SPAIN’s new car subsidy scheme, aimed at incentivising buyers to purchase low-emission vehicles, has come into effect.
First unveiled in June by Prime Minister Pedro Sánchez, Plan Renove 2020 came into force on October 20. The €3.75 billion plan offers incentives to trade in older vehicles for newer, lower-emission ones. Full details have been published in the Office State Gazette (BOE).
As part of the measures to boost the automotive industry, which suffered tremendous losses during the coronavirus crisis, buyers can receive between €400 and €4,000 for trading in older vehicles.
The amount of subsidy available on Plan Renove 2020 depends on both the car being scrapped and the new car being bought; the older the car being sold and the lower the emission on the new car, the higher the incentive.
To be eligible for the new car, the price must not exceed €35,000, or €45,000 for zero emission cars or vehicles that are specially adapted for people with disabilities. In addition, all hybrid cars that have an ECO label are eligible for a €600 subsidy.
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