Yuen fat Scrap Car Company
“One-for-One Replacement” Scheme for electric car
“One-for-One Replacement” Scheme is extended for two years. From 1 April 2024 to 31 March 2026, the first registration tax (FRT) concession cap is adjusted to $58,500* for electric private cars. The FRT concession cap for PC owners eligible for the "One-for-One Replacement" Scheme is adjusted to $172,500*. Electric Private Cars valued at over $500,000 before tax will not be entitled to the FRT concessions.
*For more details, please refer to the "One-for-One Replacement" Scheme on First Registration Tax Concessions for Electric Vehicles announcement from HKSAR government. Click here to learn more.
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Is Your Vehicle Eligible?
6 Years +
First registered in Hong Kong for at least 6 years when its registration is cancelled owing to scrapping.
18 Months +
Have been the registered owner for 18 months or more.
10 Months +
Have been licensed for at least 10 months (i.e. 304 days or more), within the 12 months immediately before its de-registration.
< 3 Months
The period between the de-registration date of the old vehicle and the submission date of the first registration application for your new BMW must not exceed 3 months.
Procedures for participating in the "One-for-One Replacement" Scheme
Key steps consist of the following -
(i) Checking eligibility of the "Old PC" concerned for the Scheme;
(ii) Arranging to scrap the "Old PC" concerned;
(iii) Completing de-registration of the "Old PC" concerned; and
(iv) Submitting first registration application for the "Replacement e-PC" and application for higher FRT concession for the "Replacement e-PC" under the Scheme.
Click here to Scrap Car process