By on September 20, 2011

At the launch event for the 2012 Toyota Camry, the presenting executive noted price reductions of up to $2,000. Quite often such reductions are accomplished by deleting previously standard features. Case in point: the 2012 Volkswagen Passat, where we found that once you adjust for feature differences a $7,180 price drop shrunk to a much smaller, if still substantial, $2,400. So with the redesigned Camry I withheld commenting on the price reduction until I could run the car through TrueDelta’s car price comparison tool.

The results are much more interesting than I expected (cars with automatic transmission):

MSRP FeatureAdjust Adj. MSRP Diff.
2011 Camry Base 22005 22005
2012 Camry L 22715 -175 22540 +535
2011 Camry LE 23460 23460
2012 Camry LE 23260 -225 23035 -425
2011 Camry SE 24725 24725
2012 Camry SE 23760 -825 22935 -1790
2011 Camry SE V6 27400 27400
2012 Camry SE V6 27400 -2975 24425 -2975
2011 Camry XLE 26725 26725
2012 Camry XLE 24725 +615 25340 -1385
2011 Camry XLE V6 30605 30605
2012 Camry XLE V6 30605 -2060 28545 -2060
2011 Camry Hybrid 27810 27810
2012 Camry Hybrid 26660 -160 26500 -1360

In every case but the XLE, the feature adjustment is actually in the 2012s favor, widening rather than narrowing its price advantage. So the price decrease is real…with one notable exception: the price of the cheapest Camry actually went up. In fact, the size of the decrease varies considerably by trim level and powertrain.

To highlight the pattern, let’s compare trim levels:

MSRP Feature Adjust Adj. MSRP Diff.
2012 Camry L 22715 22715
2012 Camry LE 23260 -725 22535 -180
2012 Camry SE 23760 -2175 21585 -1130
2012 Camry SE V6 27400 -4325 23075 +360
2012 Camry XLE 25485 -3380 22105 -610
2012 Camry XLE V6 30605 -7205 23400 +685
2012 Camry Hybrid 26660 -1300 25360 +2645

So the LE is a slightly better value than the L, but the difference between the two “garden variety” Camrys isn’t large enough to matter. At the other end of the spectrum, the Hybrid has come down $1,360 compared to last year, leaving it (only?) about $2,600 more than the equivalent conventionally-powered car. The XLE and especially the XLE V6 follow a value-pricing scheme, essentially providing a $600 discount for checking off all of the boxes. Ford commonly does this. The Germans, on the other hand, typically go in the other direction, making the base car the best value then charging big bucks for options.

The big surprise is the SE, where Toyota appears to have lifted a page from the Mercedes-Benz playbook. For the past few years Mercedes has been providing a free sport package on the C-Class. More recently they’ve done the same with the E-Class. On other models the “AMG” body kit, wheels, and suspension can cost thousands of dollars. On these models it’s free. Why? Because Mercedes want to change their image from stodgy to sporty.

Similarly, Toyota charges $500 more for the SE than the LE, but fits it with about $1,500 in additional features. Opt for the V6, and they go even further, piling on standard features far more than they bump the price. The 2012 has the same base price as the 2011, but includes nearly $3,000 in additional standard features, most notably the new Entune system which includes nav. So while the 2012 SE V6 lists for $4,685 more than the 2012 L, all but $360 of this price difference is accounted for by its additional features. Not included in this calculation: the SE V6’s more powerful engine, larger whees, stickier tires, and sport suspension. Would you pay $360 to go from a 179-horsepower four-cylinder engine and 16-inch wheels shod with grip-free tires to a 268-horsepower V6 and 18-inch wheels shod with performance rubber? A stupid question, isn’t it?

