Now get up to Rs 1 lakh returns on scrapping old car: Details

| Yash Sharma | TIMESOFINDIA.COM | Nov 23, 2023, 13:12 IST

The initiative offers scrap values up to Rs 1 lakh and waives reg... Read More

The government has been actively promoting the car scrapping initiatives in India as they offer several benefits, including environmental conservation through the recycling of materials and promoting resource efficiency by utilizing reusable components. Besides that, it also helps in reducing air pollution by retiring older, high-polluting vehicles.

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Scrapping a single vehicle eliminates emissions equivalent to those produced by 11 new vehicles, resulting in an annual reduction of 3,300 KGs of harmful emissions. Additionally, it can stimulate the automotive industry by encouraging the production of newer, more fuel-efficient vehicles. In the latest development around the same, autotech company Cars24 has forayed into this space with its new vehicle scrapping initiative, with an aim to provide a solution for vehicle owners to scrap their cars and monetize their Certificate of Deposit (COD).

As part of this initiative, customers can easily avail scrap values for their cars, ranging from Rs 30,000 to up to Rs 1 lakh, depending on the car's scrap value. For those planning to purchase a new vehicle, it offers additional advantages, including waiving registration fees and utilizing the COD to save up to 25 percent on road tax.

What is a Certificate of Deposit?

The COD, beyond being a document, serves as a tradable asset. If customers opt not to buy a new vehicle, they can sell the certificate for an amount reaching up to Rs 1 lakh.

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At present, the initiative is currently live in Delhi NCR on the company’s platform but it soon plans to extend the service to other cities.

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Top Comment

Jayeshkumar Panchal

398 days ago

Part-2Air Pollution, Climate change and Global Warming are direct results of wasteful use of Energy and Fuel in Automobiles, that still use those Heat Emitting and Energy Wasting Friction Brakes to Stop every time, and then (Stupidly) use a lot of New Energy, Engine Power and Fuel (or a lot of Motor/Battery Power, Electricity and Coal for the EVs) to Accelerate once again; instead of Recovering most of their Kinetic Energy while Braking, and Reusing that same Energy for Powering the Next Acceleration!.According to the Laws of Motion, Acceleration can be Free of the use of a lot of New Energy, Engine Power and Fuel (or a lot of Motor/Battery Power , Electricity and Gas for the EVs), if most of the Kinetic Energy is recovered while Braking and reused for the Next Acceleration, and the Velocity is Free of the use of a lot of Energy, Fuel, Battery Power and Electricity (after the Air Drag is substantially reduced). Our Automobiles would need only 1/2, 1/3, 1/4 or 1/5 of New Energy and Fuel for their Next Acceleration, by Recovering most of their Kinetic Energy while Braking and Reusing that same Energy (Stored in a Transmission/Wheels/Axles) for Powering the Next Acceleration. ..just like how a simple Energy Mechanism in a pull-back Toy Car does it so beautifully! ..Trrrr (= Braking ), ..Vroom (= Free Acceleration!).All Automobiles need to quickly adopt what would be known as `Euro-6 Transmission' (like the Euro-6 Engine and Fuel Standards), that would recover at least 60% of Braking Energy, as also follow F=ma in Transmission design for a minimum of 60% efficiency; and improve this further to Euro-8 (80%) and Euro-10 Transmissions (with >95% Braking Energy recovery) in a decade.As for Electric, Hybrid and Hydrogen Vehicles, they should Recover >80% of Braking Energy, by using Rapid Advancement of Electrical, Electronics and Battery Technologies, as well as some of the Marvels of Mechanical Engineering!; like a Simple Energy Mechanism of a pull-back Toy Car!. ..Trrrr (Braking), ..Vroom (Free Acceleration!).Time for Automakers to get rid of those Energy Wasting Friction Brakes from all those Energy Guzzling Electric Vehicles, and thereby reduce the use of a lot of Battery Power, Electricity, Gas or Coal; if not also from the rest of Automobiles that use Engine and Fuel and thereby reduce the Energy, Fuel and Emission from All/rest of our Automobiles; but by doing so, reduce the burden on Electric Vehicles, Electric Grid and the Gas, and reducing the use of Coal for Mobility.It is important to note that Further improvements in Energy Efficiency (thru better Aerodynamics and lower Tyre losses) would automatically emerge, once this basic Energy Mistake in our Automobiles, of using Friction Brakes to stop and then using a lot of New Energy, Engine/Motor Power and Fuel (Battery Power, Electricity, Gas or Coal for EVs) to Accelerate once again, is eliminated.

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