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The government of India recently announced its old car scrappage policy. Under this policy, old end-of-life car owners are being provided incentives to get their cars scrapped. Now, in their attempt to further boost the scrappage of old vehicles, Cars24 has launched a new initiative. The company, with this new initiative, aims to not only contribute to the recycling of materials but also to reduce air pollution by retiring older, high-polluting vehicles. Cars24 will be providing the owners of such cars who decide to go for scrappage a Certificate of Deposit (COD) for the scrap values of their cars, ranging from Rs 30,000 to Rs 1 lakh.
Cars24’s Initiative for Vehicle Scrappage
According to the company, the main highlight of Cars24‘s new initiative is that it will offer the opportunity for vehicle owners to monetize their Certificate of Deposit (COD). The document provided by the company will serve as both a tradable asset and a financial instrument, allowing customers to receive scrap values ranging from Rs 30,000 to an impressive Rs 1 lakh, depending on the vehicle’s scrap value.
Benefits of Certificate of Deposit
For those new car buyers considering purchasing a new vehicle, Cars24’s initiative offers additional advantages. According to the company, the vehicle owners opting for the scrapping program can avail waived registration fees and utilize the COD to save up to 25 percent on road tax. Additionally, if the customers choose not to purchase a new vehicle, they can sell the COD independently for an amount reaching up to Rs 1 lakh.
Where is it available?
Cars24 has stated that this new initiative has been designed to be seamless for customers. By participating in Cars24’s scrapping initiative, customers not only contribute to environmental conservation but also have the opportunity to make informed financial decisions regarding their scrapped vehicles. As of now, Cars24’s vehicle scrapping initiative is live in Delhi NCR on the company’s platform. However, the company has plans to extend this service to other cities, to ensure a wider reach and impact in promoting sustainable practices in the automotive industry, it added.
Most Hon’ble CM @ArvindKejriwal ji. This department is under your government. I leave it to your wisdom is this justified? Your officers without consent, enter a private property, smash a car in my parking and take tow it away to Uttar Pradesh! Is this fair on citizens pic.twitter.com/049ccTXOqq
— Tehseen Poonawalla Official 🇮🇳 (@tehseenp) July 4, 2023
In other vehicle scrappage news, back in July of this year, the Delhi Transport Department issued a circular stating that it will be allowing the seizure and scrapping of even those cars that are parked unused in people’s parking spaces. As per the latest circular, owners of such old vehicles are no longer allowed to park them safely and keep them unused in open areas and public parking. However, no action will be taken against the cars that are parked securely inside the garages.
At the time of the issue of this circular, political analyst and celebrity Tehseen Poonawalla experienced the consequences of this law when his 15-year-old Honda CR-V was towed away by officials from the Delhi Transport Department, resulting in damage to the vehicle. Poonawalla shared the video of the police officers along with the tow truck driver towing his old CR-V. In his video, he stated that he had removed the battery and safely parked it in an enclosed space. According to Poonawalla, the petrol CR-V had not been in use since it turned 15, and he had refrained from selling it due to sentimental reasons.
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