Money has been arranged, with a maximum subsidy of 10,000 yuan
Car trade-in subsidies are coming in 2024.
According to the notice of the Ministry of Finance on the release of the budget of funds pre-appropriated by the central government for car trade-in subsidies in 2024, 6.44 billion yuan of fiscal interest subsidies and incentives and subsidies were released in 2024 to be used for the pre-allocation of central government subsidy funds for car trade-ins in 2024.
Sino-Singapore Finance noted that the performance target summary table of funds pre-appropriated by the central government for automobile trade-in subsidies in 2024 shows that the total annual funds for automobile trade-in subsidies are 11.19775 billion yuan. Among them, central funds are 6.44004 billion yuan and local funds are 4.75771 billion yuan.
In terms of performance indicators, the number of scrapped cars recycled throughout the year was 3.78 million. In terms of satisfaction indicators, the satisfaction of people applying for subsidies is ≥80%.
The overall goal is to support the scrapping and renewal of old cars that meet the requirements of subsidy policies and further expand car consumption by improving technology, energy consumption, emission and other standards.
China News Finance has noticed that the summary table of central fiscal funds pre-appropriated for automobile trade-in subsidies in 2024 shows that Shandong has pre-appropriated funds of 670 million yuan and Guangdong has pre-appropriated funds of 610 million yuan. They are the two companies with pre-appropriated funds of more than 600 million yuan. province.
In addition, Beijing has pre-allocated funds of 74.61 million yuan and Shanghai has pre-allocated funds of 90.81 million yuan.
According to the "Implementation Rules for Car Trade-in Subsidies" issued by the Ministry of Commerce and other departments in April, consumers who scrap old cars that meet the requirements and purchase new cars can receive a subsidy of up to 10,000 yuan.
According to the detailed regulations, individual consumers are required to scrap fuel passenger vehicles with National III emission standards and below or new energy passenger vehicles registered before April 30, 2018, and purchase new vehicles that are included in the Ministry of Industry and Information Technology's "Vehicle Purchase Tax Exemption and Exemption" New energy passenger vehicles or fuel passenger vehicles with a displacement of 2.0 liters and below will be given a one-time fixed subsidy.
Among them, those who scrap the above two types of old cars and purchase new energy passenger cars will receive a subsidy of 10,000 yuan; those who scrap fuel passenger cars with National III emission standards and below and purchase fuel passenger cars with an displacement of 2.0 liters and below will receive a subsidy of 10,000 yuan. 7,000 yuan.
There are time requirements. The implementation time of car trade-in is from the date of issuance of the "Details" to December 31, 2024. The subsidy application period is from April 24, 2024 to January 10, 2025.
Individual consumers who plan to apply for car trade-in subsidy funds should log in to the National Automobile Circulation Information Management System website or the "Car Trade-in" applet before January 10, 2025, and fill in their personal identity information, the vehicle identification number of the scrapped car, and " Original photos or scanned copies of the "Scrapped Motor Vehicle Recycling Certificate" and "Motor Vehicle Cancellation Certificate", the vehicle identification number of the new car, the original photos or scanned copies of the "Uniform Invoice for Motor Vehicle Sales" and "Motor Vehicle Registration Certificate", etc., please submit them to the place where the subsidy is accepted. Submit a subsidy application.
To apply for car trade-in subsidy funds, the following materials should be provided: Applicant’s identity information and photos of the front and back of the ID card must be uploaded. Applicant’s bank account information. Photos or scanned copies of the original copies of the "Scrapped Motor Vehicle Recycling Certificate" and "Motor Vehicle Cancellation Certificate". Original photos or scanned copies of the new vehicle's "Unified Motor Vehicle Sales Invoice" and "Motor Vehicle Registration Certificate".
Cash subsidies will be distributed this time. After car owners complete the procedures for scrapping old cars and purchasing new cars, they submit application materials for subsidies through the car trade-in platform. After the materials are reviewed and approved, local financial departments will allocate subsidy funds to the bank account provided by the applicant according to procedures.
Recently, Beijing and other places have officially issued detailed implementation rules for car trade-in subsidies.
The relevant rules in Beijing make it clear that car owners can either scrap their old cars or buy new ones first. Certification materials such as "Scrapped Motor Vehicle Recycling Certificate", "Motor Vehicle Cancellation Certificate", "Motor Vehicle Sales Unified Invoice" and "Motor Vehicle Registration Certificate" should be submitted in Issuance will be completed from April 24, 2024 to December 31, 2024.
