New Policy of "National Subsidy" in 2026: From "Extensive Support" to Precise Efficiency Improvement, Unleashing New Consumption Opportunities
In the Spring Festival car market in 2026, there was an additional warm feeling of "policy dividends" compared to previous years. While people were busy preparing for the New Year and rushing for the Spring Festival travel rush, the detailed rules for the subsidy of trading in old cars for new ones, implemented two months in advance by eight departments including the Ministry of Commerce, had quietly ignited the consumption enthusiasm. Different from the inclusive subsidy approach in 2025, this year's policy features "early start, lower average subsidy, and high precision". The maximum subsidy of up to 20,000 yuan in places like Shanghai and Jiangxi, combined with the exclusive New Year discounts from car manufacturers, have made many families put "buying a new car" on their Spring Festival agenda. The encounter between this policy and festival consumption not only brought a "good start" to the Spring Festival car market but also continued after the festival. New energy and high - end models were the biggest winners, and the county - level market became a new blue ocean for growth.
Early Start + Differentiation, Activating the Spring Festival Consumption Boom
The most obvious change in the policy of trading in old cars for new ones in 2026 is that it "came early and was detailed". As early as December 30, 2025, the national implementation rules were officially released and fully implemented on January 1, 2026, three months earlier than in 2025, precisely covering the peak car - buying season during the Spring Festival. For consumers, this means they can buy cars with confidence without waiting for the policy to be fully implemented. Those who place orders during the Spring Festival holiday can also apply for subsidies normally. The Ministry of Commerce specifically issued a document to clarify this, reassuring many people who were holding back their purchases. Compared with 2025, the biggest change in this year's policy is that the subsidy method has changed from a fixed amount to a calculation based on the proportion of the new car's selling price. Although the overall average subsidy has decreased by 30%, the targeting of the subsidy has been significantly improved, truly making the most of the resources.
The core framework of the policy continues the dual - track system of "scrapping and renewal" and "replacement and renewal", but the subsidy method has changed from a fixed amount in 2025 to a subsidy based on the proportion of the new car's selling price. Specifically, models with an invoice price exceeding 188,000 yuan can enjoy a replacement subsidy of 15,000 yuan. For scrapping eligible old cars and replacing them with new energy passenger cars, a subsidy of 12% of the selling price, with a maximum of 20,000 yuan, is provided; for replacement and renewal, a subsidy of 8% with a maximum of 15,000 yuan is given. The subsidy for fuel - powered cars is limited to those with a displacement of 2.0 liters and below, clearly tilting towards green and low - carbon models.
The differentiated supporting measures of local governments under the national framework have also taken the policy's precision to a new level. As a major car - consuming province, Shanghai has strictly defined the time limit for scrapping vehicles. Gasoline cars registered before June 30, 2013, and diesel cars registered before June 30, 2015, can enjoy the maximum subsidy, precisely targeting high - emission old vehicles. In contrast, central and western provinces such as Jiangxi and Hunan focus more on activating the sinking market. They have simplified the application process for rural consumers and supported second - hand car outlets in townships to handle applications on behalf of consumers, enabling car owners in remote areas to conveniently enjoy the policy dividends.
However, there are also details to note in the policy implementation. For example, the old car must be registered in the applicant's name before January 8, 2025. The invoice and the registration place of the new car must be in the same province, and an individual can only enjoy the subsidy once. Scrapping and replacement subsidies cannot be combined. Some places implement a "first - come, first - served" policy. In places like Xuzhou, Jiangsu, the subsidy quota was exhausted in advance. Therefore, industry insiders remind that consumers should act early once they find a suitable car. There are sufficient quotas and a smooth process in the early stage, while there may be a rush at the end of the year. At the same time, it can avoid the situation of subsidy interruption like last year.
In response to the issues in 2025 such as uneven distribution of subsidy funds and subsidy fraud in some regions, the 2026 policy has also strengthened supervision. By comparing vehicle information through big data and implementing real - name authentication, the safety of the funds is ensured, allowing consumers with real car - replacement needs to enjoy the benefits. The policy has achieved obvious activation effects. According to relevant data from the Ministry of Commerce, as of February 19, a total of 612,000 cars were traded in across the country, driving new car sales of over 100.5 billion yuan. During the Spring Festival holiday, the daily sales of new energy vehicles reached a maximum of 36,000, a 150% increase compared to the same period in 2025, and orders for trading in old cars accounted for over 65%.
It is worth noting that in February this year, under the influence of the "longest Spring Festival holiday in history", the domestic car market underwent a real "stress test". Since there were only 16 effective working days and the pre - festival demand was released in advance, the sales of most car manufacturers declined significantly compared to January this year. However, with the return of people to cities after the festival and the launch of spring auto shows in many places, it is expected that the terminal customer flow and sales in March are likely to rebound month - on - month.
Resonance between Subsidies and Car Manufacturers, Post - Festival Car Market Differentiation after the "Spring Festival Boom"
Facing the subsidy policy implemented in advance, car manufacturers did not hesitate at all. They quickly adjusted their New Year promotion strategies, forming a four - dimensional collaborative system of "policy subsidy + car manufacturer discounts + financial support + service upgrade", making the Spring Festival car market increasingly hot. This enthusiasm did not stop abruptly after the festival but instead led to a structural differentiation in the car market.
