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The scrappage scheme announced as part of the Budget last week, could be more popular than the government expects according to the Insistute of Fiscal Studies (IFS). per cent of pre-recession annual car sales. Car sales are currently down about one third relative to the same time last year.&#. This will mean fewer sales later.
Part of the swing in culture has been a downturn in new car sales. Late last week it raised its full-year profit forecast on the hope that green stimulus efforts around the world will push consumers to offload older vehicles in favour of newer, more eco-friendly alternatives.
The Car Allowance Rebate System (CARS for short, or ‘cash for clunkers’ as it is more commonly known) was the US’s answer to the scrappage schemes in Germany and the UK which appeared to have revitalised their respective automotive sectors. At least that was until analysts started to delve a little deeper. So is this scheme green at all?
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