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August 26, 2016

How to get ready for your VW payout

  • Many owners of Volkswagen diesel cars are feeling better after reading the terms of the proposed $14.7 billion settlement
    • By PHILIP REED
    NerdWallet

    Loyal owners of Volkswagen diesel cars understandably felt betrayed when they learned the German automaker had rigged the testing process to bypass U.S. emissions standards. But many are having a change of heart after learning how much VW will pay them to turn in their cars.

    San Diego resident Mark Holthoff, a manager for a community site for used-car enthusiasts called Klipnik.com, was disappointed when he saw the value of his 2014 Volkswagen Golf TDI plummet 30 percent after the “dieselgate” scandal broke in September 2015. But Holthoff felt better after reading the terms of the proposed $14.7 billion settlement and determining that VW would pay him $26,000 for his hatchback. It nearly matched his purchase price of $27,000 — which meant that, “basically, we got a car for free for the last three years,” he says.


     
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