Prices of used VW diesels starting to drop in some areas

Not So Much In Europe Or UK

What, did you think the prices of those used Volkswagen diesels would go up? Nope, trading prices for used VW diesels appear to have taken a hit in both the US and the UK in the wake of the German automaker's diesel-emissions scandal, according to recent reports. In Europe, the jury is still out.

Between mid-September and early October, US auction prices for VW diesels fell 13 percent, or almost $1,700, on average, Automotive News says, citing Kelley Blue Book. Similar gas-powered VW vehicles' prices fell two percent during the same time period. US sales for new VW diesels were down four percent during the two weeks that ended October 3, while total compact-car sales were up four percent, Automotive News says, citing NADA Used Car Guide.

In the UK, prices for VW diesels fell two percent late last month where about 1.2 million vehicles may have been impacted, Reuters says. In Europe, though, VW diesel prices during the three weeks that ended October 9 declined 1.5 percent, which is within the accepted range of typical car-sales volatility, according to a separate Reuters report that cited EurotaxGlass AG.

Volkswagen has set aside $7.3 billion to address its diesel scandal. As many as 11 million VW diesels may have been programmed with software that cheats the emissions-testing system. The German automaker, which replaced its CEO in the wake of the scandal, estimated that vehicle recalls would start in Europe in January. The state of California, however, is telling VW to come up with a solution proposal by November 20.

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