Colorado offers residents $6,000 to trade in gas-powered vehicles
Luke Gentile
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Coloradans can receive upwards of $6,000 if they trade in their old gas-powered vehicles in a vehicle exchange program launched by the state Thursday.
Those who participate in Vehicle Exchange Colorado are eligible to receive either a payment of $6,000 to be put toward the acquisition or lease of a brand new electric vehicle or plug-in hybrid or $4,000 for a used vehicle, according to a report.
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Gas- or diesel-powered vehicles to be exchanged must be at least 12 years old or fail to pass an emissions test.
“This is a program that is very much designed to help recycle and replace those older high-emitting vehicles with electric vehicles,” Colorado Energy Office Program Manager Edward Piersa said.
Vehicle Exchange Colorado is only available for residents who meet income-qualifications or receive an income that is at or under 80% of their area’s median income, the report noted.
“In part due to cost, many low- to moderate-income people in Colorado have not had access to electric vehicles. This program will help bridge that gap,” Piersa said.
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Of the 12,000 homes on the receiving end of a state EV tax credit from 2017 to 2020, over 80% had an annual income of over $100,000, according to the report.
At least 70 dealerships are pre-registered with Vehicle Exchange Colorado.