Toyota resale values lowered by Kelley Blue Book

IRVINE, Calif. (AP) — The Blue Book value of used Toyotas has been reduced again as the Japanese carmaker's troubles persist.

Kelley Blue Book said Monday it was lowering the resale value of recalled Toyotas for the second time in less than a week. That leaves the cars' value an average of 3.5 percent lower than a week ago, with further cuts still possible.

The combined cuts by the vehicle information company range from about $300 for a recalled Corolla to $750 for a recalled Sequoia.

Juan Flores, director of vehicle valuation for Kelley Blue Book, says the latest reduction reflects a drop in customer demand for Toyotas as well as Toyota Motor Co.'s apparent lack of confidence in its vehicles.