The 3-Year-Old Lexus SUV You Should Buy Used
Lexus SUVs are typically seen as some of the best for combining sharp features with dependability, and because of that, prices tend to stay quite high for quite some time. Take the 2020 Lexus GX; it still has an average used price range of between $34,700 and $36,500, but owners swear by it.
At just three years old, this hybrid Lexus SUV is dropping in value just enough to make it more appealing than its original new price, while still combining an efficient powertrain, up-to-date gear in the cabin, Lexus-grade quality, and a nice driving experience.
Depreciation Puts A 2023 Luxury Hybrid Within Reach
Hybrid vehicles tend to have higher prices than their gas-powered counterparts. You are paying for more technology and powertrain efficiency, with prices sometimes evening out due to typically lower fuel costs, and some hybrid powertrains can deliver more power than gas-only engines.
Take the 2023 Honda Accord; it is equipped with a 1.5-liter turbo-four rated at 192 horsepower and 192 pound-feet of torque; the 2023 Accord Hybrid gets a 2.0-liter inline-four good for 204 horsepower. Original prices for the gas-engine ’23 Accord started at $28,390, while Accord Hybrid prices started at $32,990.
Today, the gas-engine model has average used prices starting at $21,700, while the hybrid has average used prices starting at $25,300. So, cheaper than the gas-engine model was originally, and you get combined fuel economy ratings of up to 48 mpg.
Prices Can Make Used Luxury Cheaper Than New Mainstream
The same goes for luxury vehicles. Depreciation tends to work in the favor of second buyers; CarEdge says luxury brands hold, on average, around 61 percent of their value at the three-year mark, compared to mainstream brands, which hold onto around 62.4 percent of their value. Bear in mind that luxury vehicles tend to cost more than mainstream vehicles when new, so there is more money to lose as well.
For something like a five-year-old Lexus ES 300h, which is fairly good at holding its value, its Kelley Blue Book estimated average used price of $29,100 makes it cheaper than a 2026 Toyota Camry (MSRP: $29,600). For that kind of used price, you are still getting all the luxury appointments in the cabin, a 215-horsepower hybrid powertrain, 44 combined mpg, and high rates of reliability for a hybrid luxury sedan . Not to mention more bragging rights.
The 2023 Lexus NX 350h’s Price Is Dropping
The 2023 Lexus NX Hybrid, more specifically, the NX 350h trims, follow the same kind of depreciation rate while still offering up-to-date gear and the kind of specs that mean something in the modern market. The 2023 NX 350h is available as the base trim, the Premium, and the Luxury, with original MSRPs between $43,105 and $50,555.
Today, the base trim has an average used price of $38,800; the Premium, $41,000; and the Luxury, $43,600. While the price is still high compared to some mainstream hybrid SUVs, the three-year-old NX 350h should be viewed as a value proposition rather than judged on up-front costs.
2023 Lexus NX 350h Specs And Fuel Economy
At the center of why prices above $38,000 still make sense today is the NX 350h’s powertrain. It is equipped with a 240-horsepower naturally aspirated inline-four paired with the Lexus Hybrid Drive system, and an e-CVT. The 0–60 mph time is relatively modest, at around 7.2 seconds, but it is more than enough for everyday driving. What makes it well worth considering, though, is its fuel efficiency.
According to FuelEconomy.gov, the ’23 NX 350h can achieve 39 combined mpg, or 41 mpg in the city and 37 mpg on the highway. To put that into perspective, the 2026 NX 350h can achieve roughly the same, but costs $46,570 at the low end.
Standard AWD Gives The Hybrid More All-Weather Ability
All 2023 NX 350h models are also equipped with e-Four electronic AWD, which consists of front electric motor-generators working in conjunction with a front electric motor and a rear electric motor, with power managed by the e-CVT. We wouldn’t suggest trying much Baja-style driving in one, but the front-bias setup means that fuel efficiency is maintained when driving normally, while the automatic activation of the rear motors when the sensors detect slippage keeps you planted in wet conditions.
