Not true. malorn is our resident GM dealer. Any 2010 Prius can be bought through the AAA buying program for under invoice in this area. This should depress the used price. However, anything is worth what a willing buyer will pay a willing seller. If you believe a used 2010 is worth close to MSRP you can buy my V-AT.
KBB is a lagging result of the auctions. I would guess that over the next year the Toyota mess will cause a $1000-$1500 drop in resale values of all toyotas. If the congressional hearings or a journalist uncovers the cover up all bets are off. I would then guess a 15-20% drop in value permanently. Toyota's schtick was perfection, in terms of reliability and quality and that they only care about the consumer. A cover up will hurt them more than any other car company on earth.
Location location location. The houses in your neighborhood will sell for $300,000. Mine will sell for $2 million. I'll keep my $25000 Prius. You can sell yours for $16K - oops I meant $14.5K.
The auctions act like a stock market for automobiles. If you want the cash right now that is what it is worth. You can ask whatever you want for your home, with no buyers does it matter? What do you think your $25,000 Prius is worth right now on the market?
If you own your car for five years or are not selling in the next year this will not really effect you. This could make a temporary dent in the price of the car if you sold it in the next year and it had a relativly high value like $10,0000. If your car was ALREADY five years old and you sold it, the difference will be minimal. All cars with fixes applied will loose very little value long term.
Prices of Toyotas in the various value books continues to drop: USATODAY.com "If Prius is recalled, Kelley Blue Book, which estimates market values for used cars, says it will pare 2% from the cars' used values. KBB says it will slice 1.5% from other used Toyotas starting Friday, after cutting 1% to 3% last Friday."
I won't give a crap about the resale value on recalls, I only bet on higher gas price in the coming seasons.
Exactly on point. It's energy costs that determine, long term, the value of the Prius and hybrids in general. Over the last few years we've seen how the value of new and used Prius vehicles tracks very closely to the price of crude. Remember when a gallon of gas was going for $4+? Dealers were getting well over MSRP. Then when gas prices fell we saw factory rebates. When gas goes back to $4 or $5 the demand for all hybrids will increase and so will the value of new and used hybrid vehicles. These recalls are a mere blip on the screen.
I don't care about the current drop in resale value. I have no intention of selling it within 5 years and by then no one outside of this circle will remember this. I barely remember the Ford/Firestone fiasco. Even if it drops 5%.......meh.......... Trade my Prius for a GM? I'd have to throw in my liver and one kidney to make it fair deal.
