Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Scrappage scheme participants 'may be in the money'

Wed, 24 Jun 2009
Drivers buying a car through the government's vehicle scrappage incentive scheme could make themselves a tidy profit, it has been suggested.

Used auto expert Glass's stated the current levels of demand for second-hand motors and the lack of availability means participants in the cash for bangers initiative could end up selling their new set of wheels for more than they originally shelled out.

Adrian Rushmore, managing director with the group, explained: "The potential profit is greatest for those cars where the nearly-new value is currently high in relation to the list prices – notably small, affordable cars with low running costs."

In light of this, scrappage scheme buyers were advised they could make as much as £1,100 by selling on models like the latest Ford Fiesta, Citroen C1 and Fiat 500.

Meanwhile, in related motoring news, Glass's predicted used cars would be selling for 16 per cent more by the end of the year, compared with during December 2008.

Are you buying or selling a car? Click here to find out what Honest John has to say.
ADNFCR-1081-ID-19234307-ADNFCR

Comments

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17

£186.05

48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH