More than a million drivers hoping to take up the Labour Governments £2000 new car discount by trading in old vehicles could find that the cash has run out.
The Chancellor, Alistair Darling announced the trade-in scheme for cars more than ten years old in last week’s Budget, but capped the subsidy at £300 million – a figure to be matched by car manufacturers.
Experts suggest the Chancellor has massively underestimated the demand that will be unleashed by its plan, especially as car makers intend to add the £2,000 to existing marketing deals. In some cases owners could get £4000 off the price of a new car worth about £16,000
Simon Bush of Britannia Driving School said: “Driving Instructors wanting to take advantage of trade-in scheme should act quickly, because the scheme is capped at £300 million-it’s going to be first come, first served.”
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