Thinking about buying a Toyota? You're not alone.
Automotive News reports, "New incentives are boosting Toyota’s U.S. sales big time in early March, and analysts forecast a 30 percent bounce for the full month." The expected sales increase comes after Toyota sales fell 10 percent in February, amid recalls and Congressional hearings.
However, Toyota isn't the only one reaping a sales bounce. Edmunds Auto Observer says, "In the first eight days of March, the Seasonally Adjusted Annual Rate (SAAR) of U.S. sales climbed to 12.5 million units, the highest level since September 2008, excluding August 2009 when Cash for Clunkers was at fever pitch."
Automakers like Ford, GM and Toyota are currently offering zero-percent financing. In some cases, those terms are good for up to five years.
While the incentives are driving sales, being so generous could cost automakers in the long run. According to Edmunds, the incentives will cost Toyota over a billion dollars, which could affect their profitability this year.
While analysts think that the incentives are a good short-term fix that may not fix Toyota sales in the long term, Autoblog says, "That may be true, but we're thinking Toyota must be more than a bit relieved that customers are coming back to showrooms, at least for now."
Check out the latest Toyota recall news and information, including how the company's recent troubles affect our rankings. If you're in the market for a new car, check out the U.S. News rankings of this year's best cars as well as this month's best car deals.