Scrappage scheme reaches halfway mark
* Over half of money is allocated * 154,927 orders * Three months into scheme...
Half of the Government's scrappage scheme cash has been spent, according to figures released today.
So far, 154,927 orders have been placed through the scheme, accounting for 50% of the 300 million budget pledged by the Government.
The scheme will end either in February next year or when all the money is used up. However, with half the funds spent in three months, it's unlikely that the cash will last the full course.
No extra Government money appears to be forthcoming should the scheme end early.
A great deal for everyone
Lord Mandelson, secretary of state for business, said: 'I'm pleased that we have already achieved more than 150,000 new car orders. This is a great deal for manufacturers and dealers, not to mention the customer.
'The scheme has contributed to the 13.5% jump in car manufacturing and the first growth in new car registrations since April 2008.'
Official figures reveal most scrappage sales are in the South East of England.
Region-by-region scrappage sales:
South East (18%)
East of England (12%)
North West (11%)
South West (11%)
The regional sales are in line with national levels of car ownership, with the highest participation rates for the scrappage scheme in regions with the highest levels of car ownership.
Scrappage sales are greener, too
The data also shows that, on average, new cars bought under the scrappage scheme have CO2 emissions that are 25% lower than those of the cars scrapped. The average CO2 figure for scrapped cars is estimated to be at least 179g/km, compared with a 134g/km figure for new cars bought through the scheme.