Spain is continuing its subsidy scheme for new car buyers until the end of the year, the seventh time Madrid has extended the scrappage programme which has so far cost more than EUR1bn.
Buyers get a subsidy worth EUR2000 when they scrap an old car and buy a new one. The scheme was first introduced two years ago.
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Last year, sales rose 3% to some 722,700 and, in the first nine months of this year, were up 17% and grew by 26.1% in October, according to data from car manufacturers’ association ANFAC.
The scheme was last extended in June with an additional EUR175m funding.
