Toyota And Honda Increased Discounts In August To Maximize Clunker Impact

Toyota and Honda might have been among the biggest winners from the monthlong cash-for-clunkers stimulus, but in order to close those sales, they spent more than twice as much in August as they did a year ago on cash-back rebates, discounted financing and other incentives.

Automakers do not publicly divulge how much they spend on incentives. But estimates from Autodata Corp. of Woodcliff Lake, N.J., show that government vouchers of up to $4,500 were not enough to close many deals.

 

 

Across the industry, automakers cut incentives on pickups, vans and SUVs and boosted them on passenger cars to attract cash-for-clunkers buyers. Industry spending on passenger car incentives jumped 31% in August, to an average of $2,265, compared with the same period a year ago, Autodata's estimates show.

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America - 9/3/2009 8:18:26 PM

-1 Boost

It's great to see my tax dollars at work subsidizing the asian auto industry. Love, love, love that. The US govt could have spent a tiny fraction of that money installing tire inflation equipement in convenient locations around the counrty and telling people how to use them and we would be realizing the same fuel and polution gains. Now we have destroyed perfectly functional cars and trucks that Americans worked hard to build and at the same time wiped out the source of used parts that keep older cars running.

Joe_Limon - 9/3/2009 5:12:35 PM

+1 Boost

I thought Toyota was giving up on number of sales. This seems like a screw profits gm is breathing down our neck kind of measure, short term gain that will cause long term pain.

Joe_Limon - 9/3/2009 10:53:05 PM

+3 Boost

VW is still a distant third. GM and Toyota keep going back and forth.