Seoul City Supports Up to 5.5 Million KRW for Replacing Grade 5 Emission Vehicles with Low-Emission Vehicles After Scrapping

[Asia Economy Reporter Hyunju Lee] On the 19th, the Seoul Metropolitan Government announced that residents of the Green Transportation Zone who scrap their Grade 5 emission vehicles and purchase new cars will be temporarily supported with an additional subsidy of up to 2.5 million KRW, separate from the scrapping subsidy.

Currently, the city supports up to 3 million KRW for attaching particulate matter reduction devices and early scrapping protection payments for Grade 5 emission vehicles weighing less than 3.5 tons. In addition, if a new car is purchased as a low-emission vehicle or LPG vehicle, an additional new car subsidy is provided.

Owners of Grade 5 vehicles within the Green Transportation Zone or owners of Grade 5 vehicles registered in Seoul without reduction devices developed, who have continuously registered their vehicles in the metropolitan air quality management area for more than two years and have owned the vehicle for at least six months as of the application date, are eligible for the additional subsidy.

The new car purchase subsidy is provided after the Grade 5 vehicle owner purchases a low-emission vehicle or LPG vehicle certified by the Minister of Environment within four months after early scrapping and applies for the subsidy. The Seoul Metropolitan Government, Korea LPG Association, and Shinhan Bank review and provide the subsidy.

To apply, applicants must submit a vehicle purchase intention form to Seoul after early scrapping, and after completing the scrapping of the Grade 5 vehicle and purchasing the new car, submit a subsidy payment claim form. Subsidies are provided in the order of claim form receipt after review. The program may end early if the budget of participating institutions is exhausted.

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