I can’t imagine this is going to be good for the resale value of these cars. Which could completely screw you if it’s stolen.
Does Kia have any plans of doing anything others than giving away steering wheel locks? (Which I heard are on back order)
I hate to share bad news, but here it is so everyone can make informed decisions:
Talked to a Honda salesperson about trading the Forte for a Civic. She said the dealership just had a sales staff meeting detailing the Kia theft situation. Because in many zip codes comprehensive insurance is no longer being offered and that savvy clients will not buy theft-plagued Kias, the dealership management is reluctant to take Kias on trade. If they do, it will be with a 10-20 percent discount over Blackbook advice. (In one month the trade-in value of my Forte dropped from $20,300 to $18,900.) And this is in Columbia, Mo, a place not hard hit by the thefts, but 100 miles away from St. Louis which is a hotbed for them.
This dealership expects a large number of Kias hitting the auction market as people dump them, further pounding the trade-in value.
Sorry, but more bad news. My State Farm insurance agent, who also just had a corporate wide meeting, says to expect a rate increase because of the increase in Kia theft risk. State Farm will not dump existing customers, but will price premiums according to the theft risk in each zip code.
In terms of your question about what Kia is doing, from media reports they seem to have put their corporate head in the ground. Yes, they are offering free Clubs in certain hard hit areas, but their overall corporate response is that their cars meet all applicable federal standards. I'm afraid in the penalty phase of the coming class action lawsuit, which the legal publications say may be one of the largest in U.S. history, this will prove to be an inadequate response.
Kia is probably doing little because Fortes and similar entry-level cars without engine immobilizers are their lowest profit vehicles. Sedans are a dying part of the market, anyway. Had something like this involved their high-zoot SUVs the company would be a whole lot more robust in their response. I imagine Kia corporate has done a cost analysis and the verdict is that it will be cheaper to pay off the lawsuit rather than recall millions of Kias to install an immobilizer.
I find it interesting that there have been no calls for the Federal government to recall Kias. I guess poor owners of low-priced cars don't get much consideration from our politicians. No campaign contributions.