Largely overshadowed by the Lincoln-Zephyr, the final Model K was assembled during 1939.

at over $4,000 for a factory body ($88,893 in 2023 dollars), the Model K competed against the Rolls-Royce Phantom II, Renault Reinastella, Duesenberg Model J, Mercedes-Benz Typ3 630 and the Cadillac V-12 (and V-16).

While limiting sales, the move increased profitability per vehicle;

For 1935, Lincoln was positioned upward in price.

The next year, the V8 was retired, making Lincoln the first manufacturer in the world to produce vehicles exclusively with V12 engines.

For 1932, Lincoln introduced its first "multi-cylinder" engine, introducing a V12 engine for the Model K.

Competing against the Cadillac 355, Chrysler Imperial, Duesenberg Model J, and Packard Eight, the Model K offered both factory-designed bodies and coachbuilt designs.

An all-new design (on a longer, lower chassis), the Model K introduced upgrades to the carburetor, brakes, and suspension.

For the 1931 model year, the Model L was replaced by the Lincoln Model K.

as many Lincolns were custom-bodied from the factory or coachbuilt, yearly styling changes would not properly accommodate its customer base.