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Camry resale prices slip at auction

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Camry resale prices slip at auction

Arlena Sawyers

Automotive News -- March 1, 2010 - 12:01 am ET

Resale prices of used Toyotas included in the automaker's massive recalls have held fairly stable, in part because taking them out of the auctions for repairs dried up supplies of Camrys, RAV4s and other models.

Now that repaired 2008 Camrys are returning to the auction in larger volumes, their prices are plunging.

Average wholesale prices of used 2008 Toyota Camrys dropped about 8 percent in one week, AuctionNet data show. And NADA Used Car Guide predicts their price is likely to drop an additional 5 to 10 percent over the next two months.

For the week ending Feb. 21, the 2008 Camry had an average price of $12,800, says Jonathan Banks, the NADA guide's senior director. That is down from an average of $14,000 the week ending Feb. 14.

Banks says other vehicles in its segment have performed better.

For example, between Feb. 14 and Feb. 21, the average price of a 2008 Ford Fusion rose 1 percent to $11,300, that of a 2008 Honda Accord dropped 1 percent to $13,000 and that of a Nissan Altima rose 2 percent to $13,500.

Banks says the supplies of these vehicles were unchanged.

"The 2007 and 2009 Camrys underperformed the competition, but not as dramatically as the 2008," Banks says.

He says auction prices remained stable for the 2008 Camry during the sales suspension because demand was lower. Assuming demand has remained the same and supply has begun to increase, additional supply is driving prices down, he says.

But as the repaired 2008 Camrys now move through the market along with those normally scheduled to be remarketed, NADA guide research shows that the vehicles will decline an additional 5 to 10 percent.

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