VW drivers have already started to feel the damage of the emissions scandal on the resale price of vehicles.
The value of used Volkswagen diesel cars sold in Britain has slipped 0.2% in September, lagging growth in the wider market, according to car valuation tracking guide Glass’s. On average, valuations across the car market are up 2.8%.
“We are aware that a number of key trade buyers are viewing Volkswagen conservatively for the time being, although it is fair to say that there are also others who are less concerned and are essentially standing by the brand and its products,” Rupert Pontin, Glass’s head of valuations, said.
Volkswagen has admitted using so-called defeat devices to mask cars’ emissions levels during US tests. The company said it would refit the 11 million vehicles worldwide affected with new software.
Qatar’s sovereign wealth fund, which owns 17% of Volkswagen’s ordinary shares, is also counting the cost of the scandal, as well as a recent plunge in Glencore’s share price. Together the events have wiped $5.8 billion (£3.8 million) off its holdings in less than two weeks.Reuse content