Scrappage ending, but savings continue
- Scrappage scheme enters final phase
- Don't miss out on savings
- Big discounts available to all
The scrappage scheme is entering its final phase, and manufacturers will be allocated quotas for the remaining cash according to their cars' popularity.
Hyundai is expected to receive the biggest allocation of cash, although a detailed list of who's getting what has not been released by the Department for Business, Innovation and Skills (BIS), which is administering the scheme.
Some money will be retained for the end of the scheme, however, to help satisfy any outstanding orders.
Overall there's enough funding for around 50,000 more vehicles, but the scheme will end at midnight on March 31 – whether or not the full amount of available cash has been spent.
How much more could you expect on top of scrappage?
On small cars, such as popular superminis, where discounts are traditionally tight, the £2000 scrappage cash could be all you get.
Check out our Target Price as a guide to what you should expect. Where the Target Price discount is less than £2000, the scrappage scheme represents good value, but in cases where Target Price is more, you should expect to save at least £1000 on top of the scrappage discount.
It's also important that you shop around, however. Many manufacturers – including Ford and Hyundai – are offering big discounts on top of the scrappage scheme. Volvo is offering savings of more than £5000 on the XC90, for instance.
Business Secretary Lord Mandelson has incorrectly said: 'Car owners need to move quickly to avoid disappointment if they want to buy a new car at a discount.'
While buyers should act quickly if they want the scrappage cash, the majority of cars will continue to be available to all buyers with discounts of more than £2000 to those that haggle.
Hurry if you want to turn your banger into cash, but take your time over negotiations and never be rushed into signing for a new car.
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