The following can be found on Reuters.com today (2/14/10). "ORLANDO, Florida (Reuters) - Toyota Motor Corp (7203.T) is considering increased incentives and an extended warranty program to combat consumer concerns about a deepening product safety crisis, a source briefed on still-developing plans said on Sunday. Toyota, reeling from its largest recall in history, is discussing a range of options with its U.S. dealers to support sales, including $1,000 in addition to the current $1,000 in cash incentives to returning Toyota customers, the source told Reuters. Toyota's current $1,000 in "loyalty" bonus matches incentives offered by General Motors Co GM.UL, Ford Motor Co (F.N), Chrysler and Hyundai Motor Co (005380.KS) to lure Toyota customers. Other options Toyota is considering include a free maintenance program -- such as oil changes and regular mile services -- and a new warranty program that at least matches Hyundai's market-leading 10-year, 100,000-mile powertrain warranty, the source said. Toyota currently offers a five-year powertrain warranty, or 60,000 miles, according to its website. It also offers a three-year basic coverage warranty for "all components other than normal wear and maintenance items." The source declined to be identified because the plan has not been made public and has yet to be finalized." Do you think we can assume that the possible increased warranty & mileage service would include existing 2010 owners???
I wouldn't be too quick to say not possible for the 2010, but I would only see it if something more substantial was found wrong than the current brake issue. I also have a 2001 Odyssey and Honda had a lot of transmission problems with that year, and a couple others I believe. Our entire transmission had to be replaced at 39,000 miles (3,000 out of warranty) and Honda replaced it at zero cost to me, provided a rental car for a few days AND the new transmission is now warrantied all the way out to 100,000 if I remember correctly.
I'm gathering they're gleaning this from surveys and market research Toyota is doing. I wouldn't say this is official though until Toyota announces it.
+1 waiting for an official announcement. I think this would definitely go a long way toward Toyota demonstrating commitment beyond words. Such a move would definitely sway me toward less skepticism.
If Toyota significantly increased the warranty coverage on all their cars (AKA Hyundais Warranty Period of 10 years) mid-stream, model year wouldn't they almost HAVE to make it retro-active to cover everyone? Just like the "Brake Update" couldn't have 2010 Prius coming off the assembly line in August with 10 year warranties but tell everyone that that bought the exact same model earlier, too bad. I think that would make for horrible customer response and terrible PR. Having said that, my guess is IF Toyota does improve their basic warranty they will simply start with the 2011's. I'd like to be wrong, especially if I buy a 2010.
gst already has $1000 owners loyalty that works with other incentives like college grad rebate which is currently $1000 from $500. a good deal can be picked up for somebody that finds a gst toyota dealer that doesn't add a lot of port installed accessories.
It may well be possible. Back in the day, Nissan extended the basic warranty on the '04 Quest to 5/60k because they were such piles of crap.
As a December 30, 2009 purchaser of a 2010 V, I would be pretty upset IF any extensions/rebates only extend to NEW buyers. Problem(s) seemed to have existed when I bought mine. With that said, I have been completely satisfied and have not experienced any problems (just do not know of any potential problems down the road). Earlier comment hit it on the head, doing the right thing with current owners will do a lot to keep up (fix) the image.
they are going to pour incentives into the market after this dies down. i was told to begin in april.
Toyota does make excellent cars, but the past few months are a reminder to them that they are not perfect and need to compete with other car maker's incentives. They should match Hyundai's warranty and offer substantial discounts on all new cars, including zero percent financing. They should also do more thorough testing before releasing cars to the public. I look forward to buying a 2011 Prius on favorable terms.
I bought a 2007 Honda Accord in July of 2007. The following year when the economy began to tank, the local Honda dealer announced a "lifetime warranty" on all new 2008 Honda sales and carried this in to 2009 and then to 2010. When I called to see if they would make this retroactive, I was told that I could certainly trade my 2007 in for a new 2009 and get the new warranty!!
