Cars24 launches its vehicle scrapping initiative

Pune: Cars24, one of India’s leading automotive technology companies, on Wednesday launched its new vehicle redemption initiative aimed at offering an integral solution for customers to redeem their cars and monetize their certificate of deposit.

Cars24 is associated with registered vehicle dismantling facilities across India.

“This is a crucial step to address environmental challenges and make the process simpler and more rewarding for our customers”, said Vikram Chopra, executive director and cofounder of Cars24.

Currently, the initiative to decommission vehicles is underway in Delhi-NCR.

The company said that the entire process is simple and fluid and can be completed in minutes.

The company claims to offer the best value of scrap metal for automobiles ranging from Rs 30,000 to Rs 1 lakh, depending on the value of scrap metal of the car.

If car owners plan to buy a new vehicle, they do not have to pay any registration fees.

With the Certificate of Deposit, owners can save up to 25 percent in circulation taxes, which equates to up to Rs 50,000 or more in a new car.

Cars24 claims that customers can save up to Rs 2 lakh on new cars through this initiative.

Apart from this, if the owner decides not to buy a new vehicle, he can sell the Certificate of Deposit for a decent amount of up to Rs 1 lakh.

Cars24 will offer owners the option to purchase a Certificate of Deposit directly on its platform.