Resale values of Honda and Toyota vehicles in South Korea has plummeted following their recalls, industry data showed.
Citing that data, the Korea Herald said the resale price of Honda, Lexus and Toyota vehicles dropped as much as KRW4m (US$3,500) last week.
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Used 2009 Lexus ES350 vehicles on sale at SK Encar, the country’s largest used car dealer, were valued at KRW52m won last week but dropped to KRW50m as of Monday.
The prices of older model years decreased by larger margins, with the 2007 model suffering the largest drop with prices going from KRW42m to KRW38m.
Toyota brand vehicles are bearing the brunt of the fallout from the biggest ever recall made by the carmaker.
The price of used Toyotas, which have been on the Korean market less than four months, dropped by as much as KRW1.9m last week.
Although Honda’s recall does not include models imported through official channels into Korea, used Hondas also suffered a drop in value last week.
According to industry data, the price of a used 2009 CR-V decreased by KRW1m while that of a 2009 Accord 3.5-litre dropped by KRW2m last week, the paper said.
Meanwhile, in the US, aggrieved owners have filed lawsuits against Toyota, seeking redress for reduced vehicle values.
