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The end is nigh for car scrappage schemes
New reports suggest that the Government’s funding for the car scrappage scheme is going to run out in the next month – with only £100m remaining to ease consumers with the cost of buying a new car.
The scheme was masterminded in order to boost the amount of cars that were being sold by manufacturers, at a time which has greatly hit the industry as a whole. Thousands of jobs have been lost as plants have closed – a result of the lack of demand for the cars that they were producing.
Car scrappage schemes have been fairly successful and have helped sales to rise, with another factor of the improved market being the way that lending is a lot easier now than it was this time last year. More people have found that they can successfully apply for credit now where they might have been unsuccessful earlier in the recession.
2010 is set to see many more jobs lost in the car industry, as many people fail to justify the cost of a new car: a cost which is no longer being subsidised by the Government and most car manufacturers. Even though some manufacturers have continued to offer their customers scrappage schemes of their own, many of these are due to expire in the near future, too.
With the car scrappage scheme nearing its end and a backlog of people who wanted to purchase a new car through the initiative, the advice for many was to try and make any significant purchases before the conclusion of 2009. This was in principle due to the VAT increase that came into effect at the beginning of the year, where the rate was re-adjusted back to 17.5% from 15%. This could see the VAT on £10,000 car increase by some £250.
Businesses that have been selling cars throughout the recession remain to hang in the balance, despite the current climate. One expert from Experian, Mark Nuttall, had this reassuring message for those who are still battling with the tough economic climate: ‘Although insolvencies are up in the car industry, the outlook for the car companies that have survived is more encouraging.’
For the moment, it seems that the only thing that customers searching for a new car can do is research the options they have before making the final decision on the option which has the best value for money for them.