SZ introduces guidelines for vehicle replacement subsidies

In a strategic move to align with national policies promoting equipment upgrades and the replacement of obsolete goods with new ones, Shenzhen has launched a pioneering subsidy initiative focused on vehicle replacement. This program aims to raise consumer consumption standards by encouraging the replacement of both cars and household appliances.

Under the scheme, car owners in Guangdong who transfer their vehicle registrations and purchase new energy vehicles or fuel cars that meet the stringent national VI emission standards in Shenzhen will be entitled to a one-time subsidy on their new purchase. This progressive measure not only supports environmental sustainability, but also encourages the adoption of modern, cleaner transport options in the region.

Here's a comprehensive guide for applying for the vehicle replacement and renewal subsidy:

1. Subsidy rates:

Under the subsidy scheme, there are three tiers to be considered based on the price of the vehicles:

Tier 1: Vehicles priced between 70,000 yuan (inclusive) and 150,000 yuan (exclusive) are eligible for a subsidy of 3,000 yuan for new energy vehicles and 2,000 yuan for fuel vehicles.

Tier 2: For vehicles priced between 150,000 yuan (inclusive) and 250,000 yuan (exclusive), buyers can benefit from a subsidy of 5,000 yuan for new energy vehicles and 4,000 yuan for fuel vehicles.

Tier 3: Vehicles above the 250,000 yuan mark qualify for a subsidy of 8,000 yuan for new energy vehicles and 7,000 yuan for fuel vehicles.

It is important to note that the prices taken into account for these subsidies are based on the invoice price, including taxes, of the newly purchased vehicles.

2. Conditions:

The subsidy applies to individual consumers looking to transfer ownership of a vehicle or purchase a new car. To qualify, the vehicle to be transferred should have been registered under the individual's name by Dec. 31, 2023, with the transfer of ownership to take place between April 1 and Dec. 31, 2024.

Furthermore, the new vehicle must be bought between April 20 and Dec. 31, 2024, and registered by Jan. 31, 2025. Purchases must be made from authorized automobile dealers, with the list of dealers subject to regular updates based on registration and audit procedures.

3. Materials:

To successfully process your application, make sure you have the following documents ready:

Valid form of identification.

Official invoice for the purchased vehicle.

Vehicle registration certificate for the newly purchased vehicle.

Details of the old vehicle, including license plate number, chassis number, and the previous vehicle's registration certificate.

Sales invoice for the old vehicle if it was sold as a second-hand vehicle.

For foreign nationals holding valid passports, ensure a notarized translation of the passport is provided.

Bank account details of the applicant.

Commitment form for subsidy fund application (to be completed online when submitting the application on the specified platform).

Please ensure all documents are in your name with the correct identification number for prompt processing of your application.

4. Process:

Car buyers can apply for subsidies online when purchasing vehicles from eligible dealers. After choosing a vehicle and registering at a qualifying dealership, applicants can apply through a WeChat mini-program under the guidance of car dealers. Here, they enter necessary details and upload required documents.

Submitted applications will undergo a preliminary review on the platform to check the accuracy and completeness of the information. A detailed review and specialized audits will also be carried out. A final list of grant recipients will be published after any disputes have been resolved.

Approved applicants will receive grants immediately after the final list is published.