Used car prices are up about 2 percent from last month, but the prices of used Toyotas affected by the recalls are down about 2.5 percent, according Edmunds.com.
“Many used car buyers are turned off by the negative publicity surrounding the Toyota recall, so prices of those vehicles are pacing at about 4.5 percent below the market,” says Edmunds.com Analyst Joe Spina. “Also contributing to the decline in values is the fact that a fair number of Camry and Corolla models were recently returned by rental fleets, making it somewhat of a buyers’ market for those vehicles.”
Compared with this time last year, the average three-year old midsize sedan increased 6.6 percent in value, while the average 3-year-old Camry price is flat. Compared with January, before the Toyota recalls came to light, prices for used Camry models are down almost 4.5 percent. By comparison, Mazda6 and Chevy Malibu have risen about 1.5 percent.
“Certainly there are bargains to be had because of Toyota’s issues,” notes Edmunds.com Senior Consumer Advice Editor Philip Reed. “Car-shoppers are in a great position to negotiate, and once they pick up a Toyota – or any used car – they should immediately get their contact information into the automaker’s owner database to be kept up to date on recalls and other alerts.”
For more information, visit www.edmunds.com.
