UPDATE: The Retire your Ride program ends March, 31, 2011. Read: Driving off into the sunset: Retire your Ride ends March 31, 2011
If your car is long past its prime and you're thinking about getting a new car, you may be in luck. With the Retire your Ride program you can get rid of your car while getting a few rewards in its place.
The Retire Your Ride program is Canada's version of the U.S.-based Cash for Clunkers program. So far in Canada, over 123,000 cars have been retired surpassing the original target of 50,000.
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
- Registered and have been insured for the last 6 months
What do you get in return?
Depends on where you live. For example, the following is a summary of the potential rewards you can choose from if you live in Alberta, Ontario or Quebec.
Alberta
If you retire your ride in Alberta you can choose one of the following rewards:
- $300 cash
- $350 to $490 off of an eligible high-end commuter bicycle
- Transit passes from either the Calgary or Edmonton transit system
Ontario
If you retire your ride in Ontario you can choose from the following:
- $300 cash
- $350 to $490 off of an eligible high-end commuter bicycle
- Up to $400 towards a car sharing membership with AutoShare
Quebec
If you retire your ride in Quebec you can choose one of the following rewards:
- $300 cash
- Up to $790 off of an eligible high-end commuter bicycle
- Up to $700 towards the purchase of a motorized bicycle from Ecomoto
- Transit passes from either the The Capitol Transit Authority, The Société de transport de Lévis, the Agence métropolitaine de transport, or the Société de transport de l'Outaouais
In addition to these options, every person who retires their ride in Quebec, regardless of the reward chosen will also get a charitable tax receipt for either $55 or $100.
Extra incentives from auto manufacturers
Several of Canada's auto manufactures are offering additional incentives to encourage people to retire their old ride for a new one.
General Motors Canada
General Motors Canada will provide you a bonus between $750 to $2,000 towards the purchase or lease of a new eligible 2010 or 2011 vehicle.
Hyundai Canada
Hyundai Canada will top up any available incentive with up to $1,000 towards the purchase of a newfuel-efficient new vehicle.
Chrysler Canada
Chrysler Canada will kick in $500 to $1,500 towards your new Chrysler, Jeep or Dodge vehicle on top of what you will get with the incentives offered by the Retire Your Ride program.
Ford Canada
Depending on the model chosen, Ford will give you up to $2,000 over and above any existing Ford incentives towards a new 2010 Ford vehicle.
Compare car insurance quotes
If you are planning on retiring your ride and plan to take advantage of the added incentives offered by participating automakers, remember that it is a good idea to compare car insurance rates before you purchase.
When you are looking to buy a new vehicle knowing how they compare to other autos could help in making your vehicle purchasing decision. Rates can vary considerably between vehicles.
Insurance rates also vary significantly between companies. No matter what vehicle you decide to drive, comparing auto insurance rates from competing insurance companies will ensure you're not overpaying for your car insurance premiums.
Shop around for insurance quotes at Kanetix.ca to make sure you are making the right choice. Kanetix.ca offers drivers looking to find cheaper car insurance a better and quicker way to shop for auto insurance. With just one visit, drivers can easily get online auto insurance quotes from competing insurance companies to save.
In the market to buy a car? Don't forget to:
- Read: Top 10 most popular hybrids in 2008
- Read: 2008's all-time favourite car brands
- Read: Buying a used car? Tips to help you avoid buyer's remorse
- Read: The safest cars on the road