STRANGE BUT TRUE: Slovakian 'Cash for Clunkers' Incentive Sells More than Just Cars - BodyShop Business

STRANGE BUT TRUE: Slovakian ‘Cash for Clunkers’ Incentive Sells More than Just Cars

While Cash for Clunkers legislation struggles for acceptance in the United States, the concept is such a hit in Slovakia – where it’s known as “scrap-for-new” –  that auto retailers aren’t the only ones jumping on the bandwagon.

Slovakian shopkeepers selling everything from wallets to washing machines are offering consumers cash incentives to trade in their used, shabby wares for new items – feeding off the buzz created in March when the Slovak government began offering a cash payment to motorists who scrap old vehicles, the Agence France-Press (AFP) reported. A typical scrap-for-new sign hanging in a shop window said, “Have your old wallet scrapped and get a new one with a 40-percent discount.”

The Slovak scrap-for-new incentive, meant to boost struggling auto sales, offers about $2,600 to motorists who scrap cars 10 years or older to buy new vehicles. The program is similar to those found in France and Germany. Proposed Cash for Clunkers legislation in the U.S. would provide between $3,000 and $7,000 to motorists who scrap vehicles that are at least eight years old to purchase new, fuel-efficient vehicles.

“Scrap-for-new became a fashionable expression (in Slovakia),” a market researcher told the AFP. “Consumers are amused by it – it’s trendy.”

The scrap-for-new incentive is so popular in Slovakia that 45,000 cars have been scrapped since its inception, and many new vehicle models are sold out.

For more information about Cash for Clunkers legislation in the U.S., click HERE.

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