2026年汽车以旧换新补贴出炉：与车价挂钩，中高端车最受益

Core Viewpoint - The 2026 "old-for-new" vehicle policy introduces new subsidy measures aimed at promoting the purchase of new energy vehicles and fuel-efficient cars, with subsidies linked to vehicle prices rather than fixed amounts, maintaining the maximum subsidy limits from 2025 [1][4]. Subsidy Details - Consumers scrapping vehicles registered in their name can receive a subsidy of 12% of the vehicle price, capped at 20,000 yuan for new energy vehicles, and 10% of the vehicle price, capped at 15,000 yuan for fuel vehicles with an engine size of 2.0 liters or less [1]. - For vehicle trade-ins, consumers can receive 8% of the vehicle price, capped at 15,000 yuan for new energy vehicles, and 6% of the vehicle price, capped at 13,000 yuan for fuel vehicles with an engine size of 2.0 liters or less [1][4]. Policy Changes Compared to 2025 - The eligibility for scrapping subsidies has been extended by one year, allowing gasoline vehicles registered before June 30, 2013, and diesel vehicles registered before June 30, 2015, to qualify [4]. - The subsidy structure has shifted from fixed amounts to a percentage of the vehicle price, allowing for more precise targeting of subsidies based on vehicle value [4][6]. Impact on Vehicle Sales - The 2025 policy led to over 11.5 million vehicles being traded in, generating new car sales exceeding 1.6 trillion yuan, with more than half of retail sales in the passenger car market participating in the "old-for-new" program [5]. - The shift in subsidy structure is expected to drive sales of mid to high-end vehicles, as the subsidy for lower-priced models may decrease, potentially alleviating pressure on the automotive market from consumer downgrading [7]. Environmental and Structural Benefits - The new subsidy design aims to promote greener, low-carbon, and intelligent vehicle consumption, effectively guiding consumer behavior towards more advanced and environmentally friendly vehicles [6]. - The policy is projected to benefit over 12 million vehicles, stimulating new car consumption by nearly 1.5 million units in 2026, thus expanding the reach of the subsidy program compared to 2025 [6].