Tejas Joshi Reveals How to Save Big While Upgrading Your Car!

If you own a 15-16-year-old car, upgrading to a new one could save you a lot of money. Tejas Joshi, a financial expert, discusses how the government's scrapping approach might help you.

Assume your car was worth ₹7,00,000 when new. If sold now, it may fetch around ₹1,000,000. However, if you scrap it in accordance with government policy, you may save a lot more money.

Here's how it works:

Scrapping Benefit

You receive 5% of the original worth of your car. For a ₹7,00,000 vehicle, the price would be ₹35,000, including a scrapping certificate.

Discount on a New Car

When you buy a new car and present the scrapping certificate, you can get:

• A 4-6% discount on the car's price.
• A waiver on the registration fee.
• A 25% concession on road tax.

For example, if the on-road pricing of your new car is ₹18,00,000, you can save approximately ₹3,00,000 with these benefits. That is the discount along with road tax savings and also a registration fee waiver.

If you sell your old car, then you will be getting the maximum amount of ₹1,00,000. It is a lot less compared to what you save through scrapping.

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This means that scrapping the old car is a smart financial decision; apart from the extra savings it avails, it also cuts down on pollution and helps in having the environmentally friendly disposal of materials. In case one needs to upgrade, it should take the scrapping policy today!