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Scrappage set for Budget go-ahead

Date: 14 April 2009

A car scrappage scheme looks set to be given the green light in the 2009 Budget statement due on 22 April.

National newspaper reports from the Easter weekend are predicting an old car scrappage scheme designed to incentivise new to year-old cars will be revealed in the Chancellor's Budget next week.

The scheme is expected to offer buyers a £2000 discount off a new or nearly-new car if they scrap an old car.

However, fleet industry experts believe that in this format residual values of three- and four-year-old cars will fall because people trading in older vehicles will 'leapfrog' this market in favour of newer models.

For this reason both ACFO and the BVRLA are pushing Government for the scrappage scheme to include cars up to four-years-old.