TOKYO -(Dow Jones)- Toyota Motor Corp.'s (7203.TO) global vehicle recall has damaged the perceived quality of its vehicles in the U.S. and reduced their value in the country's used-car market, a survey released Monday in the U.S. by the Automotive Lease Guide showed.

Toyota's perceived quality score fell to 67.6 in ALG's Spring 2010 automotive consumer attitudes survey, based on data collected in late February, from 84.1 in the previous survey conducted in the fall of 2009.

The expected residual value of a Toyota after three years fell by 0.9 percentage point to 50.6%, the survey showed.

The figures could further dent Toyota's sales in the U.S. A major drop in residual value can discourage consumers from buying new cars and may also reduce the value of leased vehicles. Toyota's leased cars stood at about $17 billion at the end of December 2009.

The Japanese automaker has tried to restore its battered reputation and declining sales in the U.S. by offering sweeter deals on new cars, but those steps may actually push down the value of used Toyotas, California-based ALG said.

"Should current incentive programs implemented March 2010 persist beyond the short term, 3-6 months, used values will decline an additional 5% over the long term, or approximately 2.5 percentage points in the 36 month residual forecast," ALG said.

Toyota's U.S. market share fell to 12.8% in February from 18% in December, due to concerns over quality in the wake of is largest-ever safety recall. But its recent sales promotion steps have increased its share to 16.8% in March so far, ALG said.

Earlier this month, Toyota outlined its biggest-ever sales promotion program in the U.S. including 0% financing for up to 60 months and low lease rates. The sales campaign continues until April 5th.

Before the company was thrown into crisis by the recall issue, Toyota saw brisk sales growth without relying heavily on incentives. The resale prices of Toyota vehicles were relatively high, helping to maintain the brand's reputation.

Still, ALG expects Toyota's incentives to return to pre-recall levels of $1,250-$1,750 by the first quarter of 2011.

According to vehicle-pricing website Edmunds.com, Toyota's average incentive was $1,833 per vehicle in February, up from $1,452 in January and $1,682 in February 2009.

ALG also found that 70% of consumers who had intended to buy a Toyota prior to the recall still intended to purchase a Toyota in the future, with 13% saying they would no longer purchase a Toyota. The remainder said they would only buy a Toyota if the quality issues are resolved.

"Toyota may have lost potential customers because of the recall, but the majority of consumers seem resistant to changing their long-standing beliefs about Toyota's quality," ALG said.

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