Lexus LBX 2024: Australian pricing revealed for brand’s cheapest hybrid SUV

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The smallest ever Lexus will carry one of the brand’s most affordable price tags ever when it launches in Australia this year, Chasing Cars can reveal.

Pricing and detailed specification have not been announced for the brand new LBX small SUV however dealer sources confirm the new SUV will be priced from less than $48,000 before on-road costs.

Update, 4 March 2024: later in the same day that we published early pricing for the LBX, Lexus Australia released its official, public price list for the small SUV. Prices in this article have been updated to reflect confirmed pricing.

The entry-level LBX Luxury (front-wheel drive only) costs $47,550 before on-road costs. Stepping up to the LBX Sports Luxury costs $52,990 (before ORCs) with front-wheel drive or $56,990 before costs with all-wheel drive.

How much will the Lexus LBX cost in Australia?

Three grades of LBX will be available in Australia, all sharing a 100kW hybrid three-cylinder petrol engine. Front-wheel drive and all-wheel drive will be available.

The entry-level LBX Luxury 2WD has been priced at $47,550 before on-road costs (about $56,000 driveaway in New South Wales), while the high-spec LBX Sports Luxury 2WD is priced at $54,000 (about $60K driveaway) while the LBX Sports Luxury AWD stickers for $56,990 (about $64K driveaway).

What is the Lexus LBX?

Riding on the same platform as the Toyota Yaris Cross – albeit with mechanical upgrades – the new Lexus LBX will utilise a 1.5-litre three-cylinder hybrid powertrain on all variants that produces 100kW of power.

Standard features for the base model include a 12.3-inch central touchscreen, 360-degree camera, perforated faux-leather sport front seats, with power, memory and heating for the driver, power tailgate, rain-sensing wipers, two-tone paint and 18-inch alloy wheels.

Stepping up to the LBX Sports Luxury 2WD will see the MRLP increase to approximately $54,000, with an estimated NSW driveaway price of $61,400.

The Sports Luxury gains additional features including ultrasuede faux-suede accented seats, self parking feature, active noise control and 13-speaker Mark Levinson sound system.

Meanwhile, the range-topping Sports Luxury equipped with all-wheel drive will set you back approximately $58,000 MRLP, with an approximate NSW driveaway price of $65,600. 

Cheapest Lexus easily undercuts BMW and Mercedes-Benz

Priced below $50,000 before on-road costs in entry-level form, the new LBX easily undercuts the most affordable offerings from rival luxury brands BMW and Mercedes-Benz.

Lexus has extracted significant advantages from using the relatively simple mechanicals of the Toyota Yaris Cross platform and it’s worth noting that the LBX’s hybrid engine is not turbocharged – and offers relatively modest performance.

Still, editor Tom Baker was impressed with the finishes of the LBX when he had a brief first drive of a prototype LBX in Japan last year.

The most affordable BMW model, the 118i hatchback, costs $54,800 before on-road costs while the cheapest Mercedes-Benz in Australia is the $61,900 A200.

Still, German marque Audi offers a cheaper-still way into a premium badge by way of the LBX-sized A1 hatchback, which kicks off from $36,200 before on-road costs – though the LBX is very technically an SUV and not a hatchback.

Lexus to target younger buyers in bid for long-term loyalty

The pricing comes weeks after Lexus Australia chief, John Pappas, told Chasing Cars about the brand’s intention to price the new vehicle affordable in a bid to attract younger buyers and secure brand loyalty at an earlier stage.

While Pappas didn’t name a price at that time, a sub-$50,000 price-point before on road costs marries up with Chasing Cars’ expectations for the all-hybrid vehicle which will dive into a city-SUV segment increasingly being abandoned by luxury competitor brands.

Pricing for the LBX positions it similarly to the Lexus UX small SUV which comes in at $46,085 for its cheapest UX200 Luxury variant, which would mean that it is slightly cheaper than the base grade LBX – however, the base model UX200 is not a hybrid vehicle like the LBX.

It’s expected that official confirmation of pricing will take place next month, with the vehicle arriving on Australian roads by the end of March or early April.

2024 Lexus LBX: prices in Australia

All prices listed are confirmed MRLP figures.

• Luxury 2WD: $47,550
• Sports Luxury 2WD: $52,990
• Sports Luxury AWD: $56,990

Correction, 6.00pm 4 March 2024: An earlier version of this story, which was based on pricing information received from sources, stated pricing of the three grades as $47,500, $54,000 and $58,000 respectively.