Are the Benefits of a High-Emission Vehicle Driving Area Restriction Policy Greater than the Costs?

China implemented a vehicle driving area restriction policy to control air pollution by delimiting a no-driving area for high-emission vehicles (HEVs). Current academic research does not evaluate the benefits and costs of this policy based on vehicle level and lacks evidence at the regional level. Therefore, a cost–benefit analysis method is developed to evaluate the benefits and the costs of this policy, based on 2.128 million HEVs in the Beijing-Tianjin-Hebei (BTH) region from 2008 to 2015. The benefits, the costs, and net benefits of this policy were CNY 98.49, CNY 5.80 and CNY 92.69 billion. The cost–benefit ratios of the BTH region, Beijing, Tianjin and Hebei were 1:16.98, 1:20.88, 1:14.52 and 1:16.55, respectively. Beijing’s cost–benefit ratio was the maximum at the city scale. This work can provide scientific support for promoting driving area restriction policies on older gasoline vehicles and