Canada has had a cash for clunkers-like program in effect for nearly a year now. However, Canada’s “Retire your Ride” program which gives you a paltry $300 towards a new car or bus pass in exchange for your “ride” hasn’t caught on.
Ford Canada has upped the ante and will offer anyone an additional $2700 on top of the $300 ($3000) for your 15 year old vehicle in exchange for a new Ford. Chrysler will offer $1500 and Hyundai $1000 in similar programs.
Apparently due to the epic success of the American $3500-$4500 version, the Canadian Government is said to be reviewing the entire program as I type this and Ford Canada CEO David Mondragon has been quite vocal about the issue…
“If the government decides to make changes to the program, we hope it will be complementary to our program, but that said, in today’s hyper-competitive market, we could not afford to wait.”
Canadian auto sales have been in a free fall for the past 10 months and Canadian auto companies are screaming for an in increase to the current $300 offered for older vehicles from the Canadian Government.
- Saturn to exit Canadian market
- July 2009 Canadian new car sales numbers
- Report: Global auto industry getting better
It makes sense, as the Canadian government will eat up all that extra tax revenue from the sale of new cars.