Volkswagen is facing billions in potential fines from the EPA and other environmental organizations. In addition, they must come up with a costly plan to repair vehicles sold to consumers expecting “clean diesels.” But how much will consumers be affected by this scandal?
VW’s solution to their emissions cheating remains to be seen, but it seems clear that consumers may bear the brunt of the pain. Fortune magazine estimates that consumers may face a loss of about $5,000 in the value of their affected car. Across the 11 million cars affected, consumers have lost a totally of $55 billion in resale value from this scandal.
Volkswagen says they intend to reimburse affected consumers for the loss of resale value, but the exact details of consumer compensation packages have not been released. Therefore, it remains to be seen if Volkswagen will truly make consumers whole again or if they are just attempting to appease consumers enough to retain some of their customer base.
Now gasoline-powered Volkswagen owners are facing a potential loss of value of their cars. As consumer distaste for Volkswagen increases, gas-powered owners fear they may lose resale value. Already VW is offering huge incentives and discounts in order to sell more cars. Other diesel owners are concerned they might take a loss in value as well. Industry insiders say that diesel is taking a huge hit, and this may be “the beginning of the end” for the gasoline alternative.
Consumers may ultimately regain some of their losses through class-action lawsuits or individual settlements with firms like the Lombardi Law Firm. Hundreds of suits have been filed by affected consumers seeking to recoup lost value. Although it remains to be seen how VW will be affected by these lawsuits, they offer consumers a way to exercise some degree of power. Many consumers are expressing their frustration through litigation, rather than waiting for Volkswagen to attempt to appease them through inadequate compensation packages.
At Lombardi Law, we seek to defend the rights of consumers affected by Volkswagen’s practices. If you own an affected Volkswagen, contact us today. We are helping consumers face the auto manufacturer head-on, so that they can receive fair compensation and damages. Remember: affected vehicles have dropped significantly in value- you must fight to regain the value of your car. At Lombardi Law, we stand by Volkswagen owners and challenge VW to make right by consumers. Contact Lombardi Law Firm today!