Lexus is rolling out what it calls a Full-Service Lease option for its new entry-level LBX hybrid SUV, aimed at attracting younger buyers.
“In addition to the use of the vehicle, our Full-Service Lease covers registration, insurance and capped-price servicing, all with the convenience of a single monthly payment – and you can add a fuel card if you wish,” said Lexus Australia CEO John Pappas.
“It’s all about ease of user-ship… convenience and peace of mind.
“That’s because after a lease term of up to five years, you simply hand the car back to the dealer or you can lease it again or you can move to another new vehicle.”
The move comes after Toyota Finance announced a Full-Service Lease for the new bZ4X electric SUV, which includes servicing, repairs, roadside assistance, replacement tyres, registration and compulsory third-party insurance costs under one monthly payment for a three-year period.
Through Lexus Finance, Toyota’s luxury brand will offer up to a five-year lease for LBX customers.
It has yet to release any pricing, though it says it’ll be a sliding scale, based on the individual needs of each user.
“There are some parameters obviously through Lexus Finance Australia, that they have to obviously tell us around what they’re going to do travel-wise and then there’ll be a fee obviously that they have to pay user-ship wise, per month over whatever period that they’re signing up for three, four or five years,” said Mr Pappas.
Lexus didn’t say what it expects the take-rate to be for the lease option, noting this is a trial and will be offered only on the LBX for now.
It’s debuting it with the LBX as it says ‘user-ship’ is big for younger buyers, and it expects the LBX to attract these customers.
“Once we learn from LBX, we’ll then work out whether we can expand this to other models across the range,” said Mr Pappas.
“We know user-ship is growing. It’s growing in Australia.
“Obviously, it was growing at a certain rate before COVID and then it sort of took a bit of a hit, but we believe that we need to be ready.”
It emphasised that this is just one way for customers to get an LBX in their driveway, as like the bZ4X it can still be purchased like any other vehicle it offers.
Toyota has offered all-inclusive leases before. In addition to the aforementioned bZ4X, it has exclusively offered a batch of 300 Tundra pickups for a $2500 monthly payment, and its hydrogen fuel-cell Mirai to a limited number of organisations under a three-year lease contract.
In addition to rolling out a Full-Service Lease option, Lexus is also expanding its capped-price servicing offering to five years across its range from May 1, 2024.
Under its servicing program, customers are able to have their vehicles picked up for servicing and returned, and will receive a courtesy car while their car is at the dealer.
MORE: Everything Lexus LBX
