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Car Insurance News 2010

Guide to the Government Car and Van scrapping save - Money Advice

The experts have a difference of opinion when it to save money by trading comes, in your old banger for a new car just because you get an extra £ 2,000 off a new car. The main reason for this government's incentive to car sales to increase and the economic situation in the Boost UK. The automotive industry is hard hit by the downturn in the economy. They have seen sales drop by almost a third in the last Year. During the last twelve months, manufacturers have less staff, temporarily shut down factories, staff presented a three-day week and asked the government for help to save their industry.

The government has responded by announcing an investment of 300 million pounds in the environment of premium trade-in scheme from today for all cars that are over ten years. You will be car owners with £ 2,000 discount on a brand new car purchase offer, if they in their old car trade. All cars traded be-in will be officially scrapped. Death by a crusher will be followed so that the cars are not sold on the second hand market. This incentive of the government is expected that up to 300 million pounds last expires, or until March 2010.

There are around 30 million car owners in the United Kingdom and it and it is estimated that less than 1% of us actually qualify for the £ 2,000 discount from the Treasury before the funds run dry. This government is good news for the incentive Automotive industry and for the thousands of people in work or are dependent on today by the car manufacturing in Britain.

In order for the Governments £ 2000 car scrapping discount car dealership and you must meet the following requirements:

1st The owner of the new car or truck must the same person who owned the scrapped cars.

2nd Your car must be about ten years old. Each vehicle must be provided before 31st August has been registered 1999th

3rd Trade kg in a ten year old vehicle for a new car or van at 3500.

4th You need a current MOT certificate

5th Each car offered a valid DVLA documents the registration shall have the name of the owner.

6th The owner has the car for at least 12 months have in possession for trade in the vehicle.

7th Originally it was thought that the vehicle should be taxed and legally and insured. According to a further clarification Telegraph Motoring through the SMMT have decided that neither a tax disc or Car Insurance will be required.

8th All cars for scrap is available, must a car or van weighing up to 3,500 are

9th Introduction of the new car has UK 18th May 2009 be and it has no previous owners, not Description and should only meet British specifications. This bargain-priced cars, including unused and already pre-registered and unused foreign specification Vehicles.

10th The new car or truck can come from any car manufacturer in the whole world.

11th The brand new fuel efficient vehicle should and low emission.

12th Participating car dealers need to sign in to the government incentives to be in a position to operate the system.

13th Car Dealers necessary to offer a contribution £ 1,000 £ 2,000 to the estate by the Treasury Department

Last week, the price comparison company uSwitch.com said the £ 2,000 incentive would be actually "lost" in the depreciation within 88 days of consumers buying a new vehicle within the system. The Foreign Ministry responded with the backing of the environmental incentive initiative and said that the depreciation analysis is irrelevant and misleading, and that the scrapping would benefit "hundreds and thousands of consumers ".

While we understand the reasons for the incentive of £ 2,000 discount on a new car when you trade in your old box. It is important that you take a look at the price of a new vehicle almost have as well. Let me explain. If a new car is £ 13.000 £ 2,000 has to be applied after rebate and you have the choice of a used car that is six months old with 5,000 miles, in excellent condition for £ 10,750 is. Then one must ask whether it is worth the difference is £ 2,250 for a brand new car, that within the next 88 days as proposed earlier to be devalued.

Another point of concern is to finance a new car purchase and at what cost. Remember that the interest rates have fallen and lenders are charging upwards of 7%. Finance lenders have always still no great appetite for lending. However, it could be easier to arrange finance on a vehicle as long as you do not have a negative balance on your Experian Credit report and financially squeaky clean. The reason for this is that the funding for the car or van is backed up and can be withdrawn if you stop Payment of the agreement. Just watch out for the cost of borrowing - a business is much, if it does not cost a fortune

About the Author

Contributing author Mark Aucamp has been providing Talk Money Blog with regular Money Saving Expert advice and comments. Mark has extensive experience in providing Debt Management, Quick Mortgage Advice and solutions. He is recognised as an authority in the field of debt management and mortgage advice. Find out how to clear your credit card debts legally!

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