Toyota and its sub-brand Lexus are offering buyers in the UK up to £4,000 ($4,967) in discounts under a new scrappage scheme.
The cars being turned in must be registered on or before September 30, 2012 and the scheme is available until September 30, 2020, according to local media reports.
The scheme falls in line with guidelines laid down by the European Automotive Maufacturer’s Association, which state that purchase incentives and scrappage schemes are required to improve demand in the coming months.
The move is also aimed at meeting net-zero emissions plans for 2050, considering both brands have electric and plugin-hybrid cars in its model range. It will also improve the rate of re-use and recycling among the manufacturers as well as put new cars on the streets, with improved safety and higher recyclability in the future.
Earlier this month, the media also reported a new government-sponsored scrappage scheme of £6,000 across brands to help the EV industry. Prime Minister Boris Johnson is set to chalk out plans for the same on July 6.
Toyota says that the scheme has already led to sale of 18,000 units so far. The cars covered under the scheme are across its range of products such as the Prius(electric and petrol), Yaris, Corolla, Hilux and Supra. Lexus models covered are limited to its SUV model range.