In Brisbane Australia
In Brisbane Australia, the term cash for cars is also synonymous with car removal. Only in Brisbane, companies must acquire a LMCT and other relevant processing licenses before the procurement of vehicles. Some time it takes to check every vehicles history and After that It can be processed for wrecking and recycling purposes. Both Cash For Cars and Car Removals services are asked for cars coming to the end of their road life.
New Zealand motor vehicle fleet increased 61 percent from 1.5 million in 1986 to over 2.4 million by June 2003. By 2015 it almost reached 3.9 million. This is where scrapping has increased since 2014. Cash For Cars is a term used for Car Removal/Scrap Car where wreckers pay cash for old/wrecked/broken vehicles depending on age/model.
Within the European Union, the EU Commission operates on the End of Life Vehicles Directive, which is geared towards the reduction of waste arising from ELVs. Players in the automotive industry have also gotten to paying cash for cars and all other ELVs, as a waste minimization scheme with multilateral benefits.
Between 2009–10, the United Kingdom introduced the scrappage incentive scheme that paid GBP2,000 in cash for cars registered on or before 31 August 1999. The high payout was to help old-vehicle owners purchase new and less-polluting ones.
In the United Kingdom the term cash for cars also relates to the purchase of cars immediately for cash from car buying companies without the need of advertising. There are however legal restrictions to level of cash that can used within a business transaction to buy a vehicle. The EU sets this at 10,000 euros or currency equivalent as part of its Money Laundering Regulations.
In the UK it is no longer possible to purchase scrap cars for cash with the introduction of the Scrap Metal Dealers Act in 2013. As a result, firms in the scrap my car industry can no longer pay cash for cars. Instead, these firms now pay by bank transfer.
- United States Council for Automotive Research. “Vehicle Recycling Partnership”. Retrieved 3 November 2011.
- Supreme Court of the United States. “Hughes v. Alexandria Scrap Corp., 426 U.S. 794 (1976)”. Retrieved 3 November 2011.
- BBC (6 August 2009). “Scrappage scheme boosts car sales”. BBC News. Retrieved 3 November 2011.
- “Scrap Metal Dealers Act 2013”. legislation.gov.uk.
- European Union. “Directive on End-of-Life Vehicle 2000/53/EC”. Retrieved 3 November 2011