VW Settlement Update

A lot has happened with VW and its diesel scandal since January and here is a summary to help you catch up.

VW Settlement Update

It’s been a while since VW was accused of selling diesel cars that dipped below emissions standards, and it’s also been a while since we’ve reported on it. A lot has happened with the VW buyback program, so we’re going to give you a quick run-down of everything pertaining to Dieselgate since January.

As an owner of one of VW’s cheating vehicles, you have a few options as to what you can do with it. As of April 14 2017, VW has bought back or terminated leases for more than 237,000 vehicles, and has fixed more than 6,000. VW can buy your car back or fix it, and there are ways of calculating the car's buyback value, including Instamotor's VW Settlement & Buyback Calculator. Let's say you own a 2012 Golf TDI 2D with 48,000 miles in California. You could elect for VW to buy it back for around $21,000. However, if VW were to repair it the owner would still get $6,000 for restitution.

So, even if you didn’t want to keep the car you could potentially get it fixed, get restitution and then sell the car afterward. It would be a gamble to see if it would sell for more money than the buy back value, especially since the KBB price is around $13,000 which puts the buyback price higher than the market value including restitution, but it is another option.

Assuming the owner of the 2012 Golf TDI decides to take the buyback option, VW can sell it after fixing it. VW will start with updating the software, which it has already done for 3.4 million vehicles around the world, though that figure does not include vehicles in the US. Eventually the cars will get a hardware update but until then dealers can sell the cars with fixed software.

This all went underway starting in early January when VW was allowed to start mending the damage done by its scandal, fixing 70,000 US vehicles. The rest of the 500,000 vehicles are being stored at the abandoned Silverdome stadium in Detroit, a decommissioned air force base in California and at the port of Baltimore.

Something good has potentially resulted from this scandal. As reported on April 14 the California Resources Board and the EPA have commissioned VW to put $2 billion towards installing 320kw chargers in California. For the rest of the US, under its new company Electrify America VW is going to build a 150kw fast-charging network along highways.

News on the scandal is being updated consistently on various news sources, so keep an eye out. If you are an owner of a cheating vehicle and want to sell it, be sure to check out Instamotor's VW Settlement & Buyback Calculator to see how much you can get back.

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Brian GrabianowskiBrian Grabianowski

Avid Formula 1 fan and motorcyclist, I enjoy chocolate chip cookie dough ice cream and long rides to the beach.

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