Italy extends its cash for clunkers program for 100,000 more vehicles

The Italian cash for clunkers program was supposed to last until the end of 2009. However, there were voices that called for the extension of the program. Once such voice was Sergio Marchione, the CEO of Fiat, who said that there could be "severe social consequences" if the program was suddendly finished. Presto, the Italian Government has now decided to extend the program by 100,000 more vehicles or €2 billion, whichever is reached first. The program offers a tax break of €1,500 to buyers who get a new car that has reduced CO₂ emissions. The amount is increased to €3,000 or €3,500 when purchasing a CNG (Compressed Natural Gas) or an all-electric vehicle. Recently, France opted to extend its program with reduced subsidizes and the UK found more money for their program as well.

[Source: Le Blog Auto]