What is the Car Scrappage Scheme?
The Car Scrappage Scheme was introduced in the United Kingdom in May 2009. It is a measure which allows the government to fund the exchanging of an older car for a newer one in an effort to stimulate the faltering motor trade as a result of the recession. The government has agreed to reserve £300 million in order to fund the scheme, which equates to around 300,000 cars which can be traded in, at a cost of £1,000 to the government.
What criteria do I have to meet to be eligible for the scrappage scheme?
There are specific criteria which must be met in order to qualify for the scheme. These criteria mainly involve the age and ownership of the car:
The car must be at least 10 years old, having been registered on or before the 29th February 2000
The owner of the car being exchanged must have been so for at least 12 months prior to the exchange
The person buying a new car through the scheme must be the registered owner of the car being exchanged. This person must also be the registered owner of the new car.
How much will I save through the Car Scrappage Scheme?
You can save £2,000 by exchanging your old car for a new one wit the scheme.
For more information on:
- Can I buy a foreign or imported car through the scheme?
- What’s to stop me buying an old car and making a profit from the scheme?
- Can I trade my old car in, and then buy it back?
- Can I exchange my old van or motorbike?
- Does my old car have to be road-safe to qualify?
- I’ve heard you can only exchange a car for one with lower fuel emissions. Is this true?