Diesel Vehicles with Emission Grade 5 and Three Types of Construction Machinery Manufactured Before 2005
[Asia Economy Reporter Ra Young-cheol] Goyang City in Gyeonggi Province will begin a subsidy program for early scrapping of Grade 5 old diesel vehicles starting from the 4th.
This year, the subsidy budget for early scrapping of old diesel vehicles is 1.5 billion KRW, supporting approximately 920 vehicles. Eligible vehicles include diesel vehicles classified as Grade 5 emission standard or road-use Type 3 construction machinery (dump trucks, concrete mixers, concrete pumps) manufactured before 2005.
Eligibility criteria include ▲registration in the air quality management zone for more than 6 months ▲ownership by the final registrant for more than 6 months ▲no history of government-supported diesel particulate filters installation or conversion to low-emission engines.
Additionally, ▲the vehicle must pass the sensory inspection under the Automobile Management Act ▲and have a normal operation judgment on the early scrapping confirmation certificate issued by the procedural agent (Korea Automobile Environment Association).
The subsidy amount is based on the vehicle's standard value calculated by the Insurance Development Institute, subject to the announced upper limit and support rate.
If the vehicle owner is low-income, an additional 10% support rate is provided within the subsidy limit, and vehicles that cannot be equipped with emission reduction devices receive an additional 600,000 KRW within the upper limit.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
