Following yesterday’s Budget announcement about the government’s scrappage scheme, BMW UK has today confirmed that it will participate in the programme. The government’s £1,000 contribution will be matched by BMW to make a total saving of £2,000 off a new BMW or MINI.
To see how the new scrappage incentive will affect new car buyers, the example below outlines the financial savings that are possible. Now a customer will be able to get behind the wheel of a new BMW 116i Sport for just £242 a month, with zero deposit. With the government scrappage payment, the matching BMW offer and an additional dealer contribution the total discount available on this model equates to £3,260. The BMW 116i has class-leading economy and low CO2 emissions and, like all other EfficientDynamic-equipped BMWs, makes excellent financial sense too. A zero to 62mph time of 9.8 seconds and output of 122hp results in a car that is also fun to drive.
Example: BMW 116i Sport 3-door
40 monthly payments: £242
On-the-road cash price: £17,220
Customer deposit: £0
Government scrappage payment: £1,000
BMW scrappage payment: £1,000
Additional dealer contribution: £1,260
Above quote is based on a typical 7.8 per cent APR, the amount of credit offered is £13,960, first monthly payment would be £416, optional final payment would be £6,574 and the total amount payable £16,670. The contract mileage is 35,000 miles with excess mileage charged at 4.5p per mile.