Over 50s 'most likely' to take advantage of car scrappage

Over 50s approaching retirement age are likely to be the biggest beneficiaries of the government's new vehicle scrappage scheme, according to new research.

A report by analysis group Experian has revealed that 18 per cent of the 1.5 million car owners most likely to be able to take advantage of the scheme are aged between 45 and 64 years old.

According to Experian, those of retirement age are most likely to have amassed enough security over the course of their working lives to afford the scheme, and many are looking to capitalise by purchasing a brand name second car for their homes.

Kirk Fletcher, managing director of Experian's business information and automotive businesses, said: "Our analysis reveals that actually the biggest market for the scrappage scheme are those people close to retirement with an eye for either an economical supermini or MPV."

The car scrappage scheme was introduced by the government midway through last month, with the Society of Motor Manufacturers and Traders estimating that the initiative has prompted around 35,000 order since its introduction.

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