Incheon City Provides 21.7 Billion KRW Early Scrappage Subsidy... Benefits for All Grade 5 Vehicles

Incheon City announced on the 21st that it will provide early scrapping subsidies totaling 21.7 billion KRW for 6,135 old vehicles, including diesel cars and construction machinery, this year.

The support targets all vehicles rated as grade 5 under the emission standards and diesel vehicles rated as grade 4. Starting this year, early scrapping subsidies will be provided not only for diesel vehicles but also for all grade 5 vehicles including gasoline and LPG (liquefied petroleum gas) vehicles.

Additionally, owners of road-use type 3 construction machinery, including dump trucks manufactured before August 31, 2009, which were subject to emission standards at the time of production, as well as forklifts or excavators manufactured before 2004, are also eligible for subsidies.

The priority for support selection is given in the order of grade 5 vehicles, old construction machinery, low-income vehicles, and vehicles with older manufacturing dates.

For grade 5 vehicles under 3.5 tons gross weight, 100% of the vehicle price is supported upon scrapping, and an additional 50% is provided if a new vehicle is purchased.

To address last year's issue where some applicants monopolized multiple allocations causing the budget to be exhausted early, this year the city plans to prioritize support for one vehicle per person first, and if there is remaining budget, additional vehicles per person will be supported. Currently, about 2,000 grade 5 vehicles are operating in Incheon.

Applications for subsidies can be made from the 4th to the 31st of next month via the Comprehensive Vehicle Emission Computer System or by registered mail. An Incheon City official stated, "We have expanded the support targets and improved the application process so that more vehicle owners can receive early scrapping subsidies."

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