RTTNews - A report released by the Department for Business Innovation and Skills on Monday showed that the British government's car scrappage scheme has been a real success with orders hitting 154,927. The BIS said the scheme reached halfway mark.
The scrappage scheme offers GBP 2,000 incentive to motorists who scrap their cars over ten years old to buy a new one. This scheme will last until end February 2010, or until government funding has been used. Funding is available to scrap up to 300,000 vehicles, with GBP 300 million.
The scheme contributed to the 13.5% increase in car manufacturing, which was the first growth in new car registrations since April 2008. Further, on an average, new cars bought under the scheme have CO2 emissions that are 25% lower than the cars scrapped.
The region-wise showed that the highest participation came from South East with 18%, followed by the East of England, the North West and South West. The highest participation rates for the scrappage scheme came from regions with the highest levels of car ownerships.
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