Last week I found out about the new Lexus LFA. One quick look at its specs shows that it’s a car-lovers dream. While it's safe to assume that it'll be exclusive and expensive, what's surprising is exactly how exclusive it is. Money, even lots of it, has very little with getting your hands on one.
Simply put, you don’t just buy this car. You have to earn it.
To even have a chance to buy it, there's a rigorous application process to screen out unworthy potential purchasers. So why the exclusivity? Toyota, the maker of the Lexus LFA, sees the car as its ticket into the luxury car market and hopes that the exclusive buying process will have it be associated with the rich and elite lifestyle.
On one hand, I can see what Toyota’s trying to do. Rather than making a car and slapping on a price tag with countless zeros, the company is tapping into the intangible mystique of luxury that transcends money by having a commodity that can't just be purchased, but actually has an element of selection and rejection. By choosing who gets to own the car, Toyota can actively craft its identity in the luxury market.
On the flip side, Toyota isn’t the first name that comes to mind when thinking of luxury cars. While they're not the first company to re-brand for the high-end market, doing so in the midst of a historic product recall may prove to be an uphill battle. The spectre of controversy may make it more difficult to crack into the luxury market, especially since one expectation of luxury products is unparalleled quality and workmanship. It’ll be interesting to see if Toyota can successfully manage their recall situation and court elite car owners.
Sunday, March 28, 2010
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