Recalled GMs Are a Bargain if You're Desperate
There's good news and bad news if you're in the market for a used GM. The good news is some models are seeing big price drops. The bad news is most of these GMs aren't worthy of space in your driveway. A study by iSeeCars.com (not to be confused with "I see dead people") has determined since the massive GM recall announced in February models with the faulty ignition switches have experienced a price drop of 14 percent that is more than double the average across all similar cars. RELATED: See Photos of the 2006 Pontiac Solstice The models affected are the 2006 to 2007 Chevrolet HHR, 2006 to 2007 Saturn Sky, 2006 to 2007 Pontiac Solstice, 2005-2007 Chevrolet Cobalt, 2003 to 2007 Saturn Ion, and 2007 Pontiac G5. The G5 and Cobalts, truly uninspired cars to begin with, have seen their prices drop the most at 13.7 percent. The Ion, another basic waste of sheet metal, is just a click behind at 13.6 percent. RELATED: See Photos of the 2007 Saturn Sky The HHR, Sky and Solstice prices haven't dropped as much because they're niche vehicles. The average price drop for the Chevy Cobalt, Pontiac G5 and the Saturn Ion were at least two times greater than the average among all similar cars compared to the recalled GMs, said Phong Ly, iSeeCars.com CEO. He added that while used car sales as a whole increased in the March-June 2014 time frame compared to the same period in 2013, the number of used GM vehicles for sale fell by about 1 percent. That could indicate seller reluctance to put their General Motors-branded cars up for sale when the company has been in the throes of numerous recalls, likely because sellers were waiting to get the recall repairs complete before listing them for sale. RELATED: See Photos of the 2006 Chevrolet HHR "Sellers of GM vehicles that were not recalled probably don't need to be worried," said Ly, "since our data indicates that the average price drop for the non-recalled GM cars during that time frame is 7 percent—just slightly above the average of all cars."