Recalls have almost no effect on used car prices
The report from Black Book Lender Solutions examined residual values for several vehicles from major recalls. They included the 2005-2007 Chevrolet Cobalt that was among the most prominent affected models earlier this year. The study found that the campaigns had almost no effect on a vehicle's depreciated cost, even those with major press coverage, according to Automotive News. Amazingly, in the case of the Cobalt, the price of 2005 and 2006 examples actually increased by about one percent in the first half of 2014 compared to the same period last year, according to the investigation.
The results weren't limited to just GM, either. The 2008-2009 Toyota Camry from the unintended acceleration recall had a lower depreciation rate amid the campaign in February 2010 than its competitors of the same year, according to Automotive News.
These outcomes echo similar data from other sources. In terms of new cars, Autoblog's By the Numbers info shows GM sales have grown on five of the seven months with data in 2014. The month with the biggest loss was January, before the ignition switch recall was even announced. In June, another investigation found that the company's used car prices were still staying strong, and one company showed the recalled 2012 Chevy Impala also appreciating slightly. It certainly appears that the campaigns don't weigh on many consumers' minds when buying a vehicle.
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