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Home > Boob Bangers 3
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Scrappage Scheme Breathes Life Into UK Car Industry
by Christopher Reinhold
The scrappage scheme has not only breathed new life into the ailing UK car industry, it's revived it beyond all expectations and is proving to be a real runaway success. Now, just three months into the government's new "cash for bangers" initiative - which allows new car buyers to trade in used cars 10 years old or over for up to 2,000 pounds - more than half the money earmarked for the plan has already been spent.
The 300 pounds million subsidy scheme, which came into effect on May 18, was designed to cover 300,000 new cars and was expected to last until February next year. However, such has been the impact of the scheme that time is running out for new customers to take advantage of the 2,000 pounds incentive. More than 160,000 cars have all ready been sold, with sales expected to rise faster in September when new registration plates come out.
Industry experts and scrapyard dealers have therefore called for the government to extend the plan. John Proctor, of the Society of Motor Manufacturers and Traders, said: "It's done what it was intended to do. It's boosted consumer confidence and got people back into the showroom. If it continues at the current rate of success the pot of money set aside for it is likely to run out before February. We need to let the scheme run its natural course and then get the Government to encourage the banks to provide greater help for the manufacturers."
In practice, the scrappage scheme works by offering motorists an incentive of at least 2,000 pounds - half of which comes from the government and half from car manufacturers - to scrap a used car or van over 10 years old (registered on or before 31 August 1999) which can be used against the purchase of a brand new vehicle (weighing no more than 3.5 tonnes). A total of 38 car manufacturers have signed up to the recession-busting venture which has so far proved an overwhelming success. Figures released for July revealed that new car sales rose for the first time in 15 months, with more than a fifth (21%) coming from vehicles purchased under the scrappage scheme.
And apart from helping jump-start the struggling motor industry, the scheme has also had a positive effect on the environment, replacing heavily polluting old bangers with more eco-friendly and efficient new cars. According to the latest government figures, new cars bought under the scheme are emitting an average of 25 per cent less carbon dioxide than the model they have replaced.
Given such welcoming news, much has been said about the longevity of the scrappage scheme but the Government has insisted that it will not extend the plan beyond the current 300 pounds million advanced thus far. However, those in power may have to reconsider and investigate ways how they can top up the scappage fund as the benefits - to the car industry, supporting businesses and the environment - seem to make such a decision hard, if not impossible, to resist.
About the Author
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