Toyota Incentives Should Remain High for Months
Now analyst believe Toyota may have to keep incentives high until at least end of summer and quite possibly until the end of the year. If they don't, Toyota risks a sales meltdown again.
Starting March 1st, Toyota began offering 0% financing, low-rate lease deals, and cash rebates on certain models. Sales have reportedly increased as much as 70% compared to last month.
Now Toyota is in a tough spot. Historically, they've done well without the need for incentives, but consumers are now expecting it. The longer they keep incentives high, the more damage will be done to the brand and to its resale values.
Generally, this is good news for car buyers (especially if you intend to keep the car for more than 5 years).
Toyota has been forced to offer large incentives on its 2010 vehicles, but when the 2011 models come out, Toyota will likely try to ween consumers off the spiffs. In the meantime, you should have several months to get a great deal on Toyota vehicles. It's an opportunity that doesn't come along very often.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and Ryde Shopper are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid