General Scrappage scheme with the 500?

[Puma Boy]

Scrappage benefit 'lost in 88 days'

2 hours 49 mins ago



The £2,000 incentive under the Government's "cash for bangers" car-scrappage scheme will be wiped out in just 88 days due to depreciation, it has been revealed.

From Monday, owners of cars 10 years old or more will get £2,000 if they trade in their old model and buy a new one.
But according to price comparison company uSwitch.com, vehicle depreciation is set to be the "thorn in the side" of the scrappage scheme.
The company said on average, the initial £2,000 incentive is wiped out in depreciation in just 88 days of owning the new car.

 

[306maxi]

Scrappage benefit 'lost in 88 days'

2 hours 49 mins ago



The £2,000 incentive under the Government's "cash for bangers" car-scrappage scheme will be wiped out in just 88 days due to depreciation, it has been revealed.

From Monday, owners of cars 10 years old or more will get £2,000 if they trade in their old model and buy a new one.
But according to price comparison company uSwitch.com, vehicle depreciation is set to be the "thorn in the side" of the scrappage scheme.
The company said on average, the initial £2,000 incentive is wiped out in depreciation in just 88 days of owning the new car.

I also heard the sun rises in the east and sets in the west!!!!! Shocking stuff!!!!!

 

[JimR123]

Scrappage benefit 'lost in 88 days'

2 hours 49 mins ago



The £2,000 incentive under the Government's "cash for bangers" car-scrappage scheme will be wiped out in just 88 days due to depreciation, it has been revealed.

From Monday, owners of cars 10 years old or more will get £2,000 if they trade in their old model and buy a new one.
But according to price comparison company uSwitch.com, vehicle depreciation is set to be the "thorn in the side" of the scrappage scheme.
The company said on average, the initial £2,000 incentive is wiped out in depreciation in just 88 days of owning the new car.

So, presumably, older models will be worth even less?!?!

 

[Rich135]

I think I will sell all of my cars and just buy a bike instead - they don't depreciate at all - do they??

 

[nottsfiat07]

Don`t know if you guys could help me with this one? Is there any way I can get finance if I have an income but I am not employed? I see renault are offering 0% finance , do any other dealers offer this?
I will be able to buy a car in cash in a few months but I thought if I get one now on finance I would not have to get tax and Mot for my scrappage puma which run out at the end of this month.

I bought a 55 plate panda 4x4 on finance before I got my 500... I was self employed at the time and had no problem getting it. They will look at various companies tho to try to sell you the car, so you may not get the official manufacturers deals. Just be careful of the APR etc when looking.

 

[Nuova500]

I think I will sell all of my cars and just buy a bike instead - they don't depreciate at all - do they??

They depreciate even faster

 

[nottsfiat07]

They depreciate even faster

Try selling anything second hand these days, you might as well just keep stuff. I did a car boot sale a few weeks back, virtually had to pay people to take stuff away. Mind if I had been selling big greasy bacon and sausage butties the chavs would have beaten a path to my stall

 

[Nuova500]

Well, the price of used quality bikes has risen recently. Because of the weak pound, dealers from Europe are buying up stocks of bikes from UK dealers. This is leaving a hole in the UK market for used bikes and has pushed prices up. However, still means high depreciation. For instance... a 2008 model year Yamaha XJR1300 unregistered can be had for £5500 whereas a 2009 model year is soon to be £7700 but can be had for a bit less. Theres no difference apart from colours either!
Imagine a Fiat dealer knocking 2k of a car because it was made in 2008... no chance!

I recently put some stuff on ebay and was shocked how much I got for some of the stuff... people are still buying and paying over the odds

 

[vileshrew]

All cars suffer extreme depreciation as soon as you drive them off the forecourt. It isn't new, and often amounts to a 20% drop

 

[nottsfiat07]

Well, the price of used quality bikes has risen recently. Because of the weak pound, dealers from Europe are buying up stocks of bikes from UK dealers. This is leaving a hole in the UK market for used bikes and has pushed prices up. However, still means high depreciation. For instance... a 2008 model year Yamaha XJR1300 unregistered can be had for £5500 whereas a 2009 model year is soon to be £7700 but can be had for a bit less. Theres no difference apart from colours either!
Imagine a Fiat dealer knocking 2k of a car because it was made in 2008... no chance!

