Best of the Week
Most Popular
1. Climate Change Mass Extinction - Birds, Bees and Bugs: Going Going Gone - Richard_Mills
2.A Purrrfect Gold Price Setup! - Peter_Degraaf
3.Who Finances America's Borrowing? Recession Indicator for Independent Thinkers Part 2 - F_F_Wiley
4.America’s One-sided Domestic Financial War - Raymond_Matison
5.Gold Price Summer Doldrums - Zeal_LLC
6.Two Key Events Will Unleash Gold - Jim_Willie_CB
7.Billionaire Schools Teacher in NAFTA Trade Talks - Richard_Mills
8.Get Out Of Crypto Cannabis Bubble Before It Pops and Move Into Bargain Basement Miners - Jeb_Handwerger
9.Stock Market Could Pullback for 1-2 weeks, But Medium Term Bullish - Troy_Bombardia
10.G7 Chaos, Central Banks and US Fed Will Drive Stock Prices This Week - Chris_Vermeulen
Last 7 days
Warning All Investors: Global Stock Market Are Shifting Away From US Price Correlation - 20th Jun 18
Gold GLD ETF Update… Breakdown ? - 20th Jun 18
Short-term Turnaround in Bitcoin Might Not Be What You Think - 19th Jun 18
Stock Market’s Short Term Downside Will be Limited - 19th Jun 18
Natural Gas Setup for 32% Move in UGAZ Fund - 19th Jun 18
Magnus Collective To Empower Automation And Artificial Intelligence - 19th Jun 18
Trump A Bull in a China Shop - 19th Jun 18
Minor Car Accident! What Happens After You Report Your Accident to Your Insurer - 19th Jun 18
US Majors Flush Out A Major Pivot Low and What’s Next - 18th Jun 18
Cocoa Commodities Trading Analysis - 18th Jun 18
Stock Market Consolidating in an Uptrend - 18th Jun 18
Russell Has Gone Up 7 Weeks in a Row. EXTREMELY Bullish for Stocks - 18th Jun 18
What Happens Next to Stocks when Tech Massively Outperforms Utilities and Consumer Staples - 18th Jun 18
The Trillion Dollar Market You’ve Never Heard Of - 18th Jun 18
The Corruption of Capitalism - 17th Jun 18
North Korea, Trade Wars, Precious Metals and Bitcoin - 17th Jun 18
Climate Change and Fish Stocks – Burning Oxygen! - 17th Jun 18
A $1,180 Ticket to NEW Trading Opportunities, FREE! - 16th Jun 18
Gold Bullish on Fed Interest Rate Hike - 16th Jun 18
Respite for Bitcoin Traders Might Be Deceptive - 16th Jun 18
The Euro Crashed Yesterday. Bearish for Euro and Bullish for USD - 15th Jun 18
Inflation Trade, in Progress Since Gold Kicked it Off - 15th Jun 18
Can Saudi Arabia Prevent The Next Oil Shock? - 15th Jun 18
The Biggest Online Gambling Companies - 15th Jun 18
Powell's Excess Reserve Change and Gold - 15th Jun 18
Is This a Big Sign of a Big Stock Market Turn? - 15th Jun 18
Will Italy Sink the EU and Boost Gold? - 15th Jun 18
Bumper Crash! Land Rover Discovery Sport vs Audi - 15th Jun 18
Stock Market Topping Pattern or Just Pause Before Going Higher? - 14th Jun 18
Is the ECB Ending QE a Good Thing? Markets Think So - 14th Jun 18
Yield Curve Continues to Flatten. A Bullish Sign for the Stock Market - 14th Jun 18
How Online Gambling has Impacted the Economy - 14th Jun 18
Crude Oil Price Targeting $58 ppb Before Finding Support - 14th Jun 18
Stock Market Near Another Top? - 14th Jun 18
Thorpe Park REAL Walking Dead Living Nightmare Zombie Car Park Ride Experience! - 14th Jun 18

Market Oracle FREE Newsletter

5 "Tells" that the Stock Markets Are About to Reverse

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.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules