NEWS | Entered on Thursday, February 4th, 2010
Kelley Blue Book: Toyota recalls may affect value-baynews9.com
Courtney Kline
TV Production class
• Recalls of Toyota cars have cause their values to drop.
BAY AREA -
Courtney Kline
TV Production class
• Recalls of Toyota cars have cause their values to drop.
BAY AREA - A Kelley Blue Book analyst said recent Toyota problems could affect the value of the vehicles.
Recent Toyota recalls have raised safety concerns, from sticky gas pedals in some newer Camrys and Corollas, to faulty brakes in some 2010 Prius Hybrids.
Kelley Blue Book Director of Vehicle Valuation Juan Flores said the cars are depreciating by up to two percent.
"There's an immediate impact to their value," he said. "Their value again has dropped $300 to $500, depending on if it's a fully loaded vehicle, then possible $600 or $700."
He said used car lots are opting for cars other than recalled Toyotas. However, Flores said there is good news for people wanting to buy these cars.
"This could be a buying opportunity for people that can go ahead and pick up a vehicle, let it sit idle while it gets repaired and you could see someone saving up to $500 or $600," he said.
As far as getting a loan to buy one of the recalled cars, Flores said their analysts haven't given any indication that credit availability is an issue.
Recent Toyota recalls have raised safety concerns, from sticky gas pedals in some newer Camrys and Corollas, to faulty brakes in some 2010 Prius Hybrids.
Kelley Blue Book Director of Vehicle Valuation Juan Flores said the cars are depreciating by up to two percent.
"There's an immediate impact to their value," he said. "Their value again has dropped $300 to $500, depending on if it's a fully loaded vehicle, then possible $600 or $700."
He said used car lots are opting for cars other than recalled Toyotas. However, Flores said there is good news for people wanting to buy these cars.
"This could be a buying opportunity for people that can go ahead and pick up a vehicle, let it sit idle while it gets repaired and you could see someone saving up to $500 or $600," he said.
As far as getting a loan to buy one of the recalled cars, Flores said their analysts haven't given any indication that credit availability is an issue.
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