Hybrid Power Keeps Fuel Stops And Fuel Bills In Check
The payoff for owning a three-year-old NX 350h is how far you can go on one tank of gas, and how little it costs to fill up. FuelEconomy.gov estimates that it costs, on average and based on driving 45 percent on the highway and 55 percent in the city, $79 to fill the 14.5-gallon tank. It also estimates that it will cost $3.51 to drive 25 miles, and a full tank gets you 566 miles. The average annual fuel cost for a 2023 NX 350h is $2,100, or over five years, $1,500 cheaper than the average new vehicle.
What 88% Owner Satisfaction And J.D. Power Scores Say About Long-Term NX 350h Ownership
According to owners who have left a review on Kelley Blue Book, owning a 2023 NX 350h is a strong proposition. Owners have rated it 4.6 out of 5 overall, with 88 percent of owners recommending buying one. The overall rating includes a rating of 4.4 out of 5 for quality, 4.6 out of 5 for performance, styling, and value, and 4.9 out of 5 for reliability and comfort. One owner sums it up nicely.
Gas mileage has average 41 miles per gallon. Getting on the freeway is a breeze as is getting to 80. Ride is smooth, comfortable, and reassuring. Love love the car. This is our sixth Lexus and by far the best.
J.D. Power also rates the 2023 NX 81 out of 100 overall, with an 81 out of 100 reliability rating and a 79 out of 100 driving experience rating.
Lexus Reliability Takes Some Of The Risk Out Of Buying Used
Lexus has one of the finest formulas when it comes to making reliable vehicles, and the NX 350h doesn’t look to step too far away from that reputation. CarEdge estimates that it will only cost you $2,502, on average, to maintain over five years, which comes to just a touch over $500 a year.
In fact, all the five-year costs look to be sensible. CarEdge rates the NX 350 “A-” for value, and says total costs are $54,345, which includes $24,084 in depreciation, $13,305 for insurance, $8,039 for interest, and $6,415 for gas.
Edmunds also estimates that it will cost between $51,138 and $53,420 to own a ’23 NX 350h for five years. Compared to something like the 2023 Audi Q5 PHEV, which costs upwards of $61,355 over the same time, the NX 350h looks affordable.
A Well-Kept Cabin Still Feels Expensive After Three Years
Just because it is not a 2026 luxury SUV doesn’t mean the 2023 NX 350h can’t challenge its rivals for cabin technology and comfort. If you find a model that has been looked after, you really aren’t missing out.
The base trim gets a 9.8-inch Lexus Interface touchscreen and wireless Apple CarPlay and Android Auto, while the Premium adds a power moonroof, ventilated seats, and memory functions. The top-tier Luxury trim gets properly plush with perforated leather, unique seat quilting, black open-pore wood, a HUD, and a much larger 14-inch touchscreen. You also get ambient lighting here, all for under $45,000.
The 2023 NX 350h Is A Used Luxury SUV Worth Watching
Upwards of $38,000 is a lot of money compared to some new mainstream hybrid SUVs, like the 2026 Hyundai Tucson Hybrid ($31,300), which can achieve up to 40 mpg in the city and has a powertrain output of 231 horsepower. It can especially seem like a lot of money considering that the NX 350h only has a maximum cargo capacity of 46.9 cubic feet, while something like the RAV4 Hybrid has nearly 70 cubic feet of storage space. However, you don’t buy a used RAV4 for proper luxury, and you don’t buy a used luxury SUV for it to be the best at everything.
Where a three-year-old Lexus NX 350h makes sense is in its slightly lower price than many new mainstream alternatives, high fuel efficiency, a well-crafted cabin, 41 inches of front legroom, 36.1 inches of rear legroom, its original five-year/60,000-mile hybrid component and battery warranty, and rock-solid dependability in a comfortable and pleasant-to-drive luxury SUV. You could wait for the five-year mark for prices to drop further, with current depreciation estimates forecast to take the residual value down to 69 percent, or an average value of around $29,500.
That really isn’t much of a difference from where prices are now, though, and by the five-year mark, you no longer have the original hybrid component warranty, and there will likely be many more miles on the odometer. The NX 350h may not be the most spacious small luxury SUV on the used market, nor the quickest, but it currently occupies a strong position for value for money, a touch of class, low ownership costs, and proper Lexus quality.
Sources: Lexus, J.D. Power, Edmunds, Kelley Blue Book, FuelEconomy.gov, and CarEdge.
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