AUTO RED BOOK REVIEW: TOYOTA COROLLA FURIA CONCEPT

On The Cover Review: Toyota Corolla Furia Concept

Editor's Note: Welcome to our annual look at the concept vehicles that were revealed to the world at the North American International Auto Show (NAIAS) in Detroit. Part of determining used vehicle values is predicting the future. With that in mind, it makes sense to look at what the manufacturers believe the future will bring us. Whether it’s new ways to power vehicles or new ways to package them, there are lots of great ideas on the horizon. This is the second in a series of The Automobile Red Book’s annual review of some of the best concepts from COBO Hall.

Toyota is attempting to spice up the blandest car on the road with the introduction of the Corolla Furia Concept. That’s right—Furia; as in “furious.” You should see the headlights. It’s angry. Of course, this is just a concept, so there was no interior, and it had those huge concept car-style wheels, fancy paint, and other styling cues that will never see production. Still, at least they’re addressing the milquetoastness of the current Corolla with this car, and admitting there is a problem is the first step. Still, lots of people seem to be happy buying the current Corolla, so Toyota has to be careful not to make something with too much personality, lest they drive off their current loyal customers. It will be interesting to see where this car winds up once the makeup comes off.

AUTO RED BOOK REVIEW: 2011 TOYOTA YARIS

On The Cover Review: 2011 Toyota Yaris

The Red Book had the opportunity to drive a Toyota Yaris pretty hard recently, and if there were ever a car that fit the definition of “just transportation,” this was it.  But for some, that’s just what the doctor ordered.  It’s got the four little tires made from genuine rubber, 106-horsepower to turn the front wheels, even fancy options like ABS.  In Maslow’s Hierarchy of Needs, it makes it all the way up to the second level of the pyramid.  From the bottom.  But that still counts for something!  What it lacks in power, handling, style, passion, prestige, or fun, it makes up for in reliability, and it comes with a very nice paint job.  The most obvious thing that could disturb the car’s utopia of mediocrity would be the goofy speedometer and gauge pod that is positioned right in the center of the minimally styled dashboard.  Some people really don’t get excited about cars, they just want something that will get them around without too much trouble, and without burning through too much fuel.  And for them, the Yaris does a pretty good job.

HOW DO TOYOTA'S RECENT ISSUES AFFECT USED VALUES?

It’s no secret that Toyota has been in the news lately, and none of that news is good.  Here’s a quick look at what has been happening, and the impact it may have on prices of used Toyotas.

You may recall that in November, the world’s largest automaker recalled 4.2 million vehicles because, they claimed, floor mats were bunching up around the accelerator pedal and causing unintended acceleration.  The “fix” for this was either to put the mat in the trunk, or the dealer would essentially anchor it with a tie strap.

Then in January, the NHTSA began probing Toyota regarding their actions toward safety issues in general.  Soon after, Toyota announced that the accelerator pedals in eight of their popular models had a defect that could make them stick.  Action was taken this time.  Was it ever.  Toyota recalled another 2.3-million vehicles to fix the sticky pedals.  They halted production on these models while the fix was engineered.  And the NHTSA ordered that all affected models not be sold at dealerships until the fix was installed.

This was big action on the part of Toyota and the NHTSA.  And it brought about big media coverage.  Everywhere you turned; there was a story about accidents and deaths allegedly attributed to these sticking pedals.  Reports about the sticking pedal problem from as far back as 2007 began to surface.  The NHTSA publicly questioned whether the problem was because of this mechanical defect, or if it was caused by Toyota’s electronic throttle control system.  It wasn’t uncommon to see Toyota owners interviewed on the nightly news who expressed genuine concern over the safety of their vehicles.

Then if all this wasn’t enough, the Japanese government and NHTSA began investigating some 124 separate complaints about braking issues on Toyota Priuses.  This prompted yet another recall of 500,000 Toyota and Lexus hybrid models to address a software update in the braking systems.

That’s not all.  The NHTSA is also investigating complaints about steering problems in 2009 and 2010 Corollas that reportedly cause these vehicles to veer out of control.

Now that has to be the end of it, right?  Wrong.  Toyota recently recalled another 7,300 2010 Camrys because a power steering hose was touching a brake tube, which could cause a hole in the hose that could result in more braking problems.  7,300 cars may not seem like many, and any other time it might not even be news.  But when the spotlight is shining this brightly on the issues of one company, every complaint is like another log on the fire.

So what, ultimately, is the issue here in the minds of consumers?  Are these physical defects going to turn people away from Toyota showrooms?  Maybe some.  But eventually all of these issues will be corrected.  And the fact is, the percentage of cars out of the millions sold that would even show a hint of these problems is so small that they would never even be a concern to most people.

The real issue here deals with trust.  People had such an unrealistically high opinion of this company that now they feel let down.  The more information that comes out about Toyota’s prior knowledge of the sticking pedal problem, for example, the more a cynical public wonders what else they may be hiding.  This whole debacle is such a monstrous hit on Toyota’s lily white reputation that it is bound to impact sales of new cars for the near future.

The knee-jerk reaction by many analysts is that the values of used Toyotas are going to take a nosedive.  In the short-term, that may prove to be true.  But more realistically, the values of used Toyotas appear to be falling in-line with the competition.  

Before all this, Toyota values had been climbing out of a recession-induced hole rather nicely.  Think of it as a high-striker game at the carnival.  The weight was traveling onward and upward after an impressive whack of the big hammer.  But now, it doesn’t look like Toyota prices are going to hit that elusive bell at the top.  All of these issues just sapped the kinetic energy from the rising values, and now the weight is hovering right in there with comparable vehicles from GM, Ford, et al.  

Long term, we think Toyota will come out of this mess fairly unscathed.  There are many people who have been virtually brainwashed on the idea that Toyota could do no wrong, and they’ll continue to buy them.  All of these recalls and stories will pass, and some other issue du Jour will take their place.  Aside from the minor inconvenience of having to participate in a recall, most Toyota owners aren’t going to be put out too seriously by any of this.  

Of course, time will tell.  If more issues come to light, if something else happens that Toyota knew about earlier, if Toyotas begin crashing on a more regular basis because of defects, values could take a more serious plunge.  There are just some things that can’t be forecasted—who would have expected any of this?!  As usual, the editors and staff at The Automobile Red Book are keeping an eye on all the latest Toyota news, and monitoring prices at auctions and other outlets.  As the market adjusts, so will we—just as we have for nearly 100 years.