Wednesday April 1, 03:41 PM
German car scrapping plan 'sold out'
FRANKFURT(AFP) (AFP) - A total of 1.5 billion euros (1.98 billion dollars) in German funds earmarked for a car wreckage premium have been snapped up in just two months, official data showed on Wednesday, paving the way for its extension.
As of Wednesday, the Bafa agency charged with administering the government incentive had received 780,410 requests, its Internet site said.
Launched in late January as part of a broader economic stimulus package, the car scrapping bonus worth 2,500 euros was to be limited to 600,000 applicants.
The programme is designed to underpin new car sales, with buyers getting the money if they scrap a car that is at least nine years old.
Conservative German Chancellor Angela Merkel and her Social Democrat coalition partner Frank-Walter Steinmeier have agreed to extend the programme until the end of the year, although details of the extension have not yet been finalised.
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