Lexus USA July 2008 Sales Report

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The July 2008 numbers for Lexus USA are in:

2008 2007 % Change
IS250/350/F 4,750 4,892 -10.4
ES350 5,563 6,909 -25.7
GS350/460/450h 1,297 1,954 -38.7
SC430 143 304 -56.6
LS460/600h L 1,466 2,696 -49.8
Total Cars 13,219 16,755 -27.2
RX350/400h 7,101 8,413 -22.1
GX470 1,019 1,767 -46.8
LX570 843 206 277.7
Total Trucks 8,963 10,386 -20.3
Total Sales 22,182 27,141 -24.6

The LX 570 is shining like a single star in the sky, moving a staggering 843 units. Everything else, as you can see, is down — and significantly. Why is Lexus being hit so hard by the market slowdown? Two reasons jump out at me:

  • Generally speaking, Lexus owners tend to be conservative, and in a recession are more likely to hold off on any big purchases.
  • Lexus just isn’t pushing the same level of incentives. For their summer sales event, dealers are offering 2.9% APR financing. Compare that to BMW, who are offering 0.9% APR financing. Big difference there.

Combine these points with a lack of new models, and the numbers start to make sense. (Still, 40%+ drops are never pretty.)