The Scrappage Scheme from various European governments has made newer cars cheaper than cars older than twelve months. New VW Golf, Hyundai i10 and Fiat 500 can be bought cheaper than their used versions older than twelve months. Car buyers are swapping their older models with newer cheaper models as there is significant shortage of used cars and respective rise in their prices.
According to the recent announcement from the British government, cars eligible for the scheme can be six month younger than before. This means cars registered on or before 29 February 2000 are also eligible under Scrappage Scheme. The scheme will come to an end in February 2010 or when the funding runs out, whichever is sooner. Thus the car buyers are opting to swap their older cars for newer ones as soon as possible.
The government Scrappage Scheme in various European countries has led to tremendous rise in small car exports especially from India. India’s two largest small car manufacturers, Hyundai and Maruti Suzuki have seen their export figures soaring to new heights.
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