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Russian cash for clunkers launches in March
Published: 12 January, 2010, 17:44
Edited: 13 January, 2010, 20:08
TAGS: Markets, Budget, Economy, Finance
The government will launch the cash-for-clunkers program, targeted at boosting car sales, on the 8th of March, following a decision made the Monday's government meeting.
It will see a 50 thousand Rouble certificate – about $1700 – provided to owners of cars more than 10 years old who want to trade up to a newer locally produced model. It is believed that between 60-65 locally made models will benefit although no definitive list has been released.
The Ministry of Industry and Trade says that regulations governing the program are still to be completed – with a database for certificates, and receiving and recycling points still to be determined.
12.01.2010, 17:26
Accounts chamber slams Avtovaz performance on support fundsRussia’s Accounts Chamber has drafted a report on the expenditure efficiency of 25 billion Rouble in state assistance to Avtovaz, which slams the performance of Russia’s largest carmaker. |
13.01.2010, 10:52
Belarus, Russia oil impasse continuesAfter days of talks on a new oil transit deal, Belarus still insists it should get crude from Russia duty free, even though it sells most of it to Europe for a large profit. |
I've always had a problem with Cash4Clunkers. To me it seems to go against simple supply and demand economics. How can we push all of these new cars into a market already saturated with used and repossessed vehicles (i.e. repofinder.com )? Now new cars are worth even less, we have more Americans in debt, and eventually more repossessions.