Economy

Volkswagen Scrappage Scheme Launched, Offers Big Savings

Volkswagen Scrappage Scheme Launched, Offers Big Savings”

Auto scrappage schemes are pretty straightforward.

"We welcome this challenging new regime, which will provide hard evidence that the industry's ongoing investment in ever more advanced technology is delivering on air quality goals", said Mike Hawes, chief executive of trade body the Society of Motor Manufacturers and Traders.

Volkswagen's scheme is applicable to any diesel VW that complies with pre-Euro 51 emissions legislation and which was registered before 2010.

Volkswagen, Nissan, Toyota and Kia on Friday became the latest carmakers to launch their own scrappage schemes in Britain, as sales slide, saying they aimed to get motorists to trade in their old cars for less polluting new models. You'll have needed to own your current auto for at least six months.

VW's scrappage scheme follows on from the formation of a "Sustainability Council" to drive uptake and development of EVs, as the carmaker looks to move on from the dieselgate scandal.

Meanwhile, the marque's plug-in hybrid and fully electric models are leading players in the EV world.

The Japanese manufacturer is offering up to £4,000 off the price of a new Toyota, with old cars being scrapped.

The basic rule is any new BMWs that emit less than 130g/km of Carbon dioxide including petrol, diesel, hybrid or electric models are available through the scheme - that includes the 2 series convertible, the X1 and the BMW i i3 Range Extender.

However, he said it would also be important to VW that its United Kingdom competitors have similar schemes running, and VW will probably have pitched their discounts at that level in order to compete.

More news: Synthetic Biologics Inc. (SYN) closed its previous trading session at $0.76

With the all-electric Renault ZOE, customers now benefit from a GBP5,000 allowance towards the purchase price.

Customers will still benefit from Renault's generous customer offers of either 4.9 per cent April (for PCP deals) or 0 per cent April (hire purchase) along with two years' free servicing on cars.

The new vehicle needs to be registered between 1 September and 31 December 2017. Vehicles part-exchanged through the scheme will be permanently destroyed.

VW launched a more generous scheme in Germany in August in the wake of its diesel emissions scandal.

The firms join Ford, BMW, Mercedes-Benz and Vauxhall, who have all announced similar schemes in recent weeks, together accounting for around two thirds of the new vehicle market in Britain. The bonus is in lieu of all other offers and applies to retail sales only. Incentives ranges between £1,800 to £6,000 for VW models, although Audi's scrappage scheme rises to £8,000.

This discount ranges from €800 to €6,500 off a new vehicle, depending on the model being bought.

The schemes have been broadly welcomed.

Paul Van der Burgh, Toyota GB managing director, said: "Our scrappage scheme is a win-win solution".

Well, while a number of manufacturers have their own schemes in place to promote environmentally friendly cars, local authorities are now in talks to launch their own schemes - provided they meet the Government's approval.



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