‘Bangers for cash’ to entice 1.5m motorists

'Bangers for cash' to entice 1.5m motorists

Up to 1.5 million motorists are set to take advantage of the new car scrappage scheme announced last week by Chancellor Alistair Darling.

Research by Experian found that 7.1 million privately owned cars and vans are eligible to take part in the scheme, which offers £2,000 for cars at least 10 years old if traded in for a brand new model.

However, 15% of these old cars are worth more than £2,000, whilst a significant proportion of motorists will continue to look for second-hand models when replacing their vehicle, despite the cash incentive.

In addition, many second-hand car owners cannot afford to take part in the scheme.

For the motorists that will take part, Experian welcomed the scheme as a positive step by the government.

Kirk Fletcher, managing director of Experian’s automotive division, said: “There is a well-defined segment of the car owning population in an excellent position to benefit from the scrappage scheme.

“This scheme should help stimulate demand across the car market, as well as assist the environment by removing older, potentially more polluting vehicles from UK roads.”

In Germany, a similar scheme has proved popular with motorists and has already helped to stimulate its struggling car manufacturing industry.

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