Chrysler LLC spent $4,705 on incentives
Toyota Offers Surprising Car Deals
Posted: Oct. 06, 2008 10:10 a.m.
USA Today reports, "Toyota announced Thursday what is calls its most sweeping credit incentive-discount program ever...In a bid to revive traffic in showrooms, Toyota will offer 0% financing on 11 models through Nov. 3. The deal covers most of the Toyota brand except hybrids and the Yaris subcompact. The company's Scion and Lexus brands are not included." The move is highly unusual for Toyota. While domestic automakers have used incentives to sell cars in a slow economy many times, Toyota is known for resisting the urge to heavily discount cars.
The Detroit News characterizes the offer as "the latest sign of the mounting woes in the auto industry." They note that "Toyota has been spending far less on incentives than Detroit's Big Three automakers." The Japanese company "spent $1,481 per vehicle in September, compared to $3,972 for General Motors Corp," while "Ford Motor Co. spent $3,696 and Chrysler LLC spent $4,705."
Business Week, meanwhile says the offer "is trying to make the point that tight credit is no excuse for buyers." Credit woes are largely blamed for a September that saw the worst sales figures in fifteen years in the auto industry. "Toyota's incentives come at a time when banks are curtailing lending because of widespread mortgage defaults that have brought down investment banks and a major insurance company." The company apparently wants to show consumers that credit is available for those who are car shopping -- "in fact, [Toyota is] literally giving credit away for free."
When we researched the best car deals of October, we did flag one Toyota as a stunningly good offer. But, somewhat surprisingly, we found better deals from domestic and even European makes in quite a few classes. Research the best ways to get a car loan with U.S. News' car rankings and reviews.
LINK:Toyota Offers Surprising Car Deals - U.S. News Rankings and Reviews
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