Prices Plummet On GM Cars Recalled For Ignition Defect

Have you been waiting for just the right time to pull the trigger on that Chevrolet Cobalt or Pontiac G5 of your dreams? Now might be that time, friend! Prices on General Motors cars recalled for the ignition switch defect have never been lower.

A new study by the website iSeeCars.com says that the six original GM cars affected by the first ignition switch recall in February have experienced a price drop that is more than double the average across all similar cars. The website came up with this data by searching through 11 million used cars listed online.

On average, the prices for the Cobalt, Ion, G5, HHR, Sky and Solstice have dropped by 14 percent from March through June, compared to similar cars that dropped 6.7 percent in the same period.

Prices Plummet On GM Cars Recalled For Ignition Defect

Not surprisingly, the biggest loss-leader of the six was the Cobalt itself, since it was essentially the poster boy for the ignition switch mess.

The good news is that now is a great time to pick up a Solstice or a Sky if you need a cheap rear-wheel drive roadster, maybe even as a budget track car. The bad news is that if you need to sell one of the other cars, you're kind of screwed.

Not that the Cobalt and HHR and Ion were ever high-dollar assets, of course...