Gwangmyeong City, located in Gyeonggi Province, announced on the 18th that it will launch an early scrappage support program for aging diesel vehicles.
The city stated that the program will commence on May 20, with applications being accepted for a total of 75 vehicles on a first-come, first-served basis.
Eligible vehicles must have been owned for at least six months as of the application date. They include diesel vehicles with emission ratings of 4 or 5 (with 5th grade including non-diesel fuels) that have passed a sensory inspection, as well as road construction machinery manufactured under emission standards predating August 31, 2009.
The support amount will be calculated based on the vehicle’s value for the first quarter of this year, as determined by the Korea Insurance Development Institute, and will vary depending on the vehicle type and age.
Owners of 4th grade vehicles who opt for early scrappage and purchase new zero-emission vehicles, such as electric, hydrogen, or hybrid cars, may qualify for additional subsidies. Low-income individuals and small business owners can receive extra support of up to 1 million KRW (approximately 669 USD).
This year marks the final opportunity for support for 5th grade emission vehicles. For application details and further information, interested parties should consult the city’s official website.