Toyota has always tried to keep prices near MSRP even through the lowest of times like the U.S car market crash of 2008.
However with the recall of over eight million vehicles due to the “unintended acceleration” problem that has been so widely reported, Toyota was having a public relations nightmare. With profits dropping like the proverbial stone Toyota had to do something to regain its showroom sales.
So the Japanese car-maker decided to offer zero-percent financing on all its most popular models in an effort to increase their sales. Although it was a risky move this has been reported to have made a positive impact, with sales up 47 percent from March 2009.
With Toyota now regaining its market through these incentives, other manufacturers have also joined in. Honda is offering 60-months, zero-percent loans on its vehicles, with sales up to 12.5 million on an annualized basis.
Whatever happens with this incentive war, one thing is for certain, the customer will win regardless of which manufacturer does the best.
Head over to AutoBlog for a full report. The question is, is this the best time to go out and buy a new car?