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Why It May Make Sense to Still Buy a New Toyota

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On: Mon, May 10, 2010 at 9:53AM | By: Michael Jon Lazar

Why It May Make Sense to Still Buy a New Toyota

There are many consumers who are still at odds as to whether or not they should make a purchase of what was, until the recall of a failed braking mechanism and several other parts, one of the top-selling cars in the US: Toyota. While it is always good to be wary when making any vehicle purchase, be it used or new, there are some pretty innovative changes that Toyota has made over the months that have ensued. Even as they recoil from what is perhaps the most horrid PR nightmare any company could ever stomach—one that caused the company CEOs and board to be publicly lambasted by the US Congress—there are still reasons it might be smart to consider these cars when deciding what vehicle to purchase. The company has striven to prove itself, and is in no financial trouble, unlike GM and others of the Big Four in the US—able to operate due only ’ to continued financial assistance from the US government.

No Looming Financial Problems
According the Associated Press, “Toyota is fighting a serious quality crisis, having recalled more than 8 million vehicles worldwide since October for gas pedal defects, a faulty floor mat, and a braking software glitch.” However, the AP report also goes on to say that, “But its U.S. vehicle sales, battered by the recalls and the slowdown following the 2008 financial crisis, have been gradually recovering, rising 24 percent in April, partly because of record incentives. And it is expecting to return to the black for the fiscal year ended March 31 with an 80 billion yen ($842 million) profit.” The AP report also said that the future of the company, financially speaking, is not at risk. “WHAT'S EXPECTED: Analysts polled by Thomson Reuters expect, on average, a 124 billion yen profit for the fiscal year ended March 31, and a 122 billion yen profit for the fiscal fourth quarter.”

Improved Customer Service
Ever since the company has recalled and repaired millions of parts, they have greatly ramped up their customer service methods to keep loyal consumers happy. This means better and faster service at dealerships, and it also means service with a smile. According to report on Cincinnati.com, “Last week, Toyota said it has completed more than 3 million recall repairs including 1.6 million for sticky pedals and 1.5 million for floor mats. More than 732,000 vehicles have received both the floor mat and pedal modifications, bringing the total number of recalled vehicles serviced to about 2.4 million.”

Record Incentives Being Offered
Last, but not least, all things considered: the incentives to get into a new Toyota have never been as enticing or as prevalent since the company’s founding in the late 1930s. According to a recent report on Freep.com, “For the second full month, Toyota offered 0% loans, discounted leases, and two years of free maintenance to loyal customers who bought another Toyota model.” And, “Sales of all Toyota hybrids totaled 17,242 in April, a 41% increase from a year earlier as gas prices have risen near or above $3 a gallon in many parts of the country.”


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