New $375,000 Lexus likely to become instant classic

Nov 02, 2009

Comments on this story (28)

Staff reporter

Only 500 of Toyota's new supercar, the Lexus LFA, will be produced. Only 10 will be available in Canada. And exactly none of them are for sale.

For the first time in mainstream automotive memory, a car is being brought to market that drivers cannot buy outright. Initially, the LFA will only be available on a two-year lease.

"What happens with hot new supercars like the LFA is that brokers will purchase them and flip them on websites like eBay," said Sandy Di Felice, director of external affairs for Toyota Canada. "You don't want the brand devalued because people are playing silly buggers."

John LeBlanc drives LFA, see videos and photos

Once the lease is up, LFA drivers can become owners. There is no returning the car after a couple of years of fun. There is no trading leases. The buyout will be automatically built in to the initial purchase contract.

The announced price tag of the LFA is US$375,000. Prospective leasers will have to go through a "series" of vetting processes, said Di Felice.

Calls of interest are already pouring in, though Toyota has yet to begin sorting them.

"There are the curious, there are the enthusiasts and then there are the people who are going to buy your car," said Di Felice.

Toyota, which is the parent company of Lexus, will begin taking orders for the LFA next June. The automobile will be produced in Japan at the rate of one per day until the 500th rolls out the door. And then that's it. Production will stop forever.

The LFA has a 552 horsepower engine, will top 320 km/h and is an objectively gorgeous piece of engineering. Early reviews paint the car as an instant classic.

But it's looming rarity that makes the LFA such a hot commodity.

Certain unusual cars – say, the Bugatti Veyron or the Pagani Zonda – appreciate like art. Seldom driven, they are housed as investment pieces and flipped by elite collectors. Over the years, their value can skyrocket. A McLaren F1 road car was sold at auction in 2007 for 2.5 million pounds, more than five times its original list price.

Often, the boutique manufacturers of these million-dollar objets d'art use the same sort of lease-up-front, purchase-later deal. But as far as Di Felice was aware, Toyota is the first of the mass-market auto manufacturers to implement this system.

If you want to line up for an LFA, be prepared to do some social jousting. First off, Toyota will require a refundable down payment to prove your interest. That amount has yet to be determined.

There will be no lottery to select who gets the LFA. Toyota Canada will handpick the winners. It was suggested to Di Felice that that sounded a lot like a popularity contest likely to be won by rock stars and boldface names.

"No, I don't see why if you're, say, a dentist and you can afford a $375,000 car and you really have a passion for Lexus technology and Lexus engineering, you can't end up in one of these cars," Di Felice said. "I think what you're asking me is are we going to bump people for somebody better, and the answer is 'No'."

John LeBlanc drives LFA, see videos and photos

thestar.com