The Green Vehicle Exchange is a program founded by Fraser Young whose goal is to convince drivers to scrap their older, polluting cars for newer, more fuel efficient models. They do this by offering participants anywhere from $1,500 to upwards of $4,000 for their old car, usually comptetitive with, if not more than, the car's trade-in value. The difference is that cars exchanged under the GVE program are dismantled, and the parts either recycled or scrapped in an environmentally conscious way, rather than passed on to another driver to continue polluting.
They do this by organizing a range of financial offerings including:
- A charitable dontation tax credit
- A carbon offset contribution value
- Guaranteed financing through participating banking institutions
- Scrap value
- Manufacturer's incentive discounts
- Dealer incentive discounts or add-ons
- Federal Government Old Car Credit
- Potential New Car Rebates
- Potential Provincial Tax Breaks
- Fuel savings from the new, more efficient vehicle.
While the program is still in the pilot stage, it is quickly gaining support. Keep an eye out for them at local events this summer, starting with the Canada Day celebrations in Ottawa.
For more information, see the attached hand-out or see this article from NiagraThisWeek.com.
