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Car scrappage scheme extended with £100m investment
  
24th October 2009
0 comments 0 comments | 1214 views 1214 views
  

The extension of the UK's car scrappage scheme is set to benefit van insurance customers looking to upgrade their vehicle, according to the Department of Business, Skills and Innovation.

An additional £100 million investment in the strategy, which was approved last month, has been announced today.

This brings the total value of the scheme to £400 million, covering 400,000 vehicles in total.

In particular, van insurance customers stand to benefit from trading in vehicles up to eight years old, instead of the previous ten-year requirement.

Commenting on the extension, business secretary Lord Peter Mandelson indicated that the benefits will go beyond providing customers with a discounted new car.

He said: "Industry figures show that the scrappage scheme is continuing to boost the market. The automotive sector is a cornerstone of British manufacturing.

"That is why the Government plans to extend this successful scheme with an extra £100 million of funding."

The current scheme is set to come to an end in February 2010, unless funding runs out sooner.

Some 26 manufacturers have so far signed up to the new terms of the agreement, while a remaining 12 are expected to agree in the near future.

The introduction of the extension appears to be a timely one, with vehicle information provider HPI indicating that the shortage of stock in the used car and van markets remains.

Although depreciation is slowing and values seem to be stabilising, the market is being held back from full recovery by this shortage of availability.

HPI's valuation expert Martin Keighley said: "Today, dealers are taking fewer part exchanges, while relying on the scrappage scheme to generate business, but at the end of the day they cannot find the right stock to sell, putting businesses in danger."

He added that there also appears to be a lack of confidence among used car market suppliers to step up production and start taking risks again, despite the return of values.

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