The Government's scrappage scheme, which helps fund purchases of newer and more efficient vehicles, is now 75% used up according to figures released on Friday by the Department for Business. If the fund is used up by February this year, the scheme will come to its natural end.
The scheme offers purchasers a £2,000 discount when replacing old and inefficient vehicles with newer, more eco-friendly vehicles. It seems to have been a success because 318,628 new vehicle orders have been accepted since its inception in April 2009. The scheme was extended last year to allow newer vehicles (V-reg cars and eight-year-old vans) to qualify.
The fund still contains enough money to subsidise another 82,000 new vehicle orders, so if you've been considering taking advantage of the scheme, take action now to ensure you can still benefit from the savings.
Of the 38 vehicle manufacturers signed up to the scheme, Toyota is offering a similar incentive. Their new 'Swappage' scheme allows purchasers of selected Toyota models to swap their seven to 10 year old vehicle, i.e. W-reg and 52-reg number plates, for a £2,000 saving on an eligible new Toyota Yaris, Toyota Auris or Toyota Avensis.
The vehicle for trading must be DVLA registered, insured, and have a valid MoT certificate. The registered keeper of the vehicle must have owned the vehicle for the last 12 consecutive months.
A greater incentive is offered to customers who choose the Toyota Avensis because it is built in Derbyshire, UK. For this swap there is an additional £500 available on T2 models and £750 on TR and T4 models.