TORONTO (April 1, 2008) - Volvo Cars of Canada Corp. today announced the XC90 and S60 would receive the largest cash incentive program the company has ever applied to the two vehicles, providing customers with thousands of dollars in savings.
Regardless of the trim, the XC90 will benefit from up to $10,200 in cash incentives. This comprises $7,200 in the company's new Currency Cash Incentive program and a $3,000 loyalty bonus for existing Volvo vehicle owners. The new cash incentive will also benefit customers who prefer to make monthly payments. For example, a new customer who chooses a 48 month lease for a 5-seat XC90 3.2 will now pay as little as $554 per month with a $2,800 down payment, representing a saving of $54 per month compared to the same offer in March. An existing Volvo owner with the same down payment who leases an XC90 would pay $486 for 48 months due to the loyalty bonus.
S60 customers will also benefit from up to $7,000 in cash incentives; $5,000 for the Currency Cash Incentive and a $2,000 loyalty bonus for existing Volvo vehicle owners. With new interest rates, a new customer with a $2,100 down payment who leases a S60 2.5T Auto for 48 months will see a monthly payment of $499, representing a saving of $146 per month when compared to March. A current Volvo owner with the same down payment who leases an S60 would pay $455 for 48 months due to the loyalty bonus.
Historically, the S60 and XC90 models have accounted for approximately 40 per cent of the company's overall vehicle sales.
"This new Currency Cash Incentive for the S60 and XC90 represents the largest incentive program the company has ever offered Canadian customers," says Peter Johnson, Vice President, Sales and Marketing for Volvo Canada. "It's simply the most money we've ever put on the table for these vehicles. For existing Volvo owners, the deal gets even better as it can be combined with our newly-hiked loyalty bonus program for even greater savings. The great news is that all of this money can be applied to the price of a vehicle regardless of whether the customer chooses to purchase with cash, lease or finance."
Volvo Canada also announced vehicle sales reached 465 units in March. The March, 2008 total is off 54.8 per cent from the 1,029 units sold in the same month of 2007.
Year-to-date, Volvo Canada has sold 1,423 units, representing a decrease of 32.3 per cent from the 2,102 sold during the first two months of 2007.
"March was a difficult month for Volvo Canada and its retailers," says Johnson. "However, we feel the new Currency Cash Incentive applied to two of the company's highest volume vehicles will have an impact on sales going forward."
Volvo Cars of Canada Corp. is part of Volvo Car Corporation of Göteborg, Sweden. The company provides marketing, sales, parts, service, technology and training support to the 42 Volvo automobile retailers across the country. The company's product range includes the stylish and sporty C30, the elegant C70 hardtop convertible, the compact S40 sedan, the S60 sport sedan, the S80 flagship sedan, the versatile V50 wagon and the award-winning XC90 sport utility vehicle. For 2008, the company is introducing two all-new models: the redesigned V70 wagon and the rugged and comfortable XC70.
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