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What does scrappage mean?

Looking for the meaning or definition of the word scrappage? Here's what it means.

Noun
  1. The practice of scrapping something.
  2. (Britain) 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.
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Examples
Franchised dealers have been staggered by some of the old cars they have taken in under the scrappage scheme.
And scrappage has been at least revenue-neutral for the Government, which cashed in on the flow of VAT paid on new cars.
Since the scheme began, the South Korean car maker Hyundai has been the biggest winner, compiling an order book of 8,000 UK scrappage sales.
He was at the forefront of various environmental initiatives, with Ford among the first to embrace the Government scrappage scheme.
Whatever else has gone wrong for the Government, scrappage has been a clear success.
Under the Act, high-polluting vehicles that are donated for scrappage will be replaced with lower-polluting cars of a similar model.

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