Classic car owner ‘horrified’ at scrappage scheme plans as prices could soar

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Classic car owner ‘horrified’ at scrappage scheme plans as prices could soar

Classic car experts at Hagerty Insurance have warned an entire generation of vehicles were destroyed in the 2009 scrappage scheme as vintage design

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Classic car experts at Hagerty Insurance have warned an entire generation of vehicles were destroyed in the 2009 scrappage scheme as vintage designs were lost. In a post online, Hagerty said owners were “horrified at the thought” of a new scrappage scheme after the chaos caused by the scheme over a decade ago.

“We are now at a point where we see Ford Sierra Cosworths being sold at auction for £155,000. 

“That’s great if you own one of those but there is all this value in cars which have been left on an airfield to rot or were recycled into bean cans. That’s not great for anyone.”

Just under 400,000 cars were scrapped under the 2009 scheme with motorists handing over old polluting models for £2,000 in cash. 

These models were then officially destroyed and could not be returned to the road or exported. 

Ministers have since scrapped plans for a scheme while Chancellor Rishi Sunak has instead announced a further investment in developing electric technology instead of a sales scheme. 

However, a small scale scrappage scheme is already available in London with incentives of up to £7,000 for low income families to scrap older models. 

Hagerty Insurance has urged owners of older cars to get their model valued before they consider letting their vehicles go. 

Head of Valuations at Hagerty, John Mayhead said: “During scrappage, many of the cars consigned to the crusher had little value. 

“Today some have become sought after classics and, as the attached graph shows, the rises have been significant. 

“Take the Audi 20V Quattro submitted to scrappage, that model can be worth £70,000 today. 

“Hagerty urges any older car owner to obtain a free Hagerty valuation should they be considering trading with a dealer, be it as part of scrappage or not. Some owners simply don’t know what they have.”



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