Here we see the Chip removed, keep it for the new Flip Key.

Continue cutting the white housing until you get to the bare brass key. Here you have a few options;

1. Discard Key, melt down and make a ring or something, or throw in the bin.

2. Keep as backup that's attached to the chassis on the vehicle incase you lock keys inside or something, or as a swimming key which let's you into the vehicle but is obviously waterproof.

3. Modify the key to fit the new Flip Key so you can save money on key cutting costs. This is a bit more complicated but if you're handy it's worth it, just remember the key is brass and quite soft.