Posted: Feb 8, 2010 8:20 AM by Associated Press
The quality control issues at Toyota are doing damage to the resale market for the once highly praised cars, thanks to recalls and a bungled response to safety questions.
For years, Toyotas have been praised both for high quality and maintaining their worth. These days, some dealers are refusing to accept Toyotas for trade, while others are paying considerably less than they did just two week ago.
Kelley Blue Book has dropped the value of recalled Toyotas by as much 3 percent. The auto research Web site Edmunds.com estimates resale or trade-in values could fall up to 10 percent in the short term.
Toyota has recalled millions of cars due to gas pedal issues, and now is dealing with reports of brake problems on its prized Prius hybrid. The company is expected to announce that fix this week.