General Motors twice experienced the business end of a leather glove Wednesday, when over 20 million consumers demanded satisfaction via two lawsuits totalling $10 billion in claims over lost resale value as a result of the February 2014 ignition switch recall.
Sajeev – I’ve gotta get rid of 1 of my 4 family of cars – the family consists of a 2011 Civic LX (for the kids), 2009 Taurus X (for the wife) – and the two on the chopping block – 2006 Saab 9-5 Sport Combi (with 154,000 miles) verses 2006 Saturn Vue V6 (with 131,000 miles). I enjoy different aspect of each of these cars and I’m torn over which one should go.
My brother Tom’s Prius has been suffering neglect: a scraped door here, a tear in the bumper there, and my heavens, enough dirt to coat all the government buildings in the Washington DC metro area, where Tom lives and works, and pretty soon a two year old Prius is looking like a common beater. He has no plans to fix all this ugliness, but if there’s a logical, cost-benefit case to be made, he will definitely be swayed, as will his wife. (Read More…)
It’s a rough world out there: First new cars and especially SUVs were pretty much unsalable. A few months ago, the recession drove used car prices sky-high. Then truck sales were back with a vengeance. Now that you finally have a new shiny SUV in the driveway (yeah!) you wake up and it has lost a huge chunk of its value, overnight. Says USA Today today: “The run-up in gas prices past $3 a gallon has been running down the value of used SUVs, causing prices to plummet below levels listed in well-known buying guides.” (Read More…)
TTAC readers must be a truly un-American bunch. Americans love a deal, or so the saying goes. TTAC readers hate deals, or so it seems. TTAC readers are up in arms whenever it rains generous discounts to prop up flagging car sales. “The resale value will suffer if they do that!” is the echo from our dear readers. If they would only drive Fords, they would change their minds. (Read More…)