Scrappage generates €86 million for Government

More than €86 million has been generated by the Government Car Scrappage Scheme which ends in a month.

Figures released by the Society of the Irish Motor Industry show that as at the end of May, 9,360 reclaims have been made under the scheme so far this year.

With the 17,272 scrappage cars sold last year, that brings the total so far to 26,632. If there is a late burst this month, the targeted 10,000 scrappage car sales could go close to being achieved.

As with the last Government Car Scrappage Scheme, even after the taxation discounts, more than €86 million has been generated in VAT and VRT for the state's coffers - a significant revenue earner. Scrappage cars represent around 15 per cent of total new cars for the year to date.

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