Toyota to offer incentives to buying used cars

author-avatar By on April 16,2019
Toyota to offer incentives to buying used cars

Photo by Verity Sanders on Unsplash

Leading car manufacturer Toyota has introduced a new used-car incentive scheme that guarantees future values on second-hand vehicles.

Buyers are given a set price they can return their vehicle for after a period of time, taking into account long-term running costs and depreciation.

This scheme is only available on certified pre-owned Toyota vehicles bought through Toyota dealerships and Toyota Access (Toyota’s car financing service).

Toyota customers can tailor a package to their needs based on usage – there’s a ‘light usage’ plan of up to 80,000 kilometres and a heavy usage plan at 200,000 kilometers.

Toyota Access was first introduced in 2012 and has since been involved in the sale of more than 100,000 Toyota vehicles, but had previously only been available for new ones.

Vehicles up to five years old at the start of the loan term can now qualify, and at the end of the loan term, customers can ‘sell’ their vehicle back to Toyota for the guaranteed future value (GFV) or choose to buy it outright or trade it for another vehicle.

Toyota said it expects to have a fleet of more than 20,000 pre-owned cars in dealerships available for this scheme in 2019.

Toyota Financial Services general manager for retail finance and insurance Craig Neville said Toyota Access is a win for dealers and consumers.

“Toyota Access was one of the first GFV products in Australia and has been massively successful,” Mr Neville said .

“In the development of the product, we worked collaboratively across the entire business to ensure we could provide the guest with the certainty of knowing what their vehicle will be worth at the end of their loan term.

“Sales of new vehicles has often been the focus for manufacturers and extending Toyota Access across Toyota Certified Pre-Owned Vehicles shows our commitment in supporting all of our guests.”

Encouragement to buy used cars could be a good thing for the automotive industry, given both new vehicle sales and the intention to purchase new cars has declined recently.

The number of people looking to buy in the next year is down 9.9% (61,000) from 12 months ago.

Toyota Hilux to go electric

Toyota also recently announced all of its models will be made electric by the year 2025.

This means the Toyota Hilux, its flagship vehicle and Australia’s most popular car, is likely to be electrified, although Toyota have yet to confirm whether or not this would be as a hybrid.

This announcement came on the same day the Labor Opposition announced its intentions to have 50% of new car sales being electric by the year 2030.

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William Jolly joined as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

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