Gyeonggi Province to Support Early Scrapping of Aged Diesel Vehicles with Up to 100% Subsidies

Gyeonggi Province announced on the 12th that it will provide early scrapping subsidies for aged diesel vehicles at a maximum of 100%.

The province plans to invest 23.4 billion won this year to encourage early scrapping of approximately 19,000 aged diesel vehicles that emit high levels of pollutants due to their age.

Eligible vehicles for early scrapping subsidies are those manufactured before the end of June 2002 and must have no history of receiving subsidies for emission reduction device installation or low-emission engine conversion costs.

Additionally, vehicles must have been continuously registered in one of the 24 air management control areas in the province for at least two years.

The 24 air management control area cities and counties include all regions except Gwangju City, Anseong City, Pocheon City, Yeoju City, Yangpyeong County, Gapyeong County, and Yeoncheon County.

The maximum support limit ranges from 1.65 million won to 7.7 million won depending on vehicle weight.

For vehicles manufactured before the end of 2000, 100% of the quarterly vehicle standard value as calculated by the Korea Insurance Development Institute will be provided.

For vehicles manufactured from January 2001 through the end of June 2002, 85% of the vehicle standard value will be paid.

However, to receive early scrapping subsidies, vehicles must be certified as eligible by the Korea Automobile Environmental Association (1577-7121).

Meanwhile, the province invested 132.3 billion won from 2004 to 2014 to provide early scrapping subsidies to 117,614 vehicles.

As of the end of June this year, 7,870 vehicles have received early scrapping subsidies.