Toyota Customer Loyalty Takes a Hit After Massive Recall

(CBS/ AP)

There can be little escaping the news that Toyota has recalled more than 8 million vehicles amid concerns that some vehicle safety measures have failed. In the wake of such a massive number of autos being recalled — repeat: 8 million — it's also no surprise that current Toyota owners say they're less likely to buy a Toyota in the future.

What is a surprise is that the drop in brand loyalty is pronounced, but probably not nearly as pronounced as expected in the wake of the massive recall.

According to the Consumer Reports 2010 Car Brand Survey, 60 percent of current Toyota drivers said they would most likely purchase another Toyota when they want to purchase a new car. That's a drop in 10 percentage points from a December 2009 survey, and Toyota has now fallen behind Honda. Big drop? Sure. Catastrophic? No.

This poll was conducted before Toyota CEO Akio Toyoda answered questions before the House Committee on Oversight and Reform on Wednesday. Also keep in mind that there's been lots of news about Toyota since early February.

Despite the decline in brand loyalty, Toyota purchase intent among all 1,832 respondents polled earlier this month remains higher than all brands except Chevrolet and Ford.

For a full report on Toyota, click here.

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