Abstract Motor vehicle emissions contribute significantly to air pollution in Beijing. Therefore, a number of measures have been taken to control emissions from motor vehicles, including the elimination of high-polluting old vehicles and driving restrictions. We compared the pollution reduction effects and implementation costs of these two policies. The results showed that an average annual investment of about 1.7 billion RMB was invested in a policy of eliminating old vehicles in Beijing, resulting in annual emissions reductions of about 22,600 tons of CO, 1330.2 tons of NOx, 2197 tons of HC, 78.6 tons of PM2.5, and 81.3 tons of PM10. Meanwhile, a driving restrictions policy resulted in an annual loss by consumers of more than 17.84 billion RMB and annual emissions reductions of just 12,000 tons of CO, 845 tons of NOx, 1356 tons of hydrocarbons HC, 53 tons of PM2.5, and 57 tons of PM10. A policy of eliminating old cars is more cost-effective than a driving restrictions policy, policy formulation should take into account the cost-effectiveness of policies.