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Scrappage scheme has 75,000 registrations left

UK dealers have until the end of this month to use up 75,000 registrations that are left as part of the scrappage scheme.

The Society of Motor Manufacturers and Traders reported that 324,991 new cars were registered through the scrappage scheme by the end of February.

As of March 31 no more deals under the scrappage scheme will be allowed if there is still money left over.

The scrappage scheme accounted for 19.6% of all new car registrations in February (LCV 4.5%), on par with the 20.4% share taken over the May 2009 to February period (LCV volumes 3.8%).

Paul Eviertt, SMMT chief executive, said: “The scrappage scheme ends this month and has provided a vital stimulus during a difficult period.

“The scheme has lifted the market from the lows of early 2009, with around 330,000 registrations by the end ofFebruary. Industry must now work to sustain this momentum and is urging Government to postpone the introduction of the first year rate of VED and avoid dampening demand while the economic recovery remains fragile.”

Over the May to February period 73% of all cars registered through the scheme were from the mini and supermini segments. These two segments accounted for 42% of all cars registered over the same period.

Petrol cars accounted for 84.4% of cars bought through the scrappage scheme, compared with 58.4% in the overall market.

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