scrappage

noun

1. (uncountable, usually)The practice of scrapping something.
2. (UK, uncountable, usually)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.

   “Motorists will receive £2,000 if they sell their old car and buy a new model, after the chancellor bowed to pressure from the automotive sector and announced a car scrappage scheme this afternoon.”

   “A London-wide Ultra Low Emissions Zone will be in operation from August 29 2023, supported by new bus services and a £110m car scrappage scheme for Londoners who are disabled and/or on low incomes.”