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

SMMT welcomes cash for bangers

Thu, 23 Apr 2009
The introduction of a vehicle scrappage incentive scheme should encourage more Brits to think about buying a car, it has been claimed.

According to the Society of Motor Manufacturers and Traders (SMMT), the cash for bangers programme is good news for customers and dealerships alike.

Chief executive Paul Everitt stated: "The scheme recognises the economic value of the motor industry and we are determined to make it a success."

The initiative, which was unveiled in yesterday's Budget, means motorists with vehicles that are over ten years old can trade them in to be scrapped in return for £2,000 towards a new model.

In order to be eligible, people must have owned the car they intend to get rid of for a minimum of 12 months.

SMMT said it would be finalising the details of the scheme over the next few days.

Last month, SMMT reported carbon dioxide emissions for new autos fell more steeply in 2008 than ever before - with the average model now releasing 158 g/km.

Are you buying or selling a car? Click here to find out what Honest John has to say.


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


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