France extends "cash for clunkers" scheme for two additional years

The French minister of Economic Affairs, Christine Lagarde, has announced that the country's current cash-for-clunkers scheme, called prime à la casse, will be extended for two additional years. The initial plan was to end the program by the end of this year, but the government believes that the car market would likely crash if the stimulus Euros were withdrawn now. In order to apply for the €1,000 grant from the Government, French car buyers need to replace an old car with one that has CO₂ emissions under 160 g/km. Lagarde also said that the program has, thus far, helped mostly French manufacturers and has removed about 330,000 clunkers from the road.

[Source: Le Blog Auto]