If your car is long past its prime and you're thinking about getting a new car, you'll have to hurry if you intend to take advantage of Canada's Retire your Ride program.
After March 31, 2011, the chance to take advantage of the Retire Your Ride program will be gone. Up until that date, car owners can submit their application to retire their old cars in exchange for cash, transit pass discounts, bicycles, car sharing memberships, or new, fuel efficient cars. Thus far, the program has been a resounding success, seeing more than twice the originally expected 50,000 cars traded in.
Does your clunker qualify?
In order to benefit from the Retire Your Ride program, your car must be:
- A 1995 model year or older
- In running condition (it must be able to start and move)
- Registered and have been insured for the last 6 months
- Complete with no parts removed
- For personal use only
- Free of liens (parking tickets, toll-road fees, etc.)
What do you get in return?
The incentives to Retire Your Ride differ based on the province. Alberta, Ontario and Quebec, for example, offer the following Retire Your Ride rewards:
- Alberta residents have the choice of receiving $300 in cash, $350 to $490 discount on a commuter bicycle of high quality, up to $450 off of the cost of an electric bicycle, or Calgary or Edmonton transit system passes.
- Those in Ontario have similar options: $300 cash, $350 to $490 off the cost of a high end commuter bicycle, up to $450 off the cost of an ebike, or up to $450 towards certain car sharing memberships.
- In Quebec, residents who retire their older car have the choice of up to $790 off the price of a commuter bicycle, discounts off the purchase of an electric bike or scooter, $300 in cash, or transit passes from select services. No matter what reward is chosen, Quebec drivers also receive a tax receipt of $55 or $100.
For those looking to purchase a newer, more environmentally-friendly car, be sure to compare rates for auto insurance as well. After all, you shouldn't be spending the money you just saved by overpaying for your auto insurance. Shopping for quotes can result in drastically lower insurance premiums. One such site which offers insurance quotes from competing insurers is Kanetix.ca. Only by comparing auto insurance rates and shopping around will you find the lowest rate for car insurance.