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BUDGET 2009 - CASH FOR BANGERS .....

Alistair Darling has today announced in his annual Budget that he will introduce a scrappage scheme from next month.

This will give new car buyers £2,000 off the purchase of a brand-new car, if they scrap one 10 years or older. However, it is not as generous as the scheme in Germany, which has boosted car sales by 40%. This is because car makers will have to go 50-50 with the Government.

The Government is only supplying £1,000 for the £300m scheme. To make up the full £2,000 as announced by Chancellor Darling, car makers must add £1,000, too. Even so, Business Minister Ian Pearson said: 'If you've got a vehicle that's 10 years old or more, you just need to talk to a participating dealer who will do the rest.'

In another significant move, the expected requirement for cars to be low-CO2 'green' models has also not been stipulated. Motors must be brand-new, with the scheme being purely a car industry support initiative. Used cars will also not be included, in another surprise move.

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  Here’s our overview of the details of the scheme:
  
  - £1,000 – Government, £1,000 – car industry
  - Runs Mid-May to March 2010
  - Cars 10 years or older, or vans up to 3.5 tonnes
  - Once £300m fund is used up, that’s it!
  - Scheme is voluntary
  - All cars must be MOT’d
  - Cars must be registered on/before 31 July 1999
  - Person buying new car must be registered keeper - and have owned the car for 12 months
  - Car dealers will check the old car qualifies, do all paperwork and arrange for old car to be scrapped

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