Given the effective $3,000 price cut, it’s no surprise that the SE V6 also compares very favorably with competitors (all with leather, nav, and sunroof):

MSRP Feature Adjust Adj. MSRP Diff.
Camry SE V6 30260 30260
Mazda6 s Grand Touring 32365 +2110 34475 +4215
VW Passat V6 SEL Premium 33720 +410 34130 +3870
Honda Accord EX-L 32600 +1125 33725 +3465
Nissan Altima 3.5 SR 32470 +425 32895 +2635
Ford Fusion Sport 33135 -775 32360 +2325
Hyudai Sonata Limited 2.0T 31055 +375 31430 +1170
Dodge Avenger R/T 28035 +1175 29210 -1050

Only the Ford includes more stuff than the feature-laden Camry—notice the often sizable feature adjustments. So the Camry has both a lower sticker price and more features. Wonder why the Mazda6 doesn’t sell better? Now you know at least part of the reason. The “reduced price” Passat might now be in the hunt, but it’s also near the top of the range. Toyota has even managed to significantly outdo the aggressive Koreans. Only the lame duck Dodge manages to undercut the new Camry. And if you compare invoices rather than sticker prices, even it ends up about $200 more. (Toyota dealers enjoy wider margins than most, so all of the above comparisons would shift even further in the Camry’s favor if we compared invoice prices.)

Apparently Toyota is sick of hearing about how boring Camrys are to look at and drive. To counteract this, they want fewer LEs and more SEs on the road, and they’re subsidizing the price of the latter to make this happen. If the styling and suspension of the SE simply aren’t your thing, they’d prefer that you opt for the Hybrid. Dead set on the L or LE? Toyota will still sell you a driving appliance, but they’re easily the worst values in the bunch.

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61 Comments on “Pricing Analysis: 2012 Toyota Camry...”

  • avatar

    I’d be interested to see this same analysis done on the Honda Civic.

    I get the impression Toyota and Honda (and to a lesser degree, Volkswagen) are hedging their bets against a recovery of the economy in North America and that this decontenting exercise might actually work out in their favour if we’re looking at our own lost decade.

  • avatar

    On the SE, I’m guessing the larger price reduction came from switching from an ‘add on’ type body kit to just having the bumpers styled more ‘sporty’. …and Toyota passed this savings on to the customer.

    • 0 avatar

      Actually, the body kit is still there, just more subtle than before.

      • 0 avatar

        hmmm… I’m not seeing that from the picutres I’ve seen. I don’t see any seam lines indicating a body kit like the 2011’s have. The new front and rear bumpers on the SE look like they are 1 piece.

      • 0 avatar

        Sorry, I meant that the SE still has separate side skirts. The bumpers are now one piece.

      • 0 avatar

        I don’t even think the side skirts are separate, are they? All models have a separate rocker piece, the one on the SE just looks styled differently.

      • 0 avatar

        Welcome to one of my least favorite gray areas: where do “rocker panel moldings” become “side skirts?” A rocker panel molding is never an extra-cost option, while a “body kit” can cost up to $2,000.

        My working definition of side skirts has required that the moldings extend downward from the rocker and have the appearance of an added-on piece, which generally involves cut lines a few inches up from the rocker. I’ve considered requiring that the car body appear complete even if the moldings were removed, but this information isn’t readily available.

        I do think it’s almost certain that the new rocker moldings and fascias cost less to produce and assemble than the old ones, but the difference is at most a couple hundred dollars. So not nearly enough to in itself account for the price decrease.

      • 0 avatar

        I guess what I’m saying is that the plastic piece that you are referring to on the 2012 is unique for the SE model (but they all have a plastic rocker piece), whereas ’11 has the same rocker for all models, then an extra plastic kit piece added on.

  • avatar

    I can’t seem to find where Truedelta adds the charge of the navigation system to the Camry’s MSRP.

  • avatar

    You know what I think? Toyota is upset about the bogus recall crisis, and they are getting even. Toyota is offering the best car in the segment and dumping them. After what the Obama administration did to Toyota ( with the full support of Detroit ), it is only fair.

    What Obama did to Toyota was dishonest. I hope Toyota causes a lot of pain for the UAW who supported Obama’s fake recall smear.

    Toyota has class. When confronted with trumped up SUA allegations, they said they were sorry for a problem that did not exist. They kept their cool while launching a product to get even. Toyota, well done.

    • 0 avatar

      I think you may be seeing far-reaching conspiracies where there are none…

      Was the recall scandal trumped-up nonsense? Absolutely. Was it unfair to Toyota? Sure. But was it drummed up by some behind-the-scenes decree? I doubt it.

