Toyota speedo's are actually pretty accurate. From personal experience with 4 Toyota's the error vs. GPS were / are:
2005 Corolla: +3% (or 2 mph at 60 mph)
2005 Sienna: +3%
2008 FJ: dead-on
2010 HL: +3%
In most countries, the legal limit is -0 / +10%
Most European cars are usual >5% on the happy side. It think it works as an ego booster to think that you are going faster than what you really are.
The only other car I owned that had a dead-on accurate speedo was a Ford. All others (BMW, Chevrolet, Renault, VW, Suzuki) were anywhere between 5 and 10% over. The VW and BMW were the worst - maybe that's why many people think that German cars are faster
