The Ministry of Finance issued a car trade-in subsidy in 2024, how much discount can individuals enjoy when they change their cars?

Tide News

2024-06-04 16:54Posted on the official account of Zhejiang Chao News

Chao News client reporter Xu Guang Fan Guofei

The subsidy "big red envelope" for car trade-in is coming.

Today (4th), the website of the Ministry of Finance officially released the "Notice on Issuing the 2024 Automobile Trade-in Subsidy Budget Allocated by the Central Government". According to the "Notice", the Ministry of Finance has issued more than 6 billion yuan of financial discount and subsidy funds for the pre-allocation of central financial subsidy funds for car trade-in in 2024, with a total annual subsidy of more than 11.1 billion yuan.

At present, the trade-in of traditional consumer goods such as automobiles and home appliances is accelerating. Up to now, many places across the country have issued detailed rules for the implementation of car trade-in subsidies. So, how much discount can there be for a new personal car now?

According to the Chao News reporter, taking Hangzhou as an example, at present, the trade-in of personal cars is based on a subsidy of up to 10,000 yuan, and the replacement subsidies of manufacturers and car purchase subsidies launched in different urban areas can be superimposed, and the actual discounts that consumers can enjoy will be greater.

Source: Visual China

The Ministry of Finance has issued a trade-in subsidy for cars in 2024

In March this year, the State Council issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in", proposing to increase policy support to promote automobile cascade consumption and renewal consumption, and at the same time will organize and carry out national car trade-in promotional activities, encourage automobile manufacturers and sales enterprises to carry out promotional activities, and guide the industry to compete in an orderly manner.

According to the summary table of the performance target of the central government's pre-allocated funds for the 2024 car trade-in subsidy released by the Ministry of Finance, the total annual fund for the car trade-in subsidy is 11,197.75 million yuan. Among them, in addition to more than 6 billion yuan of central financial funds, there are also 4.7 billion yuan of local funds.

The overall goal of the budget project is to support the scrapping and renewal of old cars that meet the requirements of the subsidy policy and further expand automobile consumption.

In terms of quantitative indicators, it is required that the annual recycling volume of scrapped vehicles is 3.78 million. In terms of satisfaction indicators, the satisfaction of the people who apply for subsidies ≥ 80%.

It is worth noting that this fund will be mainly used in the eastern region (2.67 billion yuan), the central region (1.97 billion yuan) and the western region (1.79 billion yuan). Shandong has a pre-allocated fund of 670 million yuan, and Guangdong has a pre-allocated fund of 610 million yuan, which are the two provinces with a pre-allocated fund of more than 600 million yuan.

Among them, Zhejiang's pre-allocated funds also reached 345 million yuan, ranking fifth in the country.

Source: Visual China

How much discount can I enjoy for a personal car trade-in?

According to the "Implementation Rules for Car Trade-in Subsidy" issued by the Ministry of Commerce and other departments in April, consumers who scrap old cars that meet the requirements and buy new cars can receive a subsidy of up to 10,000 yuan.

In fact, in addition to the subsidy standards at the national level, each city and different brands have also launched replacement subsidies of different strengths, and consumers can enjoy more actual discounts.

According to Chao News, taking Hangzhou as an example, fuel vehicles (including China III and China IV emissions) registered before June 30, 2011 (including the day), or new energy vehicles registered before April 30, 2018 (including the day), can enjoy the trade-in subsidy after scrapping.

If the above two types of old vehicles are scrapped and new energy passenger vehicles are included in the Ministry of Industry and Information Technology's "Catalogue of New Energy Vehicle Models for Reduction and Exemption of Vehicle Purchase Tax", a subsidy of 10,000 yuan will be provided; If the above fuel vehicles that meet the standards are scrapped and the displacement of 2.0 liters and below is purchased, a subsidy of 7,000 yuan will be provided.

In addition, many urban areas in Hangzhou have also launched a new round of car purchase subsidies in 2024. For example, Xiaoshan District and Linping District of Hangzhou can enjoy subsidies ranging from 2,000 yuan to 6,000 yuan according to the total purchase price of the car from April 26 to June 30.

In response to the trade-in of consumer goods, many brands also have their own subsidies. For example, Geely Galaxy E8 launched a replacement subsidy activity, unlimited brands, unlimited versions, any brand replacement Galaxy E8 all models on sale can enjoy a replacement subsidy of 15,000 yuan.

It can be seen that the subsidy for the three can reach more than 30,000 yuan if you choose to trade in the old car.

It is worth mentioning that, including Hangzhou, there are no requirements for the order of transfer, scrapping, cancellation and purchase of new cars, and consumers can scrap old cars first or buy new cars first. From April 24, 2024 to December 31, 2024, individual consumers who have completed the scrapping of eligible passenger cars and purchased eligible new vehicles can apply for the relevant subsidies before January 10, 2025 (inclusive).

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