Scrappage scheme attracts middle-aged cash buyers
Middle-aged Brits drivers make up 63.7 per cent of those taking advantage of the government's car scrappage scheme.
A poll of car dealers found those turning up with cars over ten years old ready to trade them in for a £2,000 discount are older drivers and paying with cash.
The age group is being seen as particularly taking up the offer as they have higher levels of savings and are more likely to choose to spend while interest rates are so low.
Some 54.7 per cent of dealers said less than 25 per cent of purchases are being made using consumer finance.
The survey by trade body Retail Motor Industry Federation (RMIF) and newspaper Automotive Management found 48.5 per cent of the vehicles being bought under the scheme are priced between £6,000 and £8,000.
Only 27.1 per cent of buyers were aged 31 to 45.
The majority of cars being bought at this early stage of the scheme have been superminis, according to RMIF, with models such as the Citroen C1, Fiat 500, Fiat Panda, Honda Jazz and the Ford Ka all selling well.
Jeremy Bennett, editor of Automotive Management, said: "It's clear the scrappage scheme has released pent up demand which had built up as result of uncertainty as we waited for a decision on a scrappage scheme."
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