scrappage
Noun
Meaning
The practice of scrapping something.
(UK) An amount of money paid by the government to a person trading in an old car (to be scrapped) for a more environmentally-friendly new one.
Source: en.wiktionary.orgExamples
A spokesperson for the Government told : 'We have no current plans to change the existing incentives or to introduce a scrappage scheme.
The operator of about 5,000 vehicles, including tankers, cranes and buses, has identified some 700 low capacity trucks for possible scrappage.