One of the great things about toddlers is that they can get really excited about "new" toys, but they haven't yet learned that "new" means they're wrapped in thick plastics and still have a chemical smell. For more Christmas morning bang for your buck, shop second hand. Just make sure the second hand item is clean and any age appropriate. You can also hide back toys that older siblings have out grown. Pull them out of hiding on Christmas Eve and shine them up.
By the way, if the child is old enough to know that "new" comes with a chemical smell, you can buy a "new" car air freshner for $2, spray down the toy, then head out to the garage to give yourself a "new" car for Christmas.