To hang on to sales gains, Toyota Motor Corp.'s no- interest loans and discount leases will be extended for one more month (until May 3) on certain US models. These incentives were announced on March 2 and had been scheduled to expire on April 5. In addition, Toyota will expand an offer of two years of free maintenance.
The incentive list includes zero-percent financing for up to five years on 2010 Camry, Avalon, Corolla and Matrix cars; Highlander and RAV4 SUVs; and Tundra pickups. And instead of only repeat customers, all consumers are now eligible for the service plan.
In a statement, Bob Carter, group vice president and general manager of Toyota brand sales, confirmed the extension of this two-year complimentary maintenance program until April. Toyota is aiming to continue the 41% sales gains it recorded in the US in March. Year-on-year declines were recorded for the first two months of 2010.
Toyota had been reeling from the recent recalls of more than 8 million vehicles over complaints of unintended acceleration. James Bell, executive market analyst at pricing firm Kelley Blue Book in Irvine, California, said that the sales gains can be attributed to "bargain hunters and Toyota loyalists."
Bell explained that it would be difficult to attract buyers who are considering models from Ford, Subaru, and the others.