A few days ago, we reported the Russian government was considering bringing back its cash for clunkers program to help spur domestic auto sales in the face of Western sanctions. The government as since decided to go forward with the scheme.
Reuters reports the Kremlin will pledge P10 billion ($273 million USD) for the program, which is expected to subsidize over 170,000 new vehicles at a minimum discount of P40,000 ($1,086) for scrapping a passenger car, and P350,000 ($9,506) on up for commercial vehicles. Additional discounts from P40,000 to P300,000 ($1,086 – $8,148) will be made to consumers who trade-in vehicles six years of age or older.
The new program begins September 1, and will run through to the end of the year. A decision to revive the program in 2015 will be made no earlier than the middle of September of that year, according to Industry Minister Denis Manturov, and will be based on market conditions at that point in time.
The post Russian Government Moves Ahead With Revived Cash For Clunkers Program appeared first on The Truth About Cars.
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