Trade values of Volkswagen diesel cars are trailing the market by three percentage points now compared to the beginning of September before the brand was engulfed in the emissions crisis.
Trade valuation guide Glass’s analysed its database and found that Volkswagen diesel used cars fell 0.2% compared to the beginning of September whereas the overall diesel market rose by 2.8%.
Trade values of all Volkswagen used cars in the Glass’s database today are the same as they were at the beginning of September but the overall used car market has seen an increase of 2.1% during the same period.
Rupert Pontin, head of valuations, said values of Volkswagens were lower than expected and this was “very likely” to be the result of the emissions scandal.
“This is still a fluid situation and, we believe, will be very much affected on an ongoing basis by how Volkswagen deal with the problems facing them.
“We are still waiting to find out the full extent of the issue in the UK. Dealers and customers are not in a position to make a clear judgement about how they feel about Volkswagen as a company and whether they will be prepared to continue to buy their cars going forward.
“In our opinion, we may yet see further value changes as VW release more information. The way in which they do this, and the manner in which they support their dealer network and customers, will heavily impact on overall perception of the brand.
“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.”
Glass’s said it had not yet been able to analyse sufficient retail data to present a picture of what is happening to screen prices of cars.
Rupert said: “Our market sources would lead us to believe that there has been a minimal change in asking prices although there are various anecdotal reports of reduced retail interest, lower used sale activity and a reluctance for the trade to take part-exchanges.”
Last week CAP predicted the emission scandal that has enveloped Volkswagen will have “no discernible impact” on used values in the UK.
Dylan Setterfield, senior forecasting editor at CAP, said: “We do not expect there to be any significant impact on used values for VAG models in the UK as a direct result of the US emissions scandal.
