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Is Your Car Older Than 15 Years? Here’s What You Need to Know

Is your vehicle more than 15 years old? Irrespective of if you are the first owner of the car or had bought it second-hand with a used car loan, you must comply with the governmentu2019s newly drafted voluntary car scrappage scheme. Now, the permit to drive old cars will be dependent upon the car's condition and not the car's age. And, for re-registration of vehicles, you have to shell out eight times more than what it was earlier. Yes. And, there are more surprises in the kitty.

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Is Your Car Older Than 15 Years? Here’s What You Need to Know

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  1. Is Your Car Older Than 15 Years? Here’s What You Need to Know

  2. What should I do if my second-hand car is approaching 15 years of age? • Your car qualifies for the government's scrappage scheme. • You will need to spend a hefty amount to obtain a renewal certificate.

  3. Car scrapping benefits • You will receive 4 to 5% of your car's showroom price as scrap value. • Rebate on road tax of up to 25%. • A discount of 5% on the purchase of a new car. • You are exempt from paying for a new car's registration fee.

  4. When is your car eligible for scrapping? • If you own a car whose registration certificate has expired. • If your car fails the fitness test. • If your car is irreparably damaged.

  5. Things to know about the scrapping process • Inform the RTO before taking your car to the registered scrap dealer. • Negotiate with the scrap dealer before signing the agreement. • Submit a photocopy of your car's registration certificate. • Click the photo of your scrapped car.

  6. How is the scrapping value calculated? • Irreparably damaged car value is set at Rs 15 per kg of metal parts. • Negotiate if your car's spare parts are in good condition.

  7. RTO rules for deregistration • Notify the RTO in writing and surrender your car's original RC. • Submit the affidavit along with the dealer's confirmation in writing. • RTO will conduct verification through various internal and external sources.

  8. What happens to your registration number post-scrappage? • The registration number is available for others to use. • Make sure your insurance is aware of your car's deregistration.

  9. If your car exceeds 15 years of age, refer to the government's new scrappage policy and other new regulations to avoid any penalty.

  10. Thank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Is Your Car Older Than 15 Years? Here’s What You Need to Know

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