During the Spring Festival, domestic high - end new energy brands and joint - venture luxury brands both launched a combination of "maximum subsidy + cash discounts", maximizing the policy dividends. Hongmeng Zhixing launched cash discounts and intelligent driving deduction packages for the Wenjie M9. Combined with the subsidy for trading in old cars for new ones, the comprehensive discounts made many consumers place orders decisively. Traditional luxury brands also lowered their "pride". The maximum comprehensive price cut for the BMW 7 Series reached 270,000 yuan, the Mercedes - Benz E - Class had a discount of over 130,000 yuan, and the Audi A7L had a discount of nearly 190,000 yuan. The subsidy policy became an important means for them to "reduce inventory". Domestic brands understand the needs of the county - level market better. Brands such as BYD, Geely, and Changan launched "maximum subsidy enjoyment + 10,000 - 20,000 yuan cash discounts". For their main models priced between 100,000 and 150,000 yuan, they also provided additional replacement subsidies for old customers, effectively activating the replacement demand of existing users. Chery Automobile's New Year replacement season covered both fuel - powered and new energy models, attracting consumers with real discounts.
In addition to direct discounts, car manufacturers also spent a lot of effort on financial support and service upgrade. IM Motors launched financial plans of "0% interest for 7 years and 0% interest for 3 years" to relieve consumers' financial pressure. Many car manufacturers cooperated with second - hand car platforms to launch "residual value guarantee services". Consumers can directly use the residual value of their old cars to offset the price of new cars, achieving a one - stop service of "selling the old car + buying the new car". Lynk & Co provided an additional 5,000 - yuan subsidy for 25 old owners of the Lynk 08 to replace with new models and also offered a free upgrade to the latest OTA system, enhancing user stickiness through services. Joint - venture brands such as Volkswagen and Toyota offered a 20% increase in subsidies for old fuel - car owners to replace with the brand's new energy models, trying to make up for the shortcomings in the new energy market by converting existing users.
After the Spring Festival holiday, the car market did not experience the "post - festival slump" as in previous years. Instead, it showed a distinct structural differentiation. In the car markets of first - tier cities, the "high - end replacement" trend continued. Many consumers took advantage of the post - festival period to make decisions based on their pre - festival car - viewing. Orders for replacing traditional fuel - powered luxury cars with domestic high - end new energy models continued to increase. A sales manager of a high - end new energy brand in Beijing said that in the first week after the festival, the order volume of their store increased slightly compared to before the Spring Festival, and many of the customers were trading in old cars for new ones. In second - and third - tier cities and county - level markets, they became the "main battlefields" for the popularization of new energy vehicles. New energy models priced between 100,000 and 150,000 yuan were still the main consumption force. The subsidy policy solved the pain point of insufficient budgets, and the expansion of charging facilities alleviated the anxiety about usage, continuously increasing the penetration rate of new energy vehicles in the county - level market.
Behind this differentiation is the consumption structure upgrade driven by the combination of policies and the market. Data released by the China Automobile Dealers Association shows that although the dealer inventory warning index in February was still above the boom - bust line, it had decreased by 3.2 percentage points month - on - month, which means that the hot sales during the Spring Festival effectively relieved the inventory pressure of dealers. To maintain this momentum, car manufacturers also launched post - festival continuation policies. For example, Tesla China continued its "ultra - low - interest loan for 7 years" car - buying policy. LeDao Automobile launched a new round of car - buying policies on March 1. On the basis of the 7 - year ultra - low - interest financial plan, it also offered a full subsidy for the purchase tax. Those who purchase cars by renting the battery can enjoy a full subsidy for the purchase tax. SAIC - GM - Buick announced the launch of a "10 - billion - yuan red envelope" opening - year benefit. Many models had direct price cuts, and customers could also place orders through Tmall or Douyin to enjoy a deposit expansion of 1,000 yuan to 5,000 yuan. BYD continued its replacement subsidy to keep consumers' car - buying enthusiasm high.
In the long run, the policy of trading in old cars for new ones in 2026 is promoting the continuous increase in the penetration rate of new energy vehicles. The China Association of Automobile Manufacturers predicts that the penetration rate will exceed 55% this year, an increase of more than 5 percentage points compared to 2025. The "precision" adjustment of the policy lays the foundation for future subsidy reduction. After 2027, subsidies may further tilt towards models with "high - range, high - intelligence, and low - energy - consumption", but the spontaneous market demand will become the dominant factor.
As the stock of old fuel - powered cars continues to decrease and the number of new energy vehicles in use increases significantly, the supporting ecosystems such as charging, maintenance, and second - hand cars are becoming more and more perfect, forming a positive cycle of "market demand driving industrial development, and industrial development feeding back market demand". By 2028, the penetration rate of new energy vehicles is expected to exceed 65%. The long - term policy will encourage car manufacturers to increase R & D investment in high - end and intelligent fields. Domestic high - end new energy brands are expected to surpass traditional luxury brands in the core technology field. At the same time, improving the new energy second - hand car circulation system can solve the industry pain point of "low second - hand car residual value", leading the entire industry into a new stage of high - quality development.
This article is from the WeChat official account "Insight into the Car Market". Author: Yang Shuo. It is published by 36Kr with authorization.