A new car scrappage scheme aimed at removing 1,000 old cars from Malta’s streets, was launched this morning by Finance Minister Edward Scicluna

He said the scheme was based on the plans announced with the Budget. Contrary to the previous two schemes which offered up to €2,000 for owners who scrapped their old cars and bought new ones, the new scheme offers a flat rate of €500 for those who buy new cars with an engine rating of Euro V or above.

Prof Scicluna explained that the scheme should be attractive for the owners of battered cars, still on the road,  who would otherwise get practically nothing for their cars. The cars have to be more than 10 years old.

The scheme comes into force tomorrow and continues until the budget of €500,000 runs out.

The previous two car scrappage schemes has taken more than 5,000 old cars off the road in two years.