Toyota Faces Lawsuits Over Reduced Value of Recalled Vehicles

Los Angeles, CA: Legal action is being considered for owners of Toyota vehicles affected by the recent spate of safety recalls to recover damages for the reduced value of the cars and the lost use of vehicles during repairs.

According to a report on Reuters.com "major automobile valuation services like Edmonds and Kelley Blue Book have downgraded the resale value of Toyotas by as much as 3.5 percent, and further decreases up to 6 percent can be expected."

In January, 2010, consumers learned about a Toyota safety recall that affects approximately 2.3 million vehicles. The Toyota recall is reportedly due to an issue in which accelerator pedals on specific Toyota models become stuck.

Toyota also recalled approximately 4.2 million Toyota and Lexus vehicles due to the risk of pedal entrapment from incorrect or out-of-place accessory floor mats. Although the two Toyota safety recalls are separate, approximately 1.7 million Toyota vehicles are subject to both recalls.

On February 15, Toyota Announced a voluntary recall on 8,000 2010 Model Year Tacoma 4WD Trucks to inspect the front drive shaft.

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Published on Feb-19-10