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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
Anyone who wants to examine the government's green credentials should look no further than the car scrappage scheme.
They were able to negotiate an average 1,699 off the windscreen price aside from any scrappage discount.
Under the Act, high-polluting vehicles that are donated for scrappage will be replaced with lower-polluting cars of a similar model.
He was at the forefront of various environmental initiatives, with Ford among the first to embrace the Government scrappage scheme.
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.
As well as taking care of the paperwork, car dealers will be expected to take care of the scrappage process.

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