Use The Car Scrappage Scheme Before Its Too Late

The Car Scrappage Scheme is due to end on 31 March or when the money runs out. If you want to take advantage of the scheme to buy a new a car be quick as time is running out.

According to AA Financial Services, over a fifth of people owning cars of 10 or more years old said they were thinking about using the Car Scrappage Scheme but with only 24,000 scrappage registrations remaining decisions need to be made fast to benefit.

Mark Huggins, director of AA Financial Services says: “Although there’s not much time left, now is a perfect time to trade in your old car.  Under the ‘bangers for cash’ scheme it’s worth 2,000 – but when the scheme ends, which could be before the end of the month, its value will simply be what you can barter on the forecourt and the chances are it could up at the breaker’s yard in exchange for just a few pounds.

The AA survey showed that over 40% plan to buy a new car with savings.

As Mark Huggins adds though “even if you don’t have enough put away to splash out on a car, and you are disciplined about paying off the balance, using an AA Credit Card offers a low-cost opportunity to pay for at least part of the cost.”

The AA is currently offering 0% on card purchases for the next 10 months on new cards and 0% of balance transfers for 12 months (3% fee). The card has a typical rate of 16.9% APR (variable). Get more details on the AA wesbsite.

The AA also offers low-interest car loans – currently 8.9 per cent typical APR over 5 years for a loan of 7,500 and above.