Toyota and Honda Incentives War May be Next Year
A string of bad luck this year starting with the March Japan earthquake has caused severe part shortages, causing inventory levels to plummet.
With fewer inventory to choose from, consumers have either held off buying or have chosen competing brands, hurting sales considerably.
Toyota and Honda had been gearing up for a year-end incentives war, but that's out of the question now.
Honda has had to cut production in half and delay the release of the 2012 Honda CR-V by several weeks.
Both manufacturers won't be back to full production again until early next year.
The good news: If you don't mind waiting, the incentives war looks like it may occur in the first quarter of next year - and this one may be even bigger than what was planned for this year.
Toyota and Honda are desperate to gain back market share, and the longer they suffer with shortages, the more it will take to win back customers.
We won't be surprised if they offer the largest incentives in their history sometime early next year.
But, keep in mind no one knows for sure what's in store. You can still get a good deal right now, but if you have the luxury of waiting, we recommend doing so.
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