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Even This Month, GM And Ford Outspending Toyota On Incentives

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2010 Toyota Highlander

2010 Toyota Highlander

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2010 Toyota Matrix

2010 Toyota Matrix

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Toyota might have rolled out more incentives for March—including factory-subsidized financing and lease deals plus free maintenance—but GM, Ford, and Chrysler are still offering deeper discounts.

During March, GM will have spent an estimated $594 million on incentives, while Ford will spend about $489 million and Toyota about $395 million, according to the pricing-intelligence firm TrueCar.

Looking at incentives per vehicle, Chrysler is in the lead, with $3,491 per vehicle, followed by GM ($3,351) and Nissan ($2,993). Across the industry, automakers have offered an average $2,800 per vehicle in incentives.

Altogether, automakers will have spent more than $2.86 million on incentives during March.

Toyota’s March Sales Event program, which runs through April 5, offers zero-percent financing or special lease deal to “qualified buyers,” on a range of models including the 2010 Toyota Highlander, Matrix, Prius, Tundra, Venza, Avalon, Camry, and Corolla.

The program is one of the most aggressive incentive programs ever for Toyota, but for years GM, Ford, and Chrysler have been relying on incentives to move some of their models.

And after just a month, it appears that Toyota might be bouncing back from a recall-related slump. TrueCar is predicting March sales numbers that rank Toyota, Ford, and GM all up from February and within a few thousand units of each other. Most notably, the firm is predicting that Toyota sales will be up more than 70 percent, to 170,552.

Average March incentives are estimated to be higher that those in February for all but Nissan and Chrysler.

Truecar is also predicting that sales of luxury brands are up significantly this month versus last—perhaps an indication of economic optimism.

[TrueCar]

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Comments (4)
  1. How come you did not mention what the incentives per vehicle were for Ford??
     
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  2. Because the facts are conveniently not available/left out. Headline sure did get our attention though. Also, the article does not specify the model years involved. Older MYs require more incentive. In-demand (usually current year) models require less incentive. So is this examining previous models or current models? Certainly, the tables have turned in the last 2 years with regard to favorites. Finally, ironically, the article cites Toyota's costly 2010 incentives, yet the premise of the piece is that Toyota is spending less. Figure that one out.
     
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  3. This incentive business will get out of control. It will get out of control and automakers be lucky to live through it.
    Seriously wasn't this type of dealing a major contributor to the woes of pre-bankrupt GM and Chrysler?
     
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  4. If the American auto industry wants to compete with Toyota, they should play up the patriotic card. That's what Toyota is doing now in their commercials. http://www.weltbranding.com/blog/ has a nice take on this sentiment.
     
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