Recall Compensation

[Seano01]

Hi All,

Was just wondering if you know if the recent recall will mean a loss of value in our IQ's if we were to re-sell them in the future. My IQ has had 2 x recalls = one steering and one for brakes recently. I am not one of these people that is out to make money or sue people for there coffee being too hot. However I heard that a group of people in America were putting together a lawsuit to reclaim the "economic loss" their vehicles were to incur through no fault of their own. I did recieve £20 worth of M&S vouchers for my first recall but felt maybe the loss of value on my car will be great than this? what do you guys reckon?

[Lorna2]

Hi All,

Was just wondering if you know if the recent recall will mean a loss of value in our IQ's if we were to re-sell them in the future. My IQ has had 2 x recalls = one steering and one for brakes recently. I am not one of these people that is out to make money or sue people for there coffee being too hot. However I heard that a group of people in America were putting together a lawsuit to reclaim the "economic loss" their vehicles were to incur through no fault of their own. I did recieve £20 worth of M&S vouchers for my first recall but felt maybe the loss of value on my car will be great than this? what do you guys reckon?

I think you're going too far!If you went to sell the car later, with your recall work done, the residual value would NOT be affected as the 'fault' has been fixed. You say you're 'not one of those people out to make money', sorry but it sounds to me like you are!

[Jamesbelfast]

If in fact the recalls do reduce the value of the car why should the first buyer suffer any loss?

I think you have to look across the complete range of cars and not just one brand.

In a world awash with second hand cars it may surprise you how buyers view the quality of the product they are contemplating buying.

In reality a car that has had all its recalls should be more valuable than one that hasn't but the more recalls or vehicles involved can affect used car values. People may start to wonder what the next problem likely to be.

Sad to say Toyotas reputation has been tarnished and you can't discount the effect that will have on both new and second hand sales.:)

[SallyIQ]

Im not looking to sell in the next 3 years so Im not too worried about resale value at the mo to be honest!

My opinion of Toyota hasnt changed, if anything Im happy to stick with them as I have had great customer service from them since buying my IQ new in Feb 2009. I know most of the guys at the dealer by name, and they all know me. I think it helps when you have a good relationship with your dealer.

Also how often do other cars get recalled? You dont usually know about recalls unless they actually affect you. Cars get recalled all the time, regardless of make and model.

[Lorna2]

Im not looking to sell in the next 3 years so Im not too worried about resale value at the mo to be honest!

My opinion of Toyota hasnt changed, if anything Im happy to stick with them as I have had great customer service from them since buying my IQ new in Feb 2009. I know most of the guys at the dealer by name, and they all know me. I think it helps when you have a good relationship with your dealer.

Also how often do other cars get recalled? You dont usually know about recalls unless they actually affect you. Cars get recalled all the time, regardless of make and model.

I agree 100% Sally, glad to see someone else on this thread talking sense!

[Monolakes]

http://www.dft.gov.uk/vosa/apps/recalls/default.asp

Pick a car, any car and see the list of recalls!