The Toyota brand has long served owners well at sales or trade-in times. But the Kelley Blue Book, considered the value bible for anyone looking to sell a vehicle on the open market, has downgraded the value of recalled Toyotas multiple times in the last week, including the once-coveted 2010 Toyota Prius, the most popular hybrid on the market.
With newer Corollas now being investigated for steering wheel problems, consumers are steering clear of Toyotas, unsure what models could be next on the recall list. Before the recall, about 18 percent of Kelley Blue Book users requested quotes for new cars from Toyota dealers, according to a KBB analyst. Since then that number has dropped to just 11 to 12 percent despite assurances from Toyota dealerships and eBay that vehicles subject to the recalls have been repaired and inspected before being listed for sale.
“We’ve made it very clear to our customers that our cars are good to go,” said Bob Loquercio, owner of Chicago North Side Toyota Scion. Cars have paper trails showing that the fix has been made, he said.
“Sales have significantly declined, but they haven’t dried up to non-existent.”
Loquercio said customers have come in expecting deals because of the recalls. And consumer surveys indicate Toyota may have a long road ahead in restoring its brand image.
Jeremy Anwyl, CEO for auto consumer information site Edmunds.com, said Toyota hit a record low on Jan. 28, with only 9.7 percent of new car shoppers saying they intended to purchase a Toyota. That number has since increased to 11.8 percent, he said, and has held steady but is still off 15 percent since before the first recall.
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