General Motors and Ford are looking to cash in on Toyota’s misfortune by offering incentives to Toyota owners if they trade in their vehicle for a GM or Ford model.
One day after Toyota announced they would halt sales on the eight vehicles they recalled last week, GM announced a sales program that includes zero-percent financing for up to 60 months to customers who trade in their Toyota, a waiver of three payments up to $1,000 for lease customers, and discounts to cash buyers. Offers will be extended to current Toyota and Lexus lease customers, as well. The program includes most Buick, Cadillac, Chevrolet and GMC models and will run until the end of February.
GM decided to offer the program after thousands of dealers called to say they were approached by Toyota owners after the recall was announced, according a report by the Detroit News. Ford is also offering $1,000 to customers who trade in Toyota and Honda products, which include Acura, Lexus and Scion.The Ford program continues until March 1st.
Toyota owners worried about the safety of their vehicles have a number of options should they choose to trade in their vehicles and move to another manufacturer. For instance, the Chevrolet Malibu is a recommended model in our tests and a competitive alternative to the Camry, although the Honda Accord, Nissan Altima, and Ford Fusion all score higher. Owners also might be concerned that they could get less for their car as a trade in.
No matter what vehicle type you are currently seeking, it’s best to do your research and choose a recommended model that scores well in our testing, has good reliability, and performs well in safety tests. See our new car selector to compare model Ratings, reliability, safety, fuel economy and more.
It’s important to note that currently Toyota isn’t selling eight models involved in this recall, however we maintain that these are good vehicles, and car shoppers will be able to purchase them once the fixes are in place. For more information on the Toyota recall and what it means for you, see our blog.
See our related reports:
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