Ford offers month-end incentives
Ford Motor Co. will offer zero-percent financing for three years on all 2007 Ford, Lincoln and Mercury models or sport utility vehicles and additional $2,007 in cash to customers as it tries to clear showroom floors at the end of the month. The announcement comes after larger rival General Motors Corp. said on Tuesday it would offer qualified buyers zero-percent financing for three years with an additional $1,000 cash on select Chevrolet, Buick, Pontiac and GMC vehicles and would run June 26 through July 9, according to Reuters.
Although they usually offer big consumer incentives both GM and Ford have held incentive spending largely flat this year in order to move away from the kind of blowout sales and volatile monthly sales tallies that dogged results for the Detroit automakers earlier this decade. Detroit's automakers have been struggling to hold their retail market share through close to record-high gasoline prices, a weak housing market and fierce competition from Japanese rivals led by Toyota Motor Corp. which this month announced its own rebates of up to $3,500 on the Tundra pickup truck.
GM's average incentive spend per vehicle through May this year was $2,775, up slightly from $2,704 a year earlier, Ford's average spend was $3,084, down slightly from $3,131 a year earlier, according to an estimate by industry tracking firm Edmunds. Automakers do not typically disclose how much they spend on incentives.
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