Méxican President Felipe Calderón has announced a "cash for clunkers" plan similar to his country's northern neighbor. The idea is, unsurprisingly, to help people to get rid of old and polluting cars in order to both improve car sales and to help the environment by putting more efficient, cleaner vehicles on the roads. The plan will subsidize the purchase of a new car with 15,000 pesos (about $1,100). The new car will need to be priced under 160,000 pesos (about $12,000), be made or assembled in México and replace a car that is at least 10 years old. What's not yet known is if any sort of fuel efficiency requirements are in place. In any case, the Mexican government is allocating half a billion pesos for this program, although has requested states and municipalities contribute as well by offering additional tax exemptions.
[Source: El Universal via Le Blog Auto]