Edmunds Says Used Toyota Values Down about 4.5% from Before Recall
SANTA MONICA, Calif. — Analyzing used-vehicle prices, Edmunds.com discovered that prices are up across the board by about 2 percent from the previous month.
However, the company noted that apparently the prices of used Toyotas impacted by the recalls are down an average of 2.5 percent.
Discussing the results, Joe Spina, Edmunds.com analyst, pointed out, "Many used-car buyers are turned off by the negative publicity surrounding the Toyota recall, so prices of those vehicles are pacing at about 4.5 percent below the market (when comparing to before Toyota's recalls).
"Also contributing to the decline in values is the fact that a fair number of Camry and Corolla models were recently returned by rental fleets, making it somewhat of a buyers' market for those vehicles," he continued.
When comparing this year's results to those of last year at this time, Edmunds.com found that the average three-year-old midsize sedan has climbed by about 6.6 percent in value, while the average three-year-old Camry price is flat.
Compared with January, which is before the bulk of Toyota recalls came to light, Edmunds.com said that prices for used Camry models are down by about 4.5 percent. By comparison, the company noted that the Mazda6 and Chevy Malibu have risen by about 1.5 percent.
"Certainly, there are bargains to be had because of Toyota's issues," pointed out Philip Reed, senior consumer advice editor. "Car shoppers are in a great position to negotiate and once they pick up a Toyota, or any used car, they should immediately get their contact information into the automaker's database to be kept up-to-date on recalls and other alerts."