The number of vehicles participating in the government's first-time car buyer scheme will likely exceed 600,000 units, far beyond the target of 500,000, and the cost is expected to exceed the 30-billion-baht budget.
From Sept 16, 2011, when the scheme was started, until yesterday, 581,344 vehicles have submitted requests for the excise tax rebate, at a tax cost of 42.9 billion baht.
Somchai Pulsawas, director-general of the Excise Department, said the department expects that by Dec 31, when the scheme is expected to expire, the number of requests will surpass 600,000 units.
"Everyone can submit requests at excise offices nationwide during official hours up to Dec 31, but if you file online, then the deadline is midnight that night," said Mr Somchai.
A senior official at the department said it receives about 50,000 submissions a week, but it was possible for submissions to reach 800,000 over the last month, with a tax cost shooting up to 60 billion baht.
The department calculates the tax rebate cost per unit at 70,000 baht on average.
The scheme was a major Pheu Thai campaign promise, allowing first-time car buyers to claim an excise tax rebate of up to 100,000 baht from the actual tax amount of that vehicle.
To be eligible, buyers must be purchasing their first vehicle, it must be priced below 1 million baht.
Passenger cars must also have a maximum engine size of 1,500cc, while pickup trucks have no limit on engine size.