60,000 choose car scrappage scheme

Tue, 16 Jun 2009



According to reports in the car finance news, over 60,000 drivers have chosen to take up the Government car scrappage scheme since it was launched in mid may.

The car scrapping scheme provides drivers with a £2,000 discount on a new vehicle if they scrap a car that is over ten years old. However, concerns are running high that the scheme will run out of money.

To date, some 60,000 new vehicles have been bought using the scheme, both with cash and vehicle finance . This represents about 20 per cent of the £300 million total funding for 300,000 vehicles .

Lord Mandelson reportedly commented: "Consumers know a good deal when they see one. These figures speak for themselves. Car manufacturers continue to report on the success of the scheme with rising sales. It is the boost that the industry needs."
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