Following Germany, Britain introduces “Cash for clunkers”scrappage scheme. U.S. is next?
(Source: Autoblog, Telegraph UK)
After weeks of dithering, the Government announced a car scrappage scheme in yesterday’s Budget. Anyone with a car registered after July 31, 1999 will get a cash incentive of £2,000 to trade in their old vehicle for a brand new one.
However, only £1,000 will come from the Government, with the remaining £1,000 coming from car firms; the motor industry had hoped that the Government would foot the entire £2,000 bill.
Participants will be able to buy any new vehicle, including small vans, rather than just low pollution models. Motorists taking advantage of the scheme must have owned the car for at least one year; it will also have to be taxed, insured and have a current MoT in order to qualify.
About £300 million has been set aside to fund the scheme, to be launched in mid-May. About 300,000 consumers are expected to benefit until the scheme ends in March 2010, unless funding runs out before then.
In the below video, you can hear Mr. Tony Whitehorn, Managing Director of Hyundai UK, welcoming Chancellor Alistair Darling’s ‘cash for bangers’ scheme announcement in the Budget.
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