Cato: Vaughan, the Nissan Altima coupe is an excellent buy, especially when compared to the far more expensive Infiniti G37 coupe.
Vaughan: Cato, you're comparing the front-wheel-drive Altima with the expensive rear-drive G37. That comparison is specious but not spacious as they're both two-doors.
Cato: Oh, hilarious. Of course I know there's a different chassis for each, but bear with me when I make a case for the cheaper Altima, especially when we factor the deals.
Vaughan: Yes, deals. That's why we're here. Speaking of which did you see how Volvo just went into panic-mode and started hurling deals at everything?
Cato: I sure did. Okay, before we get into Altimas and G37s, we must zero in on Volvo Canada. Volvo Canada's sales were down an astounding 54.8 per cent last month. On the year, sales are down 32.3 per cent.
Vaughan: What a disaster. That signals deals to me.
Cato: Volvo clearly needs to turn around this mess. And the tried and true formula is cash — cash handouts.
Vaughan: This new round of incentives, nation-wide, is called the Volvo Currency Cash Incentive deal. It sounds like they want you to pay in small unmarked bills, but really it means Volvo in Canada has finally begun to address the currency issue. The loonie took off months ago but for some reason, Volvo Canada took no notice. In the meantime, sales tanked.
Cato: And the president of the Canadian sub was fired. So finally and late, Volvo is offering thousands -- and I do mean thousands -- of dollars in savings. Pick a model, Volvo has a fistful of cash.
I cannot fathom why Volvo took so long to move. Look at the long list of Canadian car companies that have cut prices and piled on the incentives — Toyota, Lexus and Audi have taken out full-page newspaper ads right across the country, explicitly to tout their price-chopping, low interest rates and cash goodies.
Here's a story for you. I interviewed a former Volvo owner on this topic yesterday. When the lease on his V70 wagon expired, he tried to do a new deal.
What happened? He hit a brick wall. The dealer wouldn't deal, wouldn't move even the teeniest bit on price. No offers of any kind.
What did this former Volvo owner do? Like lots of other former Volvo owners and leasers, he walked across the street and bought something else. In this case, a Mercedes-Benz.
Vaughan: Bad news. It's easier to keep a customer than find a new one.
Cato: To stop the bleeding, Volvo Canada is putting up money to level the pricing field versus Volvos in the U.S. — not to mention catch up with Lexus, Audi, Mercedes-Benz and others.
On top of that, there are so-called "loyalty bonuses" to help retain existing customers.
Vaughan: This is the sort of pricing program Volvo's dealers in Canada have been begging for, desperate for.
Cato: You want a V70 wagon? Volvo Canada has $9,000 for you -- a $7,000 Currency Cash Incentive and a $2,000 loyalty bonus if you are an existing Volvo owner.
You want an S80 luxury sedan? Grab a $5,000 incentive, plus a $2,500 loyalty bonus.
The up-to-now over-priced C70 hardtop convertible? There is a $5,500 handout and a $1,000 loyalty bonus.
Vaughan: About time. Even the all-new and very good XC70 has $3,000 on it, plus a $2,500 loyalty bonus.
The V50 has even more -- $3,600 handout plus a $750 loyalty bonus. And low-interest deals too.
Cato: And the C30 and S40 have up to $1,600 in cash available, plus up to $1,500 in a loyalty bonus. But enough about Volvo.
We started talking about Nissan's sibling rivalry — the Altima Coupe versus the Infiniti G37. Let's compare V-6 to V-6, even though there is an Altima coupe with a four-banger. The V-6 Altima retails for $31,398. Now add in $1,500 in a factory-to-dealer rebate, plus 0.9 per cent financing for up to three years and you've got a compelling case.
Vaughan: And here's the case for the G37 coupe. This Infiniti starts at $47,350, but Nissan is tossing in $4,500 in a factory-to-dealer rebate, plus 2.9 per cent financing for up to five years.
Cato: I am a big fan of the 2008 G37. It was completely reinvented for 2008, replacing the G35, and I like everything Infiniti did.
This car is a legitimate rival to BMW's 3-Series which got its own 2007-model-year redesign. The G37 is now rated at 330 horsepower thanks to a new version of Nissan's V-6. That's enough power to give the G37 the muscle of, well, a muscle car.
And it's gorgeous.
Vaughan: The Altima coupe looks pretty good too and it is much, much less expensive, less thirsty for fuel and overall it is a better value.
And if you're a boy racer, with the 270-horsepower V-6, the Altima can do 0-100 km/hour in less than six seconds. That's within a couple of tenths of a second of the G37.
Cato: So buy the Altima and you get a sexy car with hot performance, and you'll pocket about 10 grand.
Vaughan: Exactly. Now that's a deal. Too bad Volvo just figured that out.
2008 Nissan Altima Coupe
Buyer's Age Range:
- 16-34 years: 29.1%
- 35-54 years: 47.0%
- 55+ years: 23.8%
Gender ratio:
- Female: 37.6%
- Male: 62.4%
Type of sale:
- Cash/non-dealer financing: 28.3%
- Finance: 29.6%
- Lease: 42.2%
Most popular colours
- Black
- Grey
- Silver
- White
Vehicle price: $32,727 (does not include taxes, license or title fees)
Days to turn: 21
Trade ins: 32.2% (does not include lease returns)
Top three trade ins:
- Honda Civic
- Nissan Altima
- Honda Accord
Average monthly payments: (includes PST & GST)
- Lease (48 month term): $547
- Finance (60 month term): $564
Source: Power Information Network
