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Daimler Slashes Smart Car Discount
With gas prices in the mid-$2-per-gallon range, the Smart car has lost some of its luster. Only 661 of Smart’s Fortwo model sold in the U.S. last month, down 19% from September and down 70% from October 2008. In fact, last month’s sales of the mini vehicle hit their lowest level since the car’s American debut early last year.
To lure customers, Daimler Financial Services introduced a “Value Days” scheme: 1.9% financing for five years, with payments as low as $198 per month. The deal runs through yearend.
An analysis of the promo by Edmunds.com values the incentive at $1,134, or 8.2% of the price of a typical Smart car.
The new incentive comes five months after Daimler’s first-ever incentive on the Fortwo. In June, buyers could qualify for 4.2% financing.
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I still can’t believe Judge Gonzales allowed the Section 363 sale so I am struck dumb on this whole subject.
This is compelling enough that I will go get one this weekend. If it rains, I will call ahead, ask a colleague to hold the front door open and park it next to my desk. This is fabulous. Alternatively, I might just ignore all of this and be sensible.
Here’s a report from Zacks Equity Research on the Smart Fortwo. Zacks rates Daimler as Neutral.