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Glove box guide
publication date: Nov 12, 2008
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author/source: Robin Roberts
The Government will perform a U-turn in the Pre-Budget Report expected later this month when it announces a delay in controversial Vehicle Excise Duty increases on millions of cars.
The Daily Telegraph claims that Government plans announced in the spring Budget to increase VED will be delayed as part of a tax-cutting package to revive the economy. The changes, scheduled to be introduced on April 1, 2009, would mean that some cars bought after March 1, 2001 and before March 23, 2006 could see their VED rates increase by up to £230 a year. While some vehicles bought after March 23, 2006 would see their rates rise by up to £90.
Residual value experts at CAP have announced their biggest ever downward revision of forecasts as pressure on used car prices begins to bite.
CAP forecasting manager Jeff Knight added: "A general re-forecast such as this is a very significant development and one that we undertake only with great care and robust evidence on which to base it." The re-forecasting has CAP staff working long hours to complete the data in time for the December CAP Monitor book as the process involves individually assessing and revising 1,200 model ranges.
European Union Industry Commissioner Guenter Verheugen said car manufacturers will get ``not a cent'' beyond existing help for research and development projects, dashing automakers' hopes of loans to counter the credit crisis, according to Bloomberg.
Volkswagen AG and PSA Peugeot Citroen, the region's two biggest carmakers, are among those pushing the EU for 40 billion euros ($51 billion) in cheap loans to help overcome plunging sales across Europe. General Motors Corp's Adam Opel unit has appealed to German Chancellor Angela Merkel for extra incentives for buyers on top of those already agreed to stem the decline.
Shares in General Motors crashed to their lowest level in 62 years this week after an analyst at Deutsche Bank said that they could be worth nothing at all within 12 months.
The company warned on Friday when it published its third quarter financial results that it could run out of cash next year, but Deutsche Bank said that it could happen as early as next month. It has pulled out of plans to hold any special events around next week's Los Angeles motor show but will still be exhibiting.
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