The Oldsmobile division of General Motors Corp. today announced a $1,000 increase in the cash rebate on its slow-selling 1989 Toronado luxury coupe to $2,500 until further notice.
Oldsmobile is hoping the increased rebate will help stimulate sales of the Toronado, which are down 54.8% so far this year. Inventories of the car are also at more than twice the normal level, with a selling supply equal to 147 days as of Aug. 10, sources said.
The GM division said last week it would keep the price of the Toronado the same for 1990, despite a substantial and costly redesign that will make it more than a foot longer for the new model year. Prices start at $21,995 for the base model and $24,995 for the sporty Trofeo version.