Incentives Coming Back In Auto Industry
CHICAGO (WBBM) — If you have held off on buying a new car because of the price, you have had plenty of company.
But as WBBM Newsradio 780’s Bob Roberts reports from the Chicago Auto Show, incentives are beginning to reappear.
LISTEN: Newsradio 780’s Bob Roberts reports
Some, such as Hyundai North America chief executive officer John Krafcik, are steering clear. They still say incentives are what got the industry into trouble in the first place.
“I had higher hopes that we could hold back,” Krafcik said.
Most say General Motors opened the door for incentives in January, and Toyota has piled on since.
Toyota Group vice president Bob Carter says there is a reason why.
“Auto affordability by a number of third parties is at the lowest level that we’ve seen since the late ‘60s,” he said.
Carter says that is why Toyota is acting.
He draws the line at cash back and says Toyota will not offer that as an incentive. But Toyota is offering 0 percent financing on the Camry, and slashing lease rates.