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#951 of 3593 Toyota's once-golden resale value gets dented
Feb 08, 2010 (6:06 am)
By DAVE CARPENTER, AP Personal Finance Writer Dave Carpenter
CHICAGO – Toyota owners looking to trade in their cars have little reason to sing the carmaker's old ad slogan, "I love what you do for me — Toyota!"
Recalls and a bungled response to safety questions are putting a dent in the resale values of their cars. For years, Toyotas have been praised both for high quality and maintaining their worth. These days, the Toyota in your garage is no longer like money in the bank.
Some dealers are refusing to accept Toyotas for trade, while others are paying considerably less than they did just two week ago. Kelley Blue Book has dropped the value of recalled Toyotas by as much 3 percent. The auto research Web site Edmunds.com estimates resale or trade-in values could fall up to 10 percent in the short term.
The decline will likely continue as long as uncertainty and defects continue to shadow the world's No. 1 carmaker.
Toyota Motor Corp. has so far recalled more than 7 million cars in the U.S., Europe and China over a sticky accelerator and floor mats that can get caught in the gas pedal. Its prized Prius hybrid — which is partially powered by electricity — is under investigation for momentary brake failure. The company is expected to announce its plan for fixing that model this week.
Kelley, which two months ago named Toyota the best brand for resale value, says recalled models are now worth $200 to $500 less per car. Another cut of the same magnitude is planned as soon as the coming week unless the recall controversy abates and demand for Toyotas stops declining, Kelley spokeswoman Robyn Eckard says.
Similarly, since the first recall for sticky accelerator pedals on Jan. 21, Edmunds' estimate for the trade-in value of a 2009 Toyota Camry has fallen by 4 percent to 6 percent to $13,967 while the 2009 Toyota Corolla has declined 6 percent to $11,233.
#952 of 3593 Re: New Slogan: OH what a feeling you can't stop a Toyota! [wwest]
Feb 08, 2010 (7:54 am)
Well no not entirely true. On more then a few cars that have had the park/brake safety switch fail I have manually tripped the switch by popping up the cover around the shifter and hitting the switch. That switch is usually on the driver side front below the shifter or directly in front of the shifter. You fumble around there for a few minutes and you can release it by hand.
Not a common situation but you don't have to press the brake to get that switch to release you just have to hit the switch.
Also on two occasions I just muscled the lever out of park by force. I couldn't get that switch to release for the life of me and I got tired of screwing with it. You pull hard enough and that switch will release by just destroying itself and shearing off. It didn't even take me two hands to do it just my right hand pulling pretty hard and bracing with my legs.
Now the aftermath of that was the shifter wouldn't get back into park anymore because I mangled the mechanism but I also wasn't stranded anymore either. Dropped the car off at work and they fixed the shifter.
#953 of 3593 New Toyota ads
by kirstie_h HOST
Feb 08, 2010 (8:24 am)
Have any of you noticed the new TV ads by Toyota, addressing the recall issue and apologizing to customers for letting them down? I thought they did a pretty good job of facing up to the fact that they've lost trust.
#954 of 3593 Re: New Toyota ads [kirstie_h]
Feb 08, 2010 (8:30 am)
kirstie....maybe a regional thing? I don't remember seeing anything from Toyota over the last few days.
At least they're finally admitting their errors, though. That's a first step. I still think it's going to take more than that to get people into their showrooms, though.
#955 of 3593 Re: New Slogan: OH what a feeling you can't stop a Toyota! [sharonkl]
Feb 08, 2010 (8:31 am)
>>>None of them had investigated issues at all, nor were they worried.
That's been my experience. One neighbor bought a Camry 4 days before the pedal recall. Still, he took off on a 800 mile round trip drive and complained about the media trying to scare everyone.
#956 of 3593 Re: New Toyota ads [kirstie_h]
Feb 08, 2010 (8:56 am)
Saw it a couple of times over the weekend. It was pretty cut and dry and honest to me as well.
Now, as far as it actually working is another thing...
Checked out a few dealers in Southern Masachusetts on Saturday while I was down there. (2) Toyota dealers had lookers on the lot and a few tagged cars out front that had been test driven and a few customers at the
witness stands, I mean negotiating tables .
There was a Ford and a Government Motors dealer on the same strip as one Toyo dealer and another GM dealer nearby our destination.
Ghost Towns, cemetaries, burial grounds... I am amazed that even on a Saturday afternoon with the sun shining bright and the weather somewhat cozy that these dealers can generate no traffic and still be in business. I know their dealer base buries Toyotas dealer count in quantity but is it really that out of whack?
#957 of 3593 Re: Resale values of recalled vehicles drop amid worries [revit]
Feb 08, 2010 (9:04 am)
That's kind of unfair because the old Toyota models were the better ones. I think they peaked with the 1992-96 Camry then started a slow decline which has recently turned into a quick one.
#958 of 3593 Re: Resale values of recalled vehicles drop amid worries [lemko]
Feb 08, 2010 (9:56 am)
Yep, the '92-'96 Camrys were the best. The '92 Camry preceded the Avalon and the Cresida was near its end. I bought a '92, thinking this was the replacement for Cresida, that Toyota intended the Camry to be its premo model.
The vinyl, upholstery fabric, interior fixtures and, especially, the seats, were all higher quality than later years. We kept it for 15 years.
#959 of 3593 Re: New Slogan: OH what a feeling you can't stop a Toyota! [imidazol97]
Feb 08, 2010 (9:59 am)
This "trickling out:" of information...."we might recall the Prius/Lexus"....or, we're thinking about reflashing ECUs"....."we're not sure what we're going to do with the braking software"....an on and on.
Toyota's not doing themselves any favors. They need to act...even if it's to say...."we don't know what the problems are, but are working around the clock to find them, and offer a viable fix."
As it stands, they're bleeding themselves.....only, they're doing it with thousands of paper cuts.
#960 of 3593 Government Toyota Investigation
Feb 08, 2010 (10:05 am)
F/U Wireless Mouse problems yesterday I posted. New mouse today. Ha, seems past incident where my dogs tipped glass of water into where mouse was did finally kill it last night or ????.
Here is link today - news report discussing politicans on investigation committee's, etc. and their connections to Toyota corporation.
I had posted earlier on politics. lobbyists, etc influence and effects. And I do know this news agency does trend more to left. Hope others address as well.
Just "food for thought" and do hope "unbiased & fair" balance found. And is just behind the scenes look at government working. When we critque government positions & actions and Toyota stances and actions - consumers should be aware, consider, & evaluate.