What are good cars to modify?

You may have heard that Volkswagen has agreed to a settlement with the FTC that will provide up to $10 billion to owners and lessees of VW and Audi 2.0 liter diesel cars. VW claimed 500, 000 cars had low levels of harmful emissions, but they were actually much higher.

Did you know that VW will buy back affected cars for thousands of dollars more than their current replacement value? That’s compensation for VW’s untrue emissions claims and for the trouble of replacing the car.

And if environmental regulators approve a modification to the cars, people who own or lease will have the option for VW to implement the modification and get money in compensation.

It’s particularly important for you to get this information if you’re considering selling your car. Potential buyers may offer what sounds like a good deal, but it’s still less than you can get for a buyback under the FTC’s settlement with VW. Whether it’s a private purchaser or an unscrupulous dealer, those buyers are just going to turn around and sell the car back to VW for more money through the court-approved buyback program.

If you participate in the buyback program, you can use the money for anything you want. You don’t even have to buy a car with it. If anyone tells you something different – for example, that you have to buy another VW or Audi car – they’re lying.

And don’t let anyone pressure you by saying you need to “Act now!” You don’t. You’ll be able to submit a buyback claim until September 1, 2018. Buybacks could start in late Fall 2016, and emissions modifications will begin once approved, so you have time to consider your decision.