The Retire Your Ride Program
The Federal Government has decided against implementing a cash-for-clunkers program in Canada because car manufacturers were not willing to settle for anything that offered less than a $3,000 rebate. However, it turns out a little-known program called Retire Your Ride, funded by the Government of Canada, already offers modest cash incentives for scrapping a model year 1995 or earlier vehicle that is in running condition and has been registered and insured for at least 6 months. Depending on the province of residence, you could receive $300 in cash, discounts on commuter bicycles, transit passes and manufacturer rebates on new cars. British Columbia residents can receive an additional $750 to $1,250 on the purchase of a newer vehicle under the Scrap-It program.
It is not terribly surprising that the program does not seem to be very successful. The website notes that Retire Your Ride has so far taken 15,000 vehicles off the road out of the 4 million autos the Government says are 15 years or older. It is not hard to see the reason: the financial incentives are meager; probably less than what even a clunker can fetch in the used-car market. The success of the program thus depends on people doing the right thing when it comes to replacing their clunker. We all know how well that will work.
Related Reading:
- Cash-for-Clunkers Program Coming to Canada?
- Federal Budget Wish List: Take Two
- Early Retirement Number
- The Conservative Tax Trick
- Apply for the Universal Child Care Benefit (UCCB)
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Filed under: Finance, Money Saving Ideas
