Car scrappage scheme could be coming to an end

Mon, 21 Sep 2009



According to car finance news today, the car scrappage scheme could be coming to an end as the money set aside to scrap cars runs out. The demand for the government scheme has been so intense that the 300 million pound limit could run out by October.

The scheme was create to try and boost the car industry and motor finance business, and it has been a success. Consumers could scrap cars and vans over 10 years old and were provided with 2,000 pounds towards the cost of a new car .

The chairman of the RMI National Franchised Dealers Association, Paul Williams, reportedly commented: "Because scrappage sales are purely incremental, the VAT earned on them has made it a self-funded scheme. To say the scheme has been successful since its introduction would be a massive understatement. But with the retail economic climate still fragile, an extension of the initiative is vital."
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