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Used VW diesel car prices fall in UK after scandal-survey

Reuters - UK Focus

(Updated with most recent figures)

By Angus Berwick

LONDON, Sept 30 (Reuters) - The price of used Volkswagen (LSE: 0P6N.L - news) diesel cars in Britain fell after the company's admission that it used emissions-cheating software in over 11 million vehicles, a car valuation tracking guide said on Wednesday.

In an early sign of the impact of the scandal on the car-maker, price data firm Glass's said prices of used Volkswagen (Other OTC: VLKAF - news) diesel cars fell by 2 percent between Sept. 21 and 25, against a 0.7 percent fall in the wider British market.

Separately, Volkswagen UK said on Wednesday around 1.2 million vehicles in Britain, including Audi (LSE: 0FG8.L - news) , Seat and Skoda cars, were affected by the software. The company said British customers would be contacted soon to get their vehicles corrected.

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Rupert Pontin, head of valuations at Glass's, said there was a "great deal of concern" over Volkswagen cars at auctions where the valuation conducts a lot of its price research.

"It (Other OTC: ITGL - news) is fair to say that there are also others who are less concerned and are essentially standing by the brand and its products," he added.

News (Other OTC: NWSAL - news) of the scandal broke at a time when prices were already under pressure from an excess supply of Volkswagen cars in Britain as the company sought to increase its market share, Pontin said.

Some car-dealers in Britain say they have not felt the impact of the biggest business-related scandal in Volkswagen's 78-year history.

"I did panic," Paul Wood, sales manager at Birchwood Motor Centre, said. "But I don't think, when it comes to used (cars), that people are really bothered because it's all down to price, and they've still got a good name in terms of reliability."

"There's a lot of media hype about this," said the general manager of another car-dealer who asked not to be identified. "What the trader is thinking is that if VW are doing it, everybody else has probably been at it as well." (Reporting by Angus Berwick; editing by William Schomberg and Adrian Croft)