The major story in the automotive world throughout 2014 so far has been the massive amounts of recalls levied by General Motors (NYSE:GM), stretching all the way back to the mid and early 2000s. The recalls have involved a myriad of issues with the embattled car-maker’s vehicles, but most famous were problems with ignition switches, which were never disclosed or properly dealt with by company executives. By failing to address the problem, accidents have occurred that have led to multiple deaths and injuries, which in turn led to congressional hearings and the public shaming of General Motors in the eyes of the public.
Lawsuits have also been filed by consumers, seeking not only restitution for damages in relation to the accidents caused by the ignition switch problem, but also because, as a result, the values of customers’ vehicles have gone down. The accelerated rate of depreciation has effected millions of people, and has left many of them angry and looking for answers. The recalls have also eaten into GM”s earnings, bringing on the ire of investors and the stock market.
The company recently released its latest earnings report, which saw profits absolutely nosedive. A profit of $200 million was reported, following costs of $1.2 billion related to the recalls. As USA Today reports, the company has, thus far, issued 60 recalls that have involved more than 26 million vehicles.
Diving into the damage that has been done, iSeeCars, an industry research site, has taken an inside look at what vehicles are suffering the most, in terms of value, from GM’s recalls. The company tracked 11 million used cars on the market between March and June of this year, in order to get an idea of what GM models were losing the most market value, and at what rate. The results found that most cars on the market saw depreciation in price on average of 6.7 percent, while GM recalled vehicles saw an average of 14 percent in value decline.
iSeeCars was also able to determine which models experienced the biggest drops in value, and at what rate they lost it compared to the average of other similar vehicles.
Read on to see the six vehicles experiencing the biggest loss in value as a result of GM’s recalls.