A scrappage scheme encouraging people to trade in their old banger for a greener vehicle saw 700 applications fly in within the first hours of going online, the Transport Ministry told the Financial Mirror.
The Transport Ministry’s spokesperson, Margarita Kyriacou, said the ministry is pleased with the interest shown within the first seven hours of the scheme going live on Monday.
“Taking into account that at a first stage just 360 applications will be approved, having received almost twice that, is certainly encouraging news for the future of the scrappage schemes, and our struggle to bring down CO2 emissions.”
Kyriacou said the scrappage scheme applications are not based on a first-come, first-serve principle but will select the oldest cars first.
Cyprus has two generous scrappage incentive schemes, investing €45 mln in convincing Cypriots to turn to greener cars.
Some €15 mln is for people who want to replace their older petrol-guzzling cars with an eco-friendlier vehicle.
The other €30 mln is for increasing the number of vehicles powered solely by electricity.
The first scheme involving the scrappage of cars older than 12 years and purchasing a newer, more eco-friendly one will benefit 360 applicants at the first stage.
People scrapping their old car will be entitled to a €7,500 grant.
Approved applicants will be given a two-month period to provide proof of purchasing or ordering the vehicle of their choice.
However, the CO2 emissions of the vehicle to be bought must be under 50g/km.
Applicants will be given a two-week window to submit their applications online; more details will be given in the days to come.
A scheme encouraging people to opt for an electric car goes online on 20 December, giving people until 3 January to submit their interest.
There is a €10,000 incentive package to encourage motorists to scrap their old petrol cars for a new environmentally-friendly electric one.
People buying a new electric car will be eligible for a €9,000 grant, while they could be given an additional €1,000 if they have a car over 12 years scrapped.
It means they could benefit from a €10,000 grant.
“People wanting to buy an electric car will have to submit their application for the €1,000 grant for scrapping their older car, and on 20 December, go online to apply for an electric one,” said Kyriacou.
Cyprus hopes to register 36,000 electric vehicles by the end of 2030.
Transport Minister Yiannis Karousos has said the aim is for 25% of new vehicle registrations by 2030 to be electric ones.
“The ultimate aim is to increase this percentage to 100% by the year 2035.”
To be eligible for the grants, the price of a new vehicle must not exceed €80,000.
For used vehicles, the ceiling is set at €50,000.