There are usually a couple of reasons why someone would want to scrap their car. Either, it has reached the end of its life and repairing it will cost more than the car is worth. Or secondly, the car can't be repaired. Or thirdly, has been involved in an accident and it is an insurance write-off. Two scenarios are judged by the value of the car versus the cost to fix it. As an example, a 2003 Vauxhall Corsa that needs a new engine would likely be put to scrap. This is because the cost to repair it would be in excess of £1500. And in the current market, the car is only going to be worth about £800. In this case, the cost to repair the car outweighs its value. So it wouldn't be deemed a worthwhile investment.
OSV Limited is an Appointed Representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows OSV Limited to act as a credit broker, not as lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance mediation activities only.
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