Spain Offers Fourth Cash-for-Clunkers Program in Car-Sales Push

Spain’s government offered the fourth cash-for-clunkers program in a year, extending state incentives for car sales to fortify an economy emerging from a two-year recession.

The Cabinet approved the 70 million-euro ($97 million) program, Deputy Prime Minister Soraya Saenz de Santamaria told reporters in Madrid today. The 1,000-euro subsidy, which must be matched by a discount from the dealership, is available for new cars priced at 25,000 euros or less. Buyers must trade in a seven- to 10-year-old vehicle in exchange for a more fuel-efficient model.