New vehicle scrapping initiative offers up to ₹1 lakh on scrapping your old car
Gurugram-based used car marketplace, Cars24 has announced its new vehicle scrapping initiative that aims to offer a seamless process towards the end of life cars. The company says it has tied up with registered vehicle scrapping centres across the country to do so. Vehicle owners looking to scrap their cars will be able to do so on the company’s platform as a one-stop solution and monetise the Certificate of Deposit (CoD).
Under the new Vehicle Scrapping Initiative, Cars24 says customers can avail a scrap value between ₹30,000 and up to ₹1 lakh, depending on the vehicle’s scrap value. The company says the entire process will take minutes and in a simplified manner.
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Speaking about the new initiative, Vikram Chopra, CEO and Co-Founder - Cars24, said, “Our commitment goes beyond a love for cars—it's about making a real impact. Recognizing that many cars on the roads were ready for scrapping, we swiftly launched our seamless Vehicle Scrapping initiative, driven by a sense of urgency. This isn't just about convenience or money; it's a focused journey toward a cleaner, greener future for all. It's a crucial step in addressing environmental challenges and making the process simpler and more rewarding for our customers."
Additionally, customers scrapping their vehicle get several benefits including the registration fee waived, while the Certificate of Deposit helps save up to 25 per cent on road tax. This collectively will enable customers to save up to ₹2 lakh on purchasing a new car.
The Certificate of Deposit also allows customers to sell the same to a different customer, in case they don’t want to purchase a new vehicle. Cars24 says owners can earn up to ₹1 lakh by selling their CoD. Cars24 says it will soon sell CoDs on its online platform as well. The vehicle scrapping initiative is currently live in Delhi-NCR and the company will soon expand its services to other parts of the country.