Massive Toyota Recall Reverberates Through Used Car Industry

Toyota Resale Values Take Huge Hit

I try to remind our readers and customers as often as I can that Kelley Blue Book values can be very misleading. The recent Toyota recall and its effect on Toyota resale values is a prime example of how KBB doesn’t have its finger on the pulse of the market.

Akio Toyoda, the chief executive of Toyota

At Big Bucks Auto, we determine the value of your car or vehicle based on real-time assessments – not a static figure in a book. Some estimates have the resale values of Toyota vehicles declining by 4% to 5% on top of existing depreciation rates.

Where publications like KBB lag, our staff at Big Bucks Auto stays on top of market developments big and small that can alter the resale value of your vehicle.

The Scope Of This Toyota Recall Is Huge

To put this in perspective, the Toyota recall is massive – affecting more than 8 million vehicles – and problems with the gas pedal and as many as three dozen deaths have been attributed to this problem.

Toyota resale values have tanked, as a result

You can expect that 4% to 5% drop in value to continue for Toyota. Even if all the recalled vehicles are fixed or otherwise mitigated, the massive public relations disaster this has turned into will affect the Toyota brand – and resale values – for years.

Essentially, if you own a Toyota, its value is dropping almost daily. The brand’s severely damaged reputation is likely to drag those values down further.

Check out your options and learn a little more about Big Bucks Auto and how you can sell your used car.