2024 Lexus GX Already Has A $12,000 Markup

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - May 16, 2024
2024 Lexus GX

After 13 model years, Lexus finally introduced a fully redesigned GX for 2024. The 2024 Lexus GX represents a massive leap in technology, luxury, and off-roading capability, though it comes with a hefty price increase of $4,225 over the previous generation. With a starting price tag of $64,250, the 2024 GX isn’t cheap, but shoppers heading to Lexus dealerships in the hopes of purchasing a GX will find that the SUV has some hefty markups.

We did some research on the national inventory of 2024 Lexus GX SUVs and found some extreme markups on the redesigned vehicle. Based on our analysis, the largest markups are for $12,500 over MSRP. We found $12,500 markups on the 2024 GX Overtrail+ and Luxury+ trims, pushing their price tags up to $98,000.

On average, we’re seeing dealer markups of $11,000 over MSRP with markups ranging from $5,000 to $12,500. The large markups are on well-equipped “+” models like the Luxury+ and the rugged Overtrail+. Compared to non-“+” trims, “+” models come with extra luxury features.

With the Overtrail, the Overtrail+ comes with features that include massaging front seats, a 10-way power-adjustable driver’s seat, heated second-row seats, and a hands-free liftgate. With the Luxury+, shoppers are getting adaptive dampers, a glass sunroof with adjustable tint, power running boards, a digital rearview mirror, and a 21-speaker Mark Levinson audio system.

2024 Lexus GX Markup screenshot

We’re not surprised to see a markup on the GX, but we are shocked by how high the markup is. At $98,000, the GX doesn’t make a lot of sense for shoppers to purchase, as that’s full-size luxury territory. Additionally, shoppers wanting to get into a luxury off-roader will find that at $100,000, the Land Rover Defender offers substantially more engine performance and has a more diverse lineup. Having six figures to spend on a vehicle also opens more doors for larger, more luxurious SUVs.

The GX is a legendary off-roader that holds its value incredibly well on the used market. Shoppers and fans of the GX have been waiting years for Lexus to come out with a fully redesigned model and now that it’s here, Lexus dealers want to get as much money out of the SUV as possible. As we’ve seen with other markups, automakers can’t or don’t do anything to stop markups being placed on vehicles by the dealers. And the sad part is that some shoppers out there will pay an extra $12,500 to be able to be among the first shoppers to get the GX. Does it make sense? Not at all, but that’s how dealers and wealthy shoppers have made the car-buying process after the COVID-19 pandemic.

The 2024 Lexus GX debuted without any incentives, but our analysis found that the GX has the brand’s highest residual values and could, eventually, be a good vehicle to lease. As for right now, we think shoppers should look around for a dealership that doesn’t have a markup on the GX or wait to purchase a model.

Pictured: 2024 Lexus GX

Source: LexusofRoseville.com

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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