The 2021 Toyota HiLux will receive a substantial price hike across the updated model range, confidential information distributed to dealers has revealed.
The most popular model – the Toyota HiLux SR5 double cab pick-up – will increase from an RRP of $55,240 plus on-road costs to $57,900 plus on-road costs when equipped with a six-speed manual transmission. At full price this would eclipse $61,000 drive-away.
The 2021 Toyota HiLux SR5 double cab pick-up automatic which accounts for the majority of sales will increase to $59,900 plus on-road costs – at full price it would eclipse $63,000 drive-away.
The changes on these two examples represent increases of about $2500, or 5 per cent, on their RRPs.
However, when the new prices are compared against the most recent drive-away offers and other transaction prices over the past two years, the increases are up to $8000.
For example, the current model Toyota HiLux SR5 double cab auto until recently was available for $54,990 drive-away, which is less than its before-on-roads cost.
In this example, the transaction prices will increase by up to $8000 when the updated HiLux range arrives in Australian showrooms in August – unless Toyota introduces a new round of drive-away deals.
The cheapest model in the Toyota HiLux range, the Workmate “traffic controller” model that until recently was advertised from $24,990 drive-away, has had the biggest price rise in percentage terms.
Currently priced from $21,865 plus on-road costs for the Toyota HiLux single cab chassis (2.7-litre petrol with five-speed manual and dropside aluminium tray), the new price is $23,600 plus on-road costs – an increase of almost 8 per cent – which would equate to about $28,000 drive-away, an increase of $3000 in real terms when transaction prices are compared.
Historically, Toyota charges full tilt for new or updated models when they arrive in showrooms – and discounts customarily don’t emerge for several months or, in some cases, more than year after launch.
The recommended retail price is often largely academic – and primarily used as a benchmark for fleet discounts. The Toyota HiLux has been offered at discounted drive-away prices close to or below the RRP for the past two years.
However, Toyota dealers have been told to brace for price increases across the 2021 HiLux range due to the weakening Australian dollar versus the Japanese Yen and Thai Baht. Toyota HiLux models sold in Australia are made in Thailand.
Compared to the Japanese Yen and Thai Baht, the Australian dollar has fallen by 10.2 per cent from the middle of July 2018 to the middle of July 2020.
However, in the past 12 months the Australian dollar has only fallen by 1.3 per cent compared to the Japanese Yen. And in the last six months, the Australian dollar has in fact improved by 6.2 per cent compared to the Thai Baht.
Toyota Australia is yet to publicly confirm the price changes and says full details will be announced closer to next month's launch.
In a statement to CarAdvice, a Toyota Australia representative said: “Toyota will soon announce details of the significant improvements to HiLux for its updated model, including confirmation of pricing. We believe that the Toyota HiLux will continue to represent the excellent value that has helped make HiLux Australia’s best-selling vehicle."