Toyota Launches New Incentives on the Tundra
June 15, 2007
Still trying to gain some traction with its new pickup truck, Toyota is offering customers nationwide a
cash rebate of up to $3,000 or zero-interest financing for 60 months on the 2007 Tundra
.
Buyers of the regular cab model receive a $3,000 rebate; buyers of the CrewMax and Double Cab get $2,000. The zero interest financing is available on all models. The incentives expire July 9. In the Los Angeles, where Tundra sales lag those of northern California, the cash rebates are $3,000 for all models through July 31. Special lease rates are also available. A bonus to salespeople in L.A. on Tundras is also in effect through July 2.
Introduced in February, the Tundra has had a tougher go of it than some, including perhaps Toyota, anticipated. The loyalty rates among domestic truck buyers have remained strong, and the full-size pickup truck, in general, has been soft and is expected to continue to be cold throughout the summer, according to Edmunds.com's analysis of consumer purchase intent.
Last month, for the first time, the Tundra hit the annual rate of 200,000 vehicles a year. Toyota’s competitors fully expected the Japanese automaker would do whatever it takes to make its target of 200,000 vehicles.
Edmunds.com's analysis of consumer purchase intent, which looks at consumers' shopping behavior that suggest the kinds of vehicles they'll buy in the next 60 days, showed a decreasing interest, suggesting even fewer pickup trucks will be purchased and higher incentives will be added.
Incentives on pickup trucks already. Toyota's addition of a hefty rebate and low-interest financing offer suggests the summer will see an incentive war in the pickup truck segment.
| Large Truck Incentives | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year | Make | Model | Cash | and/or | Financing | |||||
| Dealer Cash | Bonus Cash | Customer Cash | 36 | 48 | 60 | 72 | ||||
| 2007 | Chevrolet | Silverado 1500 | $1,500 | or | 0.0 | 4.9 | 5.9 | 6.9 | ||
| 2007 | Dodge | Ram 1500 | $1,000 - $1,500 | $3,500 - $5,000 | or | 0.0 | 0.0 | 0 - 3.9 | 4.9- 5.9 | |
| 2007 | Ford | F-150 | $3,000 | or | 0.0 | 0.0 | 0.0 | 1.9 | ||
| 2007 | GMC | Sierra 1500 | $500 | $1,250 | or | 0.0 | 4.9 | 5.9 | 6.9 | |
| 2007 | Nissan | Titan | $3,500 | or | 1.9 | 1.9 | 1.9 | 3.9 | ||
| 2007 | Toyota | Tundra | $2,000 - $3,000 | or | 0.0 | 0.0 | 0.0 | 0.0 | ||
Source: Edmunds.com
Toyota also is offering incentives on other models as well, some of those in cold segments as well. Cash rebates of $1,500 are being offered on the Highlander Hybrid, the Sienna minivan, the Sequoia full-size SUV and the 4Runner. Buyers of the gasoline-powered Highlander received $2,000.
Edmunds.com's analysis of consumer intent shows waning interest in full-size pickup trucks and minivans. The Sequoia currently is showing one of the largest decreases in consumer intent in the full-size SUV segment.
And, while hybrids generally are hot, Edmunds.com's analysis shows hybrid versions of midsize SUVs, large and luxury SUVs are of far less interest to consumers than are small, less-expensive hybrids that emphasize fuel economy over performance.
In lieu of the cash rebate, Toyota is offering low-interest financing of 1.9 percent for 36 months, 2.9 percent for 48 months and 3.9 percent for 60 months. Zero interest financing for 36 months is available on the gas-powered Highlander. 3.9 and 5.9 percent financing is also available on the Tacoma.
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