Car Scrappage just announced [MERGED]

PM

How will all this effect prices of used cars now but also in future.

If loads people went out and bought new cars now then in long term we may see used prices falling?

Im more interested in used prices. I have a Y reg Accord thats costing a bomb in tax, petrol, etc so wanted to get some thing some what cheaper running cost.

Hintza

Used car prices |(bangers) will go through the roof after March 2010. Prices of cars just younger will fall a bit as demand will slacken.

Millionaire

Well we now know how its going to be funded.

Fuel duty up 2p in September again.

buglawton

There are going to be loads of Ts & Cs on this, especially about what kind of car exactly qualifies for the full £2k. Anyone got a link to these?

Lorian

You have to have owned the banger for 12 months.

Hintza

buglawton wrote: »

There are going to be loads of Ts & Cs on this, especially about what kind of car exactly qualifies for the full £2k. Anyone got a link to these?

Nothing out there yet, will probably take them to February to finalise the scheme.

dawnie1972

I'm waiting for the T&C's too - i have an old M Reg Peugeot that has brakes that keep locking on - but i'm thinking you'll only be able to use the £2k against a brand new car not something costing a few grand.

Maddie

Taken directly from the budget document;

"4.16 To give a boost to the car industry during the current downturn, the Government announces the introduction of a vehicle scrappage scheme. A discount of £2,000 will be offered to consumers buying a new vehicle to replace a vehicle more than ten years old which they have owned for more than twelve months. The Government will set aside £300 million for this scheme with funding matched by manufacturers participating in the scheme. The Government will work with industry to introduce the scheme next month. The scheme will end by the start of March 2010, or when funding for the scheme has been used if earlier."

roswell

Millionaire wrote: »

Actually the newer cars are greener, Its not a simple fact of comparing a older 2.0 litre engine to a newer engine of the same size.

Times have changed and smaller sized engines pump out just as much power as an older bigger engine.

For example your 2.0 might pump out 153 CO2, the 1.9cdti might do 157 CO2 but your 2.0 is only a 88Bhp engine whilst the 1.9 is a 150BHP and much better performance.

You need to compare like for like in and your case your engine is more like one of the 1.3 or 1.7litre newer cars which have lower CO2 than you car. Around 118-130CO2 thus greener on emissons yet similar performance or even better performance.

Ok fair enough thats assuming i go for the 150 1.9cdti though what about the 120 ? or even lower the 100 8v the goverment work on CO2 thats thier golden target they dont care about bhp / torque my argument is still the same in the goverments eyes my car is a dirty old shed they would have me believe its a play on insecurities I dont care if the neghbours think i have a earth killing old car at the end of the day it is service able for its purpose and stil as green if not greener than me getting a new car and more cost effective for me to keep it as it stands.

This isnt just replacing one item for another, and this is what will trip people up.
Firstly the initial outlay im going to use some rough figures but lets look at it this way.

New purchase price £7500 ( i think we can call this bottom ball park figure for a new mini hatch)
take of discount leaves you 5500 to fund.
Then you ahve to tax your new car, you also need to get dealer serviceing or equivilant to maintain warrenty.

Im going to make a mini assumption that 75% of owners that have a quanlifying vechile dont have 5500 so they need to finance it :jto Mr banker more goverment engineering to keep the banks playing ball and keeping the party going.

this is a temp fix for bankers and the motor industry its not greener its not clever and it will only trap people into more debt which caused this all in the first place, if people kept thier cars for 9 years + instead of buying 3 / 4 over the last 9 years demand would have remained steady and they wouldnt need a bail out.

If this was truely a green initiative they should make the point of emissions only eg if your chucking out X amount over tollerance for your engine size you get the £2000 discount if your within x tollerance your car has a market value only. thier are also greener USED cars but that doesnt seem to come into this scheme just "NEW" cars.

paul1987_2

when will specifics details of the scheme be announced?

My partner (un-married, living together 4 years) has been planning on replacing our car for some time, the current car is registered in my name and she is listed as named driver on my insurance documents. She is hoping be able to use the car to take part in this scheme.

I could not take part in the scheme myself for two reason, a) i dont want a new car - happy with a banger b) dont have enough cash to buy the car so would need credit (which i avoid due to past problems)