What?
The Chinese Ministry of Commerce, along with other departments, has introduced a new trade-in subsidy scheme to boost the car market. This scheme offers subsidies of up to 10,000 yuan for buyers who trade in older cars for new ones by the end of 2024.
So What?
The trade-in scheme aims to promote the scrapping of older cars, particularly those that do not meet current emission standards. This initiative incentivizes buyers to opt for new energy vehicles or more environmentally friendly options. Various car brands have also joined in by offering additional incentives to attract buyers.
What’s next?
To receive the subsidy, consumers need to complete the necessary paperwork and register on the designated website before January 10, 2025. The funds for the scheme come from both central and local governments, with different levels of support based on the region. Car buyers can take advantage of the subsidy and discounts offered by participating brands to make their purchases more affordable.
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Source: https://carnewschina.com/2024/05/01/new-trade-in-scheme-set-to-boost-chinese-car-market/