If you’re on the verge of taking advantage of the car scrappage scheme you only have until the end on the month (March) to take in your used car in exchange of a couple of grand to by a new motor. The car scrappage scheme itself is intended to give a cash injection for car manufactures to help lift them out of the recession. One place that has benefited greatly from this plan has been Korea.
According to new figures from the Society of Motor Manufacturers and Traders (SMMT), Korean car giants Hyundai and Kia have seen sales of 325,000 since March last year – which means 1 in 5 cars sold in the UK are from the Asian country. Compared to Britain big player Ford’s 36,446.
It’s estimated that the UK government has handed out £400 million as part of the car scrappage scheme to date.