Since March 2009 the UK government, in partnership with the car manufacturers, has introduced a scheme that has allowed owners of old bangers to scrap their current cars and purchase new models for a discounted price. The discount being offered consists of £1,000 of government money and a matched £1,000 from the car manufacturer, meaning if you let go of your current car you could get £2,000 off the purchase price of a brand new one.
The scheme has been funded by £300 million of government money and will last until either February 2010 or until the money runs out before that date. This means a massive 300,000 cars can be potentially bought during the scheme. Since the scheme began in March, over 60,000 new vehicles have been sold, and similar schemes in other countries such as the United States of America have been so popular that they have had to end the scheme months ago due to the influx in new car purchases!
It is hoped that by scrapping older vehicles and people buying brand new ones, this will not only help to fund the ailing motor industry but will also introduce greener cars to our roads. Advances in car manufacturing and technology have introduced many new ways to cut down on carbon emissions, reducing our carbon footprints. The common complaint many motorists have made about newer cars is that they cannot afford to buy them and so this scheme is going to help influence people to buy newer vehicles as opposed to keeping their older, less efficient ones.
In order to be eligible for this scheme you need to meet the following requirements:
• The car must have a valid MOT;
• The car must be registered before the 29th February 2000;
• You must be the registered owner of the car for at least 12 months; and
• Your old car needs to be scrapped with a certificate of destruction.
There are currently talks happening and an agreement being made to potentially change some of these requirements to include more vehicles. The conditions for scrapping vans are the same as for cars and you can even scrap a van and get a car, or vice versa. If you have any questions then you can ask at your local car dealership and they’ll be happy to answer any questions and to discuss your options.
If you aren’t interested in buying new car or aren’t eligible for the scrappage scheme and therefore wish to purchase a quality used cars, consider the range of car credit and finance deals available online.