Seongnam City Supports Early Retirement of 1,208 Old Vehicles

March: 500 vehicles - May: 500 vehicles - July: 208 vehicles
Applications divided into three rounds... Accepted until the 25th

Seongnam City, Gyeonggi Province (Mayor Shin Sang-jin) announced on the 11th that it will implement the "Early Retirement Subsidy Support Project for Old Vehicles" to reduce fine dust and improve air quality.

Seongnam City Hall view. Provided by Seongnam City.

The total early retirement subsidy amounts to 4.1 billion KRW (including 2 billion KRW from the national government and 200 million KRW from the provincial government), with support available for 1,208 vehicles.

Eligible vehicles include △ diesel vehicles with emission grades 4 and 5 (grade 5 includes fuels other than diesel) △ dump trucks, concrete mixer trucks, and concrete pump trucks manufactured under emission standards applied before August 31, 2009 ▲ forklifts and excavators manufactured under emission standards before 2004.

These vehicles will receive early retirement costs calculated by multiplying the support rate by the vehicle’s standard value for the first quarter of this year, as assessed by the Korea Insurance Development Institute, based on vehicle type and model year.

For vehicles under 3.5 tons with emission grade 4, up to 8 million KRW will be supported, and for emission grade 5 vehicles, up to 3 million KRW will be provided as early retirement costs.

The city will accept applications for early retirement support in three rounds (March: 500 vehicles, May: 500 vehicles, July: 208 vehicles).

The first application period is until the 25th of this month.

Last year, Seongnam City also implemented this project, providing subsidies totaling 3.829 billion KRW for the early retirement of 1,247 diesel vehicles with emission grades 4 and 5.