      It was a potentially huge story, to be sure, and without investigating as far as they should, we had news organizations jumping right in with “SCANDAL” printed in huge letters to attract ratings, and political grandstanding on The Hill for personal constituency gains. It just so happens that the (non-)story broke just as the Big Three were down-and-out. The American public love a good scandal, love to see long-time winners lose, and love to root for the underdog and home team (esp. when they are the same entity).

      I also think you’re reading too much into Toyota’s actions. The previous Camry SE was a considerable monetary jump over the volume LE model, and sold almost exclusively to fleets, because nobody looks to a Camry for driving enjoyment. They dropped the price to push more SEs out the door in order to change their image and try to shake the SE’s “brought to you by Hertz” rep. Simple business actions, there.

      But, hey, everyone loves a good conspiracy, as well… Your thoughts certainly are creative.

    • 0 avatar

      Sorry, but PRESIDENT Obama had nothing to do with that recall. That kind of thing happens every time Detroit gets in trouble and someone needs bailing out. Remember the Audi unintended-acceleration fiasco back in the 80’s? Trust me, Toyota came out a LOT better than Audi did – that BS nearly killed Audi in the US car market. And last I checked, the President then…what was his name? Oh yeah…Ronald Reagan.

      • 0 avatar
        VA Terrapin

        It’s not the actual recall that’s the issue; it’s the hysterical media hype about Toyota SUA and Transportation Secretary Ray LaHood telling affected Toyota owners to stop driving their Toyotas except to get them repaired.

        As far as Audi and Reagan are concerned, I don’t recall any Reagan Administration official telling Audi owners to stop driving their cars.

    • 0 avatar

      As much as I’m (ostensibly) a pinko liberal commie union-supporter Obama lover, I have to say I find the whole conspiracy angle pretty unlikely.

      It was grandstanding (on the part of politicians) and if-it-bleeds-it-leads journalism (on the part of ABC and other news organizations). It happens when there’s figurative blood in the water, and it happens all the time. You don’t need a conspiracy to explain depressingly common populist sandbagging.

    • 0 avatar

      jimmyy, that’s pretty much exactly what my old Air Force buddy with the ’87 Camry told me, vowing that if he ever retired or replaced his wife’s Camry he would buy another Camry just to spite the domestic automakers.

      He also said he wouldn’t care how much Toyota wanted for their Camry, he’d buy one because what Ray LaHood and the DOT did to Toyota on behalf of the UAW and Guv’mint Motors was just plain wrong.

      I bet there are more people out there with those same sentiments.

      • 0 avatar

        I laughed, I cried, I smiled, and then I realized they were serious. Toyotas suddenly started accelerating in an unusually high rate or accidents over a correlated period. The fact that the follow up report “exonerated” them really doesn’t disprove it so much as position at a crossroad where the one or two things they DID check weren’t at fault. To blame domestics for Toyota getting sloppy is kind of ludicrous, then again they talk about people’s perceptions of cars lagging about a decade behind where they really are. So it’s 2011 and in most people’s minds it’s still 2001.

        Sooner rather than later Toyota was inevitably going to screw it up and it did. No need for help since they pressed their facilities to maximum capacity to out build GM and quality suffered. It’s convenient to blame unions and President Barack Obama but really, if you’re a US citizen then you should be favoring unionized workers in the US instead of similarly unionized workers in Japan. It’s rather ironic because most refuse to recognize that Japan is almost exclusively unionized and has remained fine in the structure of industry as Germany has as well.

      • 0 avatar

        I think that many of the Toyota, Honda, Nissan, Hyundai and Kia vehicles assembled in America are made by Americans, for Americans, in right-to-work states and non-union plants.

        But there is truth to the notion that when Toyota and others started making them in the US, using American parts suppliers, their quality went to hell in a hand bag.

        Given the right to freedom of choice whether to unionize or not, I believe that employees of the transplants would vote against unionizing based on what the UAW has done to Detroit. How can UAW-membership possibly improve the lot of the employees at the transplants?

    • 0 avatar

      Obama did absolutely NOTHING to Toyota, there arrogance and greed to become number one did it to themselves with all kinds of documented problems noted even on this site. Time to crawl from under the rock you have been hiding from and face reality methinks.