I recently put some stuff on ebay and was shocked how much I got for some of the stuff... people are still buying and paying over the odds:)

Really? What sort of stuff did you list on ebay? All the stuff Ive had to put on there lately has been going for so little, or not sold at all, it hasnt been worth me bothering to list it!

Best thing I ever put on was a signal generator we found in a flat we were doing up... put it on ebay and got £600 for it! wish I could find a shed full of em!

 

[306maxi]

All cars suffer extreme depreciation as soon as you drive them off the forecourt. It isn't new, and often amounts to a 20% drop

It should be noted that the 500 doesn't suffer huge depreciation, the dealer I'm dealing with has had a couple come back used and sold one within an hour of it going onto the forecourt.

 

[rpenhale]

Just been told by the dealer they have received a message form the government via email saying for a reason they won't disclose that cars cannot be registered and picked up on Monday 18th May. Our car was scheduled to be picked up on Monday and we have changed the insurance to move over from the car we are due to scrap. What are the government playing at, the dealer is not happy as now all the deliveries are put back, they have nowhere to store the cars. Its pathetic that the government can claim all sorts of dubious things under their expenses despite being within the rules, yet everyday people get a little bit of help and are now denied because they can't get their act together. Completely ridiculous.

 

[Puma Boy]

I bought a 55 plate panda 4x4 on finance before I got my 500... I was self employed at the time and had no problem getting it. They will look at various companies tho to try to sell you the car, so you may not get the official manufacturers deals. Just be careful of the APR etc when looking.

Did you have to disclose what your self employment was?

 

[nottsfiat07]

Did you have to disclose what your self employment was?

Had to tell them the name and nature of the business but they didn't do any other checks or anything, it was just like giving the name of an employer. Obviously if your credit rating is ok they just go with that. Am I sensing you sell dodgy DVDs out the back of a van or something? Don't have to answer that!

 

[Puma Boy]

I don`t mind answering. I used to make £25000 a year in my job. I now make £30000 a year tax free from sports betting added to internet poker profits.

I don`t have to answer to anybody and have total freedom of hours but I don`t think it would go down too well on a car manufacturer`s finance scheme.

 

[JimR123]

Just been told by the dealer they have received a message form the government via email saying for a reason they won't disclose that cars cannot be registered and picked up on Monday 18th May. Our car was scheduled to be picked up on Monday and we have changed the insurance to move over from the car we are due to scrap. What are the government playing at, the dealer is not happy as now all the deliveries are put back, they have nowhere to store the cars. Its pathetic that the government can claim all sorts of dubious things under their expenses despite being within the rules, yet everyday people get a little bit of help and are now denied because they can't get their act together. Completely ridiculous.

Sounds a bit like dealer BS to me. Sounds like for some reason they haven't got the car ready and prefer to blame the government than take responsibility.

As I understand it, the scrappage scheme doesn't actually start until May 18th, so any orders that dealers make based on it are all a bit pre-emptive anyway. My Fiat dealer was telling us how they don't need to put the 500 on the scrappage scheme and all that, yet he was happy to knock 2 grand off the price if we give him our 10 year old car. ...even though the scrappage scheme hasn't started yet.

Let's face it, any of us that can take advantage of the scrappage scheme are lucky, considering it's only on for a limited time, and it's just the right time for us to be considering buying a new car. If we had bought a new car a few months ago, it would have cost us a lot more, and in a year's time, will costs us more too.

 

[306maxi]

Well I called up the dealer today Should have my car around the end of June. I reckon people who ordered within the last week or so will be waiting a lot longer..... happy I got my order in when I did.

 

[hitme]

I don`t mind answering. I used to make £25000 a year in my job. I now make £30000 a year tax free from sports betting added to internet poker profits.

I don`t have to answer to anybody and have total freedom of hours but I don`t think it would go down too well on a car manufacturer`s finance scheme.

I think the taxman could class this as your main income (professional gambler?) and if he chose to would pursue you for the tax (back dated as well).

 

[percymon]

Pity help anyone collecting today or tomorrow - the arguments over VAt have delayed the scheme. Delaer i was in at lunchtme was having to call 2 customers due to collect tomorrow to inform them of the delay

 

[JimR123]

Pity help anyone collecting today or tomorrow - the arguments over VAt have delayed the scheme. Delaer i was in at lunchtme was having to call 2 customers due to collect tomorrow to inform them of the delay

Arguments over VAT? What's that about?