Volkswagen is reportedly preparing to buy back vehicles sold in the European Union with understated CO2 emissions figures.

Earlier this month, Volkswagen admitted that up to 800,000 vehicles were sold with "implausible" CO2 emission figures. These "irregularities" were discovered as the company carried out internal investigations related to the dieselgate affair.

EU market models that have been cited so far include the 162kW Volkswagen Golf GTI and 221kW Golf R, as well as diesel cars, and some petrol vehicles, from Audi, Seat, Skoda, and Volkswagen.

Potentially affected vehicles are currently undergoing laboratory tests to determine their true CO2 output levels according to EU guidelines and with German government oversight.

The Financial Times understands that once that's done, Volkswagen, through its dealers, will offer to buy back any vehicles found to have had their original CO2 output understated by over 10 percent.

A spokesman for the company told the financial daily, "When we have the [test] figures then there could be a chance for people to say, ‘I can hand back my car because you told me the wrong number’".

Owners who elect to take up Volkswagen's offer will reportedly have their cars bought back at current market value.