  • avatar

    I think Toyota’s counting on most people buying a Camry to want the soft, cushy versions even if the price isn’t as good a value as the SE.

    They’re not trying to sell more SEs to people who pretty much want a Camry for what it is. They want to sell more Camrys, and figure the way to do it is to attract new customers to the sporty version.

  • avatar

    Great analysis, Michael. If I weren’t so dead set on getting something with 40+ mpg, I think an interation of the Camry SE would be on our test drive list. It is a handsome car and I’m really liking the interior. I’ll jump into internet automobile enthusiast mode: If they made an SE wagon w/ a 6MT, I’d be OK with the 35mpg instead of 40.

  • avatar

    What would be really nice is an LE V6. That way you could have the bigger engine and the comfortable ride.

    • 0 avatar

      They’ve offered that in the past. They are as rare as hens’ teeth. A neighbor has an ultra-plain ’07-09 silver LE V6. Wheelcovers (one of which has been missing for a year) and a pinstripe down the side. But that dual exhaust says it’s a heck of a sleeper.

      Hertz used to rent absurd amounts of base-looking ’10 Sonata GLS V6s. Wheelcovers, nondescript colors; a standard power seat and the telltale dual exhausts were the only clue that it could bust off sub-6 second runs to 60 and top 140 mph.

    • 0 avatar

      The LE V6 is gone, but the XLE V6 is still offered.

  • avatar

    Apparently Toyota is sick of hearing about how boring Camrys are to look at and drive. To counteract this, they want fewer LEs and more SEs on the road, and they’re subsidizing the price of the latter to make this happen.

    Based upon your numbers, I can’t say that I agree with that. My guess is that TMC did some research and figured that the best way to build total sales would be to target the sporty sub-segment of the market. They may not have to compete on price in order to sell bread-and-butter LE and XLEs, but they do need to fight harder to keep the would-be sporty buyer from choosing a competitor.

    This class of car is all about volume. Toyota needs to capture as many sales as possible in this space without weakening its brand, as have the domestics. But we’ll see if competing on price is the best way to do it; for a brand that has long carried a price premium, competing based upon window stickers is a risky move and could dilute its brand equity.

    • 0 avatar

      I agree with you in principle, but the tenets of the Toyota brand are (mostly) still present and accounted for in the ’12 Camry.

      Remember, overly aggressive pricing/financing certainly was not the only thing the domestics did to erode their brands’ equities.

      And with Hyundai coming up fast from behind with a stellar mix of value and quality…

    • 0 avatar

      Either way, their pricing strategy, if effective, would shift what the Camry is about.

      It’ll come down to whether the SE sells to people who also considered the LE, or to people who otherwise would have bought something other than a Camry. If they manage the latter, all the better for them, as it will grow sales of the car rather than shift them from one trim to another.

      • 0 avatar

        Either way, their pricing strategy, if effective, would shift what the Camry is about.

        I can’t imagine that TMC has high volume expectations for six-cylinder Camrys of any variant. It has typically been the four-cylinder models that have dominated the sales in this class.

        In absolute terms, the total sales generated from this move would probably be modest. The greater benefit would come from depriving the competition of sales. Given the recent change in the sales landscape, my guess is that the greatest motivators for this come from Hyundai and VW, even though they are still relatively minor players in the segment.

  • avatar

    It looks like Toyota did a good job here. Scandal, please. Almost as ridiculous as 9/11 conspiracy BS. I think Toyota tried to make the best business case for this car and they probably succeeded. jj99 should be sporting a big boner as he reads this. Will the market sport along with him? Probably. Does this mean this is the best car in the segment? Well, I guess that depends on how you define best. If you are a one horse reliability race, it will likely win. Other criteria? We’ll see…

  • avatar
    Steven Lang

    A fantastic article.

  • avatar

    I like leather seats, alloy wheels, and decent tires as much as the next guy, but wouldn’t want 18 inch wheels or a V6 if they cost nothing extra.

    Nose heaviness, poor serviceability, and near $1000 tire changes don’t make for a good long-haul commuter.

