Yongin City Provides Early Retirement Subsidies for 'Emission Grade 4' Vehicles

Up to 8 Million Won for New Car Purchase... Applications Accepted from the 23rd

Yongin City in Gyeonggi Province will start accepting applications for the 'Early Vehicle Retirement Subsidy' for old diesel vehicles and construction machinery from the 23rd of this month.

The 'Early Vehicle Retirement Subsidy' supports the early retirement of vehicles or construction machinery to reduce exhaust emissions, which are a major cause of fine dust pollution. Starting this year, diesel vehicles with emission grade 4 equipped with a Diesel Particulate Filter (DPF) at the time of manufacture are also eligible to apply.

The subsidy conditions vary depending on the vehicle's gross weight. For vehicles under 3.5 tons, applicants must have been continuously registered for at least six months as of the application date in the air quality management zone or in Yongin City, must not have received government or local government support for DPF installation or conversion to a low-emission engine, and the vehicle's registration certificate must show a valid periodic inspection period. Vehicles over 3.5 tons and construction machinery are eligible if owned for more than six months.

The maximum subsidy amount for vehicles under 3.5 tons is 3 million KRW for grade 5 vehicles and 8 million KRW for grade 4 vehicles. The payment amount is based on the vehicle's standard value from the Korea Insurance Development Institute and is 50% for passenger cars under 3.5 tons and 70% for other vehicles, not exceeding the maximum limit. Vehicles over 3.5 tons receive 100% of the subsidy.

The subsidy is provided when purchasing a new vehicle after scrapping the old one, and eligibility varies depending on the conditions of the new vehicle. Applications can be made through the 'Comprehensive Vehicle Emission Computer System (www.mecar.or.kr)', and support is provided on a first-come, first-served basis until the budget is exhausted.