This 16 page guide is a quick 20 minute read chock full of expert tips to help you get more out of your website. LEARN MORE
Over the past two days I’ve received numerous inquiries regarding the effect of the recall on used Toyota values. The initial information that I received suggested that the problem could be resolved in a 30-45 day time span. This conclusion was based on the fact that Toyota has the capacity to produce 200,000 new gas pedal assemblies per day. At that rate, repair kits would begin to enter the market rapidly.
The latest news that I’ve heard is that the NHTSA is currently reviewing the gas pedal assembly solution. If approved, and there should be some word on this very soon, the problem will be temporary. If, however the problem is determined to be larger and the acceleration module has to be replaced, as NHTSA is currently analyzing, then this is a very different situation. Based on a limited amount of information that I’ve obtained, the acceleration module component cannot be rapidly manufactured, and may take as long as 12-18 months to correct the problem on existing customers’ vehicles. This sort of delay will have a much greater impact on the value of used Toyota vehicles. The bottom line is to watch very carefully for the imminent announcement from the NHTSA as to whether they approve the gas pedal assembly solution, or whether it will require replacement of the accelerator module.
I would appreciate any additional information that you have, or as it may become available.