In a tough economy with high unemployment rates, college students who are about to graduate will soon be saddled with student loans and trying to land their first job out of school. Toyota is trying to entice these young car shoppers to buy a new Toyota or Scion vehicle with an extra $1,000 rebate.
Toyota Financial Services is offering qualified college graduates a $1,000 rebate toward the purchase or lease of select new Toyota and Scion vehicles, when financed or leased through the dealership and TFS.
The extra $1,000, which can be used in addition to current Scion and Toyota deals, could be a big help to recent college graduates who are in the market for a new car. The extra cash can help reduce the cost of a new Toyota or Scion, especially since prices are up due to the earthquake and tsunami that hit Japan in March, which has caused the automaker to limit production, the Chicago Tribune reports.
“Scion and Toyota vehicles are consistently some of the most popular vehicles among young adults, but more importantly, they provide dependable and safe transportation for new graduates getting to new jobs,” Mike Groff, TFS group vice president of sales, marketing and product development, said in a statement. “We understand that it’s certainly a tough time to be entering this economy, so it’s our hope that this $1,000 rebate, which can be coupled with other incentives, gives these new grads a break and gets them securely started on their next phase of life.”
The $1,000 rebate can be used to purchase or lease a new Toyota Corolla, Matrix, RAV4, Camry (excludes Camry hybrid), Tacoma and Yaris and all new Scion models. If you’ve graduated within the last two years or will graduate within the next six months, you can take advantage of the incentive.
Since the college graduate rebate is good until Jan. 3, 2012, college graduates have the option to wait to buy a new Toyota or Scion until inventories are replenished. Dealership inventories have been down because of limited production and parts availability problems in Japan. Toyota announced in mid-April it would reduce production for the month of May.
New Toyota and Scion vehicles come with complimentary maintenance for two years or 25,000 miles, which can also help recent college graduates save money on oil changes and tire rotations.
The $15,600 Toyota Corolla would cost $14,600 with the $1,000 college graduate incentive. The $14,995 Kia Forte doesn’t have a college graduate incentive, but is available this month with a $1,000 cash back rebate for all shoppers, which brings the price to $13,995, which is a savings of $605 over the Corolla.
The $22,025 Toyota RAV4 would cost $21,025 with the $1,000 college graduate incentive. The $18,895 Hyundai Tucson would cost $18,495 with Hyundai’s $400 college graduate discount. You’d save $2,530 by choosing the Tucson over the RAV4.
Toyota’s $1,000 college graduate incentive will help lower the cost of a new Toyota or Scion, but there are better deals out there on comparable vehicles at other automakers. GM gives college graduates preferred pricing, which varies widely depending on the model, while Suzuki gives $500 to college grads. Honda and Subaru offer college graduates competitive financing to help them since their credit history is usually short and they’d normally receive a high interest rate loan.
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