The following is a statement released by Juan Flores, director of vehicle valuation for Kelley Blue Book, in regards to the used-car values of recalled Toyota vehicles.
“Kelley Blue Book updates values on a weekly basis, and this past Friday, Feb. 5, company analysts initially decreased the used-car values of recalled Toyotas by 1 to 3 percent in response to the slowing demand for Toyota models in the marketplace following the consumer recall. This coming Friday, Feb. 12, Kelley Blue Book will once again adjust values for these vehicles downward by an additional 1.5 percent on concerns around the growing supply of unsold Toyotas on both dealer lots and at auctions,” said Juan Flores, director of vehicle valuation, Kelley Blue Book.
“At this point, it’s clear that the market is shifting away from these Toyota products right now, allowing us to project their lowered values. In the coming weeks there will be much more data available on the sale of used Toyotas and any shifts in demand, which will provide greater insight into how the values of these vehicles might be affected in the future.”