    • 0 avatar

      I bought the only available 225/40-18 tires in Billings, MT a few years back when I got a flat in the beartooth mountains w/ my GTI. Basically being at the mercy of availability in BFE, I still got 4 Toyo Proxes T1Rs (high performance summer tire) for $800… mounted and balanced. These days, price of tires is more driven by how many vehicles use that tire size than the actual tire size. Looking for a basic commuter tire, I’m sure you could get some nice high mileage Michelins for $160/tire at 18″.

      • 0 avatar

        Quentin, while any optional tire available on a Camry isn’t going to be a rarity, high performance rubber adds a lot of cost to car ownership-both in short tread life more than high initial cost. Not the kind of cost I want to add to an 85 mile a day commuter.

        Michelin 17s on my current vehicle run about $140 installed. Current set, with 80,000 miles on them, need to go before winter.

    • 0 avatar

      Tirerack has no fewer than 21 different 225/45-18 tires for under $160 per corner. 10 of which have treadwear ratings of 400 or higher.

      It isn’t 2005 anymore.

      • 0 avatar

        Plus 18 inch wheels are needed on many new cars to keep their proportions form looking completely out of whack, like the old Suzuki Aerio.

      • 0 avatar

        $160 a corner at Tirerack is $800 a set by the time they’re on the car, and 400 treadwear is pretty safe for 40K miles.

        Improving, but still twice per mile what a set of 16s would cost for tires and wheels that are very poorly suited to the moonscape roads of the urban Northeast.

  • avatar

    Wow, the Camry SE V6 is actually cheaper than the Sonata with turbo 4 cyl. The Sonata is a very nice car, but still, most people would rather have a V6 than a turbo 4 cylinder given similar price, with Toyota’s reputation to boot.

  • avatar

    Would like to order/purchase a TC ’12 SE 4cyl. Anybody know when I’ll be able to do that – now? – October? Can I get leather seats without nav? Hate buying the 1st model year but little choice. Will they be made at the Subaru factory (yikes)? Thanks .

    I’m going to pass on the Hyundis (suspension needs the next generation to be sorted – same w/. the Genesis) and 2013 is too long to wait for the next new Accord (you couldn’t give me the current generation Accord). I would consider the new generation CR-V and RAV-4 but again too unknown on availability.

  • avatar

    As a young, single, male who has figured out that I have no need for a midsize anything, I am liking the looks of this new Camry every time I see it.

    However, I can’t see myself putting that kind of money down for any car, and nobody will ever catch me in a “premium” dealership. I’ve made mistakes in some of my financial decisions, but don’t believe I’ll ever have a use for the “premium” makes (anything European – except maybe VW, or Fiat/Alfa – much later in life, and to a lesser extent expensive Hondas, Acura, or expensive Toyotas, Lexus, or expensive Nissans, Infiniti) and the stereotypes that go along. I’m planning on keeping my little runabout well past the b2b warranty and hopefully past the powertrain warranty.

    With all that being said, thank you for the article.

  • avatar

    If I ever ended up in a sub-$38,000 Asian, economy, “me too” car, It would probably be the Camry instead of the Sonata because I feel more comfortable in it.

    Hopefully hyundai’s new Azera is everything I hope it would be because then, if I ever ended up in a sub-$38,000 Asian, economy, “me too” car, I’D CHOOSE THAT ONE !

  • avatar
    Damon Romano

    Michael, is Toyota ever going to direct-inject their 3.5 V6? 300 hp is kind of an important minimum psychological threshold for adjectives like, “confident”, “self-assured”, and “powerful”. A 300 hp Avalon might even knock on the door of “commanding”.

  • avatar
    Volt 230

    Why is the Avenger on that list? It just does not belong there!

  • avatar

    As much as I pine away on the virtues of my Impala, what I may eventually replace it with is purely up-in-the-air at this point. Thus far, I have had no real issues with my 2004, but doing my 100-mile-a-day commute, mostly highway, time will tell, but with 86,000 miles on the clock, I don’t push it.

    I don’t really care for Toyota, as I prefer domestic cars, whatever that really means nowadays, but owning a Honda and a Mazda, that dogma has been shot through, too.

