KBB: New and Used Prius Values Drop

The following is a statement released by Juan Flores, director of vehicle valuation for Kelley Blue Book, in regards to the new- and used-car values of the recalled 2010 Toyota Prius.

With the recall of the Toyota Prius today, and the data that has been collected and analyzed to date, Kelley Blue Book has seen a decline in transaction prices on the new 2010 Prius in the last week. As weak consumer appetites for Toyotas leave gluts at dealerships and auctions across the country, values of both new and used recall-affected vehicles continue to soften.

“Clearly the Toyota recall from last week had an effect on most vehicles in the Toyota stable, including the new Prius. With today’s recall of the new 2010 Prius, consumers looking for a deal on a hybrid might find one in the latest recalled model. Now consumers can pick up a 2010 Prius closer to dealer invoice value than its suggested retail price, a difference of $1,000 to $1,500, as we’re adjusting the vehicle’s New Car Blue Book transaction values downward on Friday, Feb. 12,” said Juan Flores, director vehicle valuation, Kelley Blue Book.

“While today’s newest recall covers the 2010 Prius, it casts a shadow over older Prius models as well. Older Priuses not affected by the recall have seen a drop in their used-car value by 1.5 percent. We at Kelley Blue Book expect this weakened demand to persist as additional investigations take place into the 2009 and 2010 Toyota Corolla steering issues, as well as some Lexus products. As NHTSA currently investigates the Corolla, the value of affected Corollas has fallen 3 percent as of right now. Should the glut of Toyota vehicles continue to build in coming weeks, there could very well be further softening of Toyota’s values.”

Kelley Blue Book Value Summary

New 2010 Prius: New Car Blue Book Value (transaction price) drops by $1,000 to $1,500 Feb. 12, 2010
Used Priuses, 2009 and older models: Dropped 1.5 percent in value on Feb. 5, 2010
Used Corolla values 2009 and older models: Dropped 1.5 percent in value on Feb. 5 and will drop another 1.5 percent on Friday, Feb. 12, 2010
All other recalled Toyota vehicles values declined 1 to 3 percent depending on the model Friday, Feb. 5 and will drop an additional 1.5 percent this Friday, Feb. 12.

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