Hyundai, Kia Resale Values to Weather Storm of Fuel Economy Blunder: Experts
Last week Hyundai and Kia made an embarrassing confession; they’ve been overstating the fuel efficiency of their vehicles for the past three years. This miscalculation includes most of the models in both of their lineups. To make things right the South Korean automakers are readjusting the numbers and reimbursing customers. That should help rebuild trust but there could be more fallout from the blunder. Has the resale value of their vehicles been affected?
“If there is an impact it’s likely to be on the smaller side, like 1 percent, but it’s entirely possible it will have no impact at all,” said Eric Ibara, Director of Residual Value Consulting at Kelly Blue Book, one of the world’s largest vehicle valuation companies.
Hyundai and Kia vehicles are selling like hot cakes, they will have to pay out up to nearly $1billion or move over a long period of time, but their sales will keep them out of deep waters. Hopefully this mistake doesn't cost them a significant loss of sales.