|Policy status:||In Force|
|Policy Type:||Economic Instruments>Fiscal/financial incentives>Loans, Economic Instruments|
|Agency:||Official Credit Institute (ICO)|
|Funding:||EUR 1.2 billion 2008-10|
In August 2008 the Spanish government launched the VIVE Plan (Innovative Vehicle - Ecological Vehicle) to subsidise the purchase of vehicles emitting less CO2 and to encourage the recycling and dismantling of polluting vehicles over 10 years old. In partnership with Spains Official Credit Institute (ICO), the state financial agency, a EUR 1.2 billion credit line provides subsidised loans up to EUR 30 000. An interest-free loan up to EUR 10 000 is provided, and an interest rate of 2.5% for the remaining amount, for the purchase of a new vehicle when a vehicle over 10 years old or with over 250 000km is traded in. The new passenger car purchased cannot emit more than 120g CO2/km, or 140kg CO2/km if incorporating electronic control systems or a three-way catalyst for gasoline vehicles and EGR exhaust gas recirculation devices for diesel vehicles. The limit is 160g CO2/km for light commercial vehicles. In November, the Plan was modified to include the purchase of used cars, on the condition that they are not more than five years old, and the vehicle scrapped is at least 15 years old. As of March 2009, over 27 000 transactions had taken place under the VIVE Plan.
Last modified: Mon, 29 Jun 2015 14:47:48 CEST