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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Budget Car Scrappage Scheme £2,000 Cash Incentive

Personal_Finance / Money Saving Apr 27, 2009 - 11:39 AM GMT

By: MoneySupermarket

Personal_Finance Commenting on the Government announcing the introduction of a ‘scrappage scheme’ in this year’s Budget, Steve Sweeney, head of motor insurance at price comparison website, moneysupermarket.com, said: “At last, some good news for the motoring industry. The £2,000 cash incentive to swap cars older than 10 years old for newer models from next month will no doubt help bolster waning motor sales. It could not have come at a more crucial time. Not only will it provide a much needed boost to jobs in this industry, but switching to newer cars, which are normally safer and have less carbon emissions, will be more beneficial for the environment.


“While this is a step in the right direction, it is a shame to see the Government is only putting £300 million into the scrappage scheme pot, assuming this will be matched by manufacturers, only 300,000 people will benefit. I urge motorists wanting to take advantage of this scheme not to waste any time – once the cash pot is dry the scheme will end, regardless of the March 2010 end date.

“The motor manufacturing industry has taken a hammering in the last year and it was imperative the Government offered a firm hand of support to encourage sales and production in this area. The scheme has proved a success on the Continent and should have the same effect on the UK motoring industry.

“For motorists considering purchasing a new car, there is good news on the insurance side too. It’s a common belief a new car will be more expensive to insure than an older model – however our recent research reveals there are some occasions where this is not the case. For a favourite like the Vauxhall Corsa it is over 20 per cent cheaper on average to insure a 2008 model than the 1999 version*. Also on the positive side, where the premium for a new car does show as more expensive, the price differences are much smaller than many would expect to see.” 

Notes :

* Motor insurance premiums for a Vauxhall Corsa:

Sourced by www.moneysupermarket.com 18.02.2009

(Scenario: 35 year old male Teacher, M20, Parked on Drive, 10,000 miles, 5 Years NCD)

Ten years old - 1999

 Five years old - 2004

 Last year - 2008

Provider

Premium

Provider

Premium

Provider

Premium

Swiftcover

£328.09

Swiftcover

£304.53

LV=

£259.78

LV=

£331.52

LV=

£308.87

Swiftcover

£279.87

Hastings Essential

£361.01

Hastings Essential

£342.98

Lloyds TSB

£295.05

esure

£382.30

Swinton

£348.98

Swinton

£315.78

Halifax

£394.52

esure

£359.73

esure

£332.75

Average

£359.49

Average

£333.02

Average

£296.65

 

 

 

 

 

 

 

For the Vauxhall Corsa - average cost of motor insurance for a 2008 model is £296.65, compared to £359.49 for a 2004 model – a £62.84 difference, or 21 per cent.

By moneysavingsupermarket.com

The Price Comparison Site

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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