Kelley Blue Book says that they’ve commissioned a new survey showing that consumers who were considering a Toyota before the recall party started are now much less interested — and the effect seems to be growing. As each week passes and Toyota recalls more cars, people are thinking about buying… Fords?
From KBB’s press release:
Of those competing brands offering specific incentives to Toyota owners/shoppers, Ford is garnering the most consumer attention, with 16 percent of car shoppers saying they were not considering a Ford prior to the Toyota recall but now are (due to Ford’s Toyota-specific incentives). Chevrolet is in second place with eight percent saying they were not considering a Chevy prior to the recall news, but now are (due to Chevy’s Toyota- specific incentives).
So, is the damage permanent? According to the survey 49% of consumers who said they were no longer considering a Toyota say they are not sure if they will consider the brand again, even once Toyota’s problems are resolved.
Of course, all of this sucks for those of you who are trying to sell Toyotas. The Blue Book values of the cars are, of course, dropping.
Kelley Blue Book Values Summary for Toyota
* All Used Recalled Toyota Models: Used-car values declined 1-3 percent (depending on the model) on February 5, 2010, and will drop an additional 1.5 percent on Friday, February 12, 2010
* New 2010 Prius: New Car Blue BookÂ® Value (transaction price) will drop by $1,000 – $1,500 on February 12, 2010
* Used Prius, 2009 and older models: Used-car value dropped 1.5 percent on February 5, 2010, and will drop an additional 1.5 percent on February 12, 2010
* Used Corolla, 2009 and older models: Used-car values dropped 1.5 percent on February 5, 2010, and will drop an additional 1.5 percent on February 12, 2010