Toyota's once-golden resale value takes a hit; owners' confidence shaken by recalls, questions

There are also reports of dealers paying $1000 extra for toyotas. In any case, panic selling will never result in the best deal for the seller. That $1000.00 comes from somewhere, most likely dealer add ons higher sale price.

 

Again I will tell you there is great confusion in the used vehicle market when it comes to toyota trade-ins. What are they worth? nobody knows for sure. Nobody knows how long they will take to get fixed or if this brake fix will really fix the problem, In fact most 'used car guys' right don't think the pedal has much to do with it at all.
What would you pay for 10 or 20 or 100 used camry's right now?

 

That is not from the dealer but an extra rebate from Ford and GM and you don't have to trade in your car.

 

Storm in a tea cup.

I remember 20 years ago there was a big fuss over here about the Suzuki SJ/Samurai being described as dangerous and liable to roll over etc. The next week you could pick these vehicles up second hand for a quarter of the price they had been. After a couple months the panic was over and the prices reverted back. Obviously some had lost out selling their cars and others had gained buying the vehicles at a knocked down price.

The same happened a few years ago when Rover (not Range Rover) went bust over here. People sold their existing cars for pennies, but when the fuss settled the prices reverted back again.

Toyota will fix the issue and then the Prius will go back to being the best car in the world

 

Hey GrumpyCabbie, have you had any potential customers that walked away when they saw your cab was a Prius? Just curious if the scare is pervasive enough to ward off any business.

 

This gets back to the core of what anything is "worth". Something is worth only what someone will pay for it. In volatile times like this, it's at best a guessing game what buyers will pay, so it only makes sense that a dealer would want to be conservative. Does this mean that the resale value of Toyota's will stay lower? Probably not, but no one can say for sure. That's what makes the free market interesting.

Tom

 

lol no not yet. One or two have picked up on it - the last being an American bizarrely. Most are aware of the accelerator pedal recall though. Many are intelligent and aware enough to understand that most cars have been recalled at one time or another for various issues so are not too bothered. The main problem I am having is the continuous ribbing I am getting from fellow cab drivers

There was a Toyota advertising campaign over here a few years ago where the slogan was "The car in front is a Totota". A common comment is that it is better the Toyota is in front than behind you!

 

Given recent events and the climate surrounding Toyota this news shouldn't suprise anyone. I for one think anyone selling right now is making a mistake. But owners will react the way they want to react and as a whole? Dealers will try to profit. But I don't sincerely believe a dealer is really unhappy about taking in late model, newer Toyota's at a reduced price.

 

Anyone trading in their car for fear, deserves what they get, its simple intelligence, if you have experienced a recall problem, take it in, if not, then its stupid to worry about it, but trading it in because of fear, you are just asking for a beating on price.

 

Truth spoken here. ^^^

It's like an investor panicing after the stock market takes a 600 pt plunge by selling off everything before the stock market goes to zero....lol. Sell low and buy high. Gotta remember that.

 

Anyone trading in an older Toyota for a new vehicle now is asking for a beating on price, regardless of motive fear or otherwise.
And as a result of these trade in's , the value of every future trade in will take the same hit. Auto prices never go up.

 

The worst part isn't the resale value. It's the insurance payout after a theft, accident, etc. Now is a bad time to have a totaled car since they will cut down what they pay. It's a good idea to buy gap insurance ...