Chungnam Supports Early Retirement of 38,000 Old Diesel Vehicles This Year

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will support the early retirement of approximately 38,000 old diesel vehicles this year.

The province announced on the 15th that it has allocated a total budget of 35.4 billion KRW this year to support the scrapping of old diesel vehicles, an increase of about 15,800 vehicles compared to last year (about 22,200 vehicles).

The support targets are diesel vehicles rated grade 5 for emissions that have been registered for more than six months in air quality management zones or application areas, as well as three types of road construction machinery?dump trucks, concrete mixer trucks, and concrete pump trucks?manufactured according to emission standards before 2005.

However, to receive support, the final ownership period must be at least six months before the subsidy application date, and the vehicle must not have been retrofitted with emission reduction devices or converted to low-emission engines through government or local government support.

The subsidy amount is calculated by multiplying the quarterly vehicle standard value, as assessed by the Insurance Development Institute, by the applicable support rate according to vehicle type and model year. Accordingly, vehicles with a gross weight under 3.5 tons have a subsidy cap of 3 million KRW (2.1 million KRW for early retirement, 900,000 KRW for new vehicle purchase).

For vehicles with a gross weight of 3.5 tons or more, the maximum support is 4.4 million KRW for engines up to 3500cc, 7.5 million KRW for engines over 3500cc up to 5500cc, 11 million KRW for engines over 5500cc up to 7500cc, and 30 million KRW for engines over 7500cc.

Road construction machinery of the three types can receive up to 40 million KRW in support.

The province will classify vehicles under 3.5 tons gross weight into passenger cars and other vehicles for support when scrapped early this year.

Passenger cars (with seating capacity of 5 or fewer) will receive a basic support of 50% of the vehicle standard value upon early retirement, and if a new vehicle of grade 1 or 2 (regardless of used or new, excluding commercial vehicles) other than diesel vehicles under 3.5 tons gross weight is newly registered, an additional 50% of the new vehicle standard value will be supported.

Additionally, the city emphasizes that if the newly registered vehicle is a zero-emission vehicle (electric or hydrogen), a fixed amount of 500,000 KRW will be provided as an extra subsidy.

Other vehicles will receive a basic support of 70% of the vehicle standard value, and if a grade 1 or 2 vehicle other than diesel under 3.5 tons gross weight is newly registered, an additional 30% of the vehicle standard value will be supported.

Among vehicles with a gross weight of 3.5 tons or more, large vehicles without grade 1 or 2 emission replacement vehicles will receive an additional 200% of the standard value when registering a new Euro 6 or higher vehicle (excluding used cars, two-wheelers, and commercial vehicles).

Furthermore, for vehicles that cannot have emission reduction devices installed, if the system and device manufacturers confirm the impossibility of installation, an additional 600,000 KRW will be supported within the subsidy cap on top of the basic early retirement subsidy.

However, vehicles that cannot be supported due to neglect such as excessive soot or undercarriage corrosion are excluded from support.

For detailed information on application procedures and other matters related to early retirement subsidies, please refer to announcements on each city and county website or contact the environmental department of the respective city or county.

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