    I keep my eye on Toyota, as they may have slipped with their arrogant management up ’til last year in their stupid quest to out-do GM, but they appear to have their feet firmly planted on the ground again.

    I like the looks of the new Camry, but I wouldn’t take the same pride in it as my Impala. I still hold out for a new Chevy some day, if it makes sense.

    I personally don’t give a care about the bailouts, UAW, political ideology (they’re ALL wrong!) or any other garbage that merely serves to distract from more important things.

  • avatar

    I know TrueDelta has the functionality to do these analyses, but you should consider a buyers guide with this type of information for the tight-wads out there. Admittedly it would be tough to keep current.

  • avatar

    Toyota may have just screwed there own pooch without lube with this move as 90% of these bland generic appliances are sold to little old blue hair ladies who could care less about sportiness and V6 performance.

  • avatar

    If you look at all the prices, not just Toyota, you see that there is a price rise in the floor price of all the cars.

    What is listed as a loss leader vs. what is actually on the lot, ordered by the Sales Manager or dumped by the makers, is quite different.

    I N F L A T I O N.


  • avatar

    Toyota desperately needs the new Camry to stop if not reverse the sales losses. They have lost their sales leadership in every other category except the Midsize Sedan and Compact pickup truck segment. The competitors are fast catching up. Many of the hard core Toyota faithfuls have already bought their last cars. The younger generation could care less about Toyota. By making the Camry look like a bigger Corolla which is popular among the younger generation, Toyota expects the new Camry to resonate with them. What they fail to realize is that the Corolla is one of the ugliest, most boring cars sold today. The plan to make the Camry look more like a Corolla is sure gonna backfire. The strong yen is killing them, they are losing market share pretty much in every country/market, the quake and tsunami set them back a lot, an Australian factory is on strike costing $10 Mil a day and lost production, the typhoon in Japan has them closing 11 major plants, including major ones that make the prius and most Lexus models. It will be intereting to see if they will pull through all this.

  • avatar

    Hi first time post here, nice site and article Michael.

    Might down size from a 07 highlander hybrid and 10 prius to the new 2012 camry…just hate giving up the 75 cubic foot of packing space the highlander has though guess to a small degree the folding back seats in the SE would be helpful in that regard.

    Just wish the SE would come in that sky blue color like the non SE models and new 2012 hybrid do. Well also wish they keep the auto up/down on all windows and dual tail pipes.

    Anyway two quick questions if you get a chance to see and reply. Understand the tables in the article a bit more will be helpful as I compare actual feature adjust pricing for the 2012 models.

    1. Guess I’m bad at math so a little help please. You said ‘The XLE and especially the XLE V6 follow a value-pricing scheme…providing a $600 discount…’
    Uncertain how to follow that statement looking at the table I think it is referencing. The xle shows -610 but the xle v6 shows +685 (was guessing the number was also going to be a minus 600 figure of some sort).
    Might the reason be due to features added to the XLE V6?

    2. Uncertain how the msrp figure of 30260 is obtained on the SE v6 in the last table.

    If the blue color does not do it for me, once I see one, then maybe an SE though would like to drive the new hybrid if I can hold out until it hits the dealer lots

    • 0 avatar

      1. I don’t adjust for engines, because there’s no clear way to put a dollar amount on differences between them. The -610 for the four and +685 for the V6 means they’re charging $1,295 for the V6. Seems a very fair price for 89 horsepower.

      2. $30260 is the sticker price of the SE V6 with leather, nav, and sunroof.

  • avatar

    Lost in the numbers…
    me again. I headed over to the truedelta site but for the life of me I cannot follow how some of the nubmers in those tables for the camry 11/12 models plug into the tables in this article.

    Well I can for the L model and it does match for the Feature Adjust figure but it appears the Total Feature Adjustment row on the truedelta site (expect for that first $175 figure) do not match any of the numbers in this article’s Feature Adjust table column.

    Again, probably just me not doing the math correctly I would guess.

    • 0 avatar

      For the first table I performed base price comparisons separately for each of the trim levels–so about seven separate comparisons. If other trim levels were included in the results that had lower prices they would cause the numbers to be different on the TrueDelta site. I had to do some extra math for these to only compare LE to LE and so forth.

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