Kelley Blue Book has released a statement saying it believes the current Toyota recall and stoppage of sales could affect the resale value of new models. This is the first official word we’ve heard from analysts willing to make such remarks.
"The potential demand lost as a result of these actions becomes more and more difficult to recover with each passing day. In addition to a drop in consumer demand for Toyota, there is a growing supply of used Toyota vehicles that could put further downward pressure on values,” the statement says.
KBB says the situation could lead to resale values falling an additional 4% to 5%.
Toyota won KBB’s Best Resale Value Award in 2010 as the top brand for resale value, with three vehicles among the top 10: the Prius, RAV4 and Tacoma.
The resale value for a 2010 RAV4 after three years is 56%. By comparison, the resale value of a 2010 Chevrolet Equinox is 45%. A loss of 5% could be a boost to competitors.
Toyota's Woes Will Cost Owners in Lower Resale Values (USA Today)