressure on retail pricing. "In the past year, there have also been steep increases in the prices of raw materials, such as steel.
"In the light of all these pressures, we believe the increase of 2.4 per cent from the start of the new year is extremely modest."
Other Japanese importers contacted by the Carsales Network were unsurprised at Toyota's move, but weren't prepared to comment on any plans to announce price increases.
In fact, while speaking at the launch of the new Impreza WRX sedan on Tuesday, Subaru managing director Nick Senior said the company was adequately hedged against price increases at present -- although he didn't say for how long the status quo would be maintained.
Mitsubishi's Senior Manager of Corporate Communications Lenore Fletcher said that the company was mindful of currency pressures but would not be announcing anything at present.
One other company spokesman expressed reservations about Toyota's decision, suggesting that in the current climate where discounting is rife and recommended retail prices don't necessarily reflect showroom reality, it was a "little brave".
The message is: Better get down to your Toyota dealer now if you think the announced retail price rises will mean anything in the real world.
Maybe it would also be interesting to ask how many car makers considered price reductions only a few months ago, when the Australian dollar was running at an almost unprecedented high...
TOYOTA PRICE INCREASES FROM JANUARY 1, 2008
Yaris -- Up to $800
Corolla -- Up to $750
Prius -- Nil
Camry -- Nil
Aurion -- Nil
RAV4 -- $500
Kluger -- $1051 to $1,500
Prado -- $592 to $2000
LC200 -- $2662 to $3773
Avensis -- $1000
Tarago -- $616 to $1750 (from February 9)
LC70 -- $1100 to $1500
HiLux 4x2 -- Up to $750
HiLux 4x4 -- Up to $1700
HiAce commuter -- $2000
HiAce van -- $700 to $1000
Coaster bus -- $2500
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