More money towards car scrappage scheme

As the car scrappage scheme looks to come to an end as more people take advantage of purchasing a new car using their old rundown vehicles as a part exchange, Lord Mandelson has decided to add an extra £100 million.

The extra money which will help with the 'new cars for old' scrappage scheme, will mean that a further 100,000 people will be able to take advantage in purchasing a brand new car. This will not only mean that the scheme can last an extra couple of months, but more jobs will be saved in the car industry and more VAT revenue will be generated from the purchase of a newer vehicle.

The scrappage scheme, which was announced back in spring, provided anyone whose vehicle was older than ten years with the opportunity to trade it in for £2,000 towards a new one. The incentive was to provide the vehicle industry a boost as the recession hit, causing many production companies to go in to liquidation; the scheme was expected to run for a year, however it has proved so popular that the initial £300,000 of government funding has nearly run out. If you are looking for vehicle insurance for your car, look no further than Insure My Vehicle, providing insurance for your commercial vehicle, car or motorbike.

September 30^th 2009

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