Staff Writer - CheersandGears.com
July 1, 2013
For the past eleven years, the Toyota Camry has been best-selling car in America. But its title is being threaten by models like the Nissan Altima, Ford Fusion, and Honda Accord. However, Toyota isn't ready to give up the crown so easily.
"We will do what is necessary to get the vehicle into the hands of new and loyal customers. Incentives on Camry will remain as competitive as they need to be," said Bill Fay, Toyota Division General Manager in an e-mail.
Toyota has been increasing incentives on the Camry over the past few months. Earlier this year, Toyota was putting $2,300 on the Camry. Now, that number has jumped to $2,750. In comparison, the Altima and Fusion currently have $2,300 - $2,400 on the hoods. The Honda Accord has only $1,400 on the hood.
Toyota is also increasing fleet sales of the Camry. So far this year about 20 percent of Camrys have been going to fleets. While its more than the Hyundai Sonata (17 percent) and Honda Accord (1 percent), the Camry's total is lower than the Chevrolet Malibu (39 percent) and Nissan Altima (33 percent). Toyota says Camry fleet sales will go back down to their typical levels by the end of this year.
However, insiders at Toyota wonder if this is the right move for the Camry. At the moment, the Camry has one of the highest 36-month residual values in the class with 54.4 percent – trailing only the Accord's 55.6 percent. But with Toyota's move of keeping the Camry on top, this could have some drastic effects.
Source: Automotive News (Subscription Required)