Volkswagen Offers To Buy Back Diesel Cars As German Bans Loom

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At Volkswagen's core VW brand, the carmaker said its buyback offer applied to new diesel vehicles bought between April 1 and the end of 2018 and kicks in if the city in which the buyer lives or works bans diesels within three years of the purchase. (Reuters/Lucy Nicholson) This is just one of 37 facilities in the USA storing VWs and Audis. The lots include a shuttered suburban Detroit football stadium, a former Minnesota paper mill and a sun-bleached desert graveyard near Victorville, California. The cars stored at these locations are routinely maintained in a manner to ensure their long-term operability and quality. And now it's waiting for U.S. regulators to approve emissions modifications for the stored vehicles so it can either re-sell them or export them.

A recent court filing revealed that Volkswagen had resold 13,000 and destroyed about 28,000 vehicles by the end of 2017, but still had 294,000 vehicles in storage at that time.

Volkswagen has spent around £5 billion to buy back some 350,000 diesel-engined cars in the US after the Dieselgate scandal.

VW said the existing scrappage offer has taken some 120,000 old diesel vehicles off the road since it was introduced in August past year, replacing them with greener versions that soon could also be deemed too dirty to be driven in Germanya.

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But it's not over as a headache for VW, with the buy-backs expected to last until the end of 2019, and the need to store the equivalent of Volkswagen's entire United States sales in 2017 not likely to end much sooner.

The firm must buy back or fix 85% of the vehicles involved by June 2019 or face higher payments for emissions. That follows the scandal in 2015 in which Volkswagen rigged its diesel cars to cheat on US emissions tests.

It said in February it had repaired or fixed nearly 83% of covered vehicles, and expected to hit the requirement soon.

Through mid-February VW has issued 437,273 letters offering almost $8 billion in compensation and buybacks.

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