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.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow 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