Yongin City Provides 9.9 Billion KRW Support for Early Retirement of Old Diesel Vehicles

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province has decided to provide early retirement subsidies for old diesel vehicles with emission grade 5 and will accept applications on a first-come, first-served basis starting from the 16th.

Yongin City announced that it has allocated a budget of 9.9 billion KRW this year to support subsidies for a total of about 6,150 vehicles. In addition to the early retirement subsidy, the city will also provide additional subsidies for new vehicle purchases.

The eligible applicants are diesel vehicles with emission grade 5 registered in the jurisdiction as of the application date, or construction machinery such as dump trucks manufactured before 2005, which have never received government support to install emission reduction devices or have never had their engines modified.

The subsidy is calculated based on the quarterly vehicle standard value assessed by the Insurance Development Institute, multiplied by the support rate according to the vehicle type and model year. For vehicles under 3.5 tons gross weight, up to 3 million KRW will be supported, including additional support for new vehicle purchases per vehicle, and for vehicles over 3.5 tons, up to 30 million KRW will be supported.

For vehicles under 3.5 tons, 70% of the subsidy will be paid first upon early retirement, and an additional 30% will be paid upon new vehicle purchase (excluding diesel vehicles). If proof documents for low-income households are submitted, an additional 10% will be supported within the subsidy limit.

Applications for early retirement can be submitted by mail or in person to the Early Retirement Team of the Korea Automobile Environment Association, bringing the early retirement subsidy eligibility confirmation application form, vehicle registration certificate (construction machinery registration certificate), and ID card.

For more details, please refer to the public notice on the Yongin City website.

This content was produced with the assistance of AI translation services.