Guide to £2,000 car scrappage scheme
From May 18th, a £2,000 discount on new cars will be offered for those scrapping their old car - as long as it is over ten years old.
Myfinances.co.uk looks at the nuts and bolts of the scheme.
In a nutshell:
Motorists will be offered £2,000 towards a new car or van if they trade in a vehicle which is 10-years-old or older.
The details:
1. It's simple to take part - you just need to talk to a participating dealer who will check the exchange qualifies, complete the necessary paperwork and arrange for the old vehicle to be towed away.
2. The scheme runs from mid-May until March 2010, or until the government's funding allocation of £300 million has been used - which will cover 300,000 cars.
3. It applies to commercial vans (up to 3.5 tonnes) as well as cars that are 10 years old, or older.
4. The £2,000 incentive is made up of £1,000 from the government matched with a further £1,000 from the motor industry.
The old vehicle must.
. be a passenger car or small van up to 3.5 tonnes
. be first registered in United Kingdom on or before 31 July 1999
. be currently registered with DVLA to the registered keeper making the application, or currently on Statutory Off Road Notification (SORN)
. have a current MoT test certificate
. have a registered owner with a UK address and the owner must have been the registered keeper of the vehicle continuously for the preceding 12 calendar months before the order date of the new vehicle
The new vehicle must be.
. a passenger car or small van up to 3.5 tonnes
. first registered in the UK after the date the scrappage scheme is launched and declared new at first registration in the UK with no former keepers
. a UK specification vehicle
. registered to the same registered keeper as the registered keeper of the eligible vehicle to be scrapped
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