Toyota takes a hit in consumer interest, resale values

IRVINE, Calif. - Toyota's massive safety recalls are eroding consumer interest in its models and continuing to drive down resale prices of used Toyota vehicles, according to a survey by the Kelley Blue Book.

The survey found that 27 percent of potential car buyers who were considering a Toyota before the recall are no longer looking to buy a Toyota. Similar sized declines were seen for Toyota's Scion and Lexus brands.

Of those who defected from Toyota, the Blue Book study found that 49 percent said they are not sure they will consider buying from the automaker again.

Toyota Motor Corp. has struggled through several recalls of millions of vehicles in recent months over problems with gas pedals. The actions have affected some of Toyota's most popular models, including Camry and Corolla. Toyota has also recalled some of its Prius hybrids because of brake problems.

The Blue Book estimates that the resale value of cars affected by the recall will fall an additional 1.5 percent. That is on top of a 1 percent to 3 percent decline Blue Book analysts forecast last week.

Toyota's woes appear to be aiding competitors. The Blue Book survey found that some would-be Toyota buyers are now looking at Ford, Chevrolet, Hyundai and Honda.

Kelley said the survey was drawn from 691 car shoppers who used the company's online Blue Book from Jan. 29 to Feb. 8. It was compared with data on consumer brand consideration from mid-January, before the latest rounds of Toyota safety recalls were made.

- AP