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Is a car scrappage scheme really worth it?

By January 21, 2020July 26th, 2021No Comments

In this article, we’ll take a look at what scrappage schemes are currently available in the UK and how much you can potentially save on the cost of a new car. We’ll also look at some of the alternative options available and help you to decide on whether a car scrappage scheme is the right choice for you.

Manufacturers offering scrappage schemes

While most car manufacturers have ended their scrappage schemes there are still a couple which are still offering significant discounts on the price of their new cars. Most manufacturer scrappage schemes are due to end on the 30th of September 2018, so if you want to take advantage of these offers then you need to be quick.

Hyundai

There is a massive £5000 discount available to those looking to trade in an old petrol or diesel car that was registered before 31 December 2009. The maximum discount is available on the Hyundai Sante Fe while buyers of the popular city car the i10 can enjoy savings of £1500 off the retail price.

Kia

Trade in your old car that was registered before 31st March 2011 and you can get £200 off a selected number of brand new Kia models. These include the Kia Stonic, Cee’d GT and Picanto GT-Line S.

Mazda

Enjoy discounts of up to £5000 when you trade in your old car for a brand new Mazda. The scheme is valid for those with cars registered before the 3`st December 2010 and is available on cash and PCP finance deals. Savings include £3000 on a Mazda 2, £5000 on a Mazda 6 and £4000 on a Mazda CX-3.

Toyota

Savings available at Toyota range from £1000 for the C-HR to £4000 for the Land Cruiser. All cars older than 7 years old are eligible and savings are available on a full range of Toyota cars including popular hybrid models.

What are the downsides of scrappage schemes?

Perhaps one of the biggest problems with a car scrappage scheme is you are forced to buy a brand new car which will lose between 30 and 50% of its value in the first year of ownership. This means that anyone looking for a nearly new car which is 1 or 2 years old is excluded from taking advantage of these scrappage schemes.

Another problem of scrappage schemes is that they require your car to be in full working order with a valid MOT, road tax and insurance. For anyone with an old banger sitting around at home without any of these, you won’t be able to take advantage of any of the schemes. The schemes are also limited to vehicles which are registered between 1992 and 2010, so if your car falls outside of this period then you will be out of luck.

For the best price possible we can offer to buy your scrap car and can even collect it from your home. Whether your car is a non-runner, needs some TLC or is accident damaged, we’ll be happy to take it off your hands.