Car sales accelerate as scrap scheme nears end in the UK
New car registrations surged by more than 57 per cent last month as buyers rushed to take advantage of the Government’s “cash for bangers” car scrappage scheme and the lower rate of VAT.
The scrappage scheme, which is due to end in February or when funding runs out, depending on which is sooner, accounted for 21.6 per cent of the 158,082 vehicles registered last month, according to the Society of Motor Manufacturers and Traders (SMMT). This was 57.6 per cent more than the number of cars sold in November last year.
Paul Everitt, SMMT chief executive, said: “The increase in new car registrations in November reflects the positive impact of the scrappage incentive scheme, customers avoiding the VAT increase in January and the very difficult conditions that we experienced a year ago.”
Under the scheme, buyers of new cars or vans are eligible for a £2,000 discount if they trade in vehicles that are at least ten years old.
Source: Car sales accelerate as scrap scheme nears end in the UK
The scrappage scheme, which is due to end in February or when funding runs out, depending on which is sooner, accounted for 21.6 per cent of the 158,082 vehicles registered last month, according to the Society of Motor Manufacturers and Traders (SMMT). This was 57.6 per cent more than the number of cars sold in November last year.
Paul Everitt, SMMT chief executive, said: “The increase in new car registrations in November reflects the positive impact of the scrappage incentive scheme, customers avoiding the VAT increase in January and the very difficult conditions that we experienced a year ago.”
Under the scheme, buyers of new cars or vans are eligible for a £2,000 discount if they trade in vehicles that are at least ten years old.
Source: Car sales accelerate as scrap scheme nears end in the UK
