The UK government’s scrappage scheme offers money off new cars in exchange for scrapping an old car that is over ten years old. Critics of the scheme said the discounts for scrapping an old car weren’t sufficient, but recent figures show that the scheme has been very successful.
According to recent figures, the scrappage scheme has been responsible for the sale of nearly 155,000 new cars since May, which is just 3 months. The sales of new cars means that over half of the budget the government set aside for the scrappage scheme has been spent rejuvenating the car industry. Originally the government set aside £300 million to fund the scrappage scheme.
July this year actually saw an increase in sales of new cars, which is the first time that new car sales have increased since April 2008. Sales of new cars in July this year hit 157,149, which is a rise of 2.4% on new car sales in July 2008. Of the sales of new cars, nearly a fifth of the sales were made in the South East.
New car sales are still down this year on last year’s figures, but now thanks to the scrappage scheme they are heading in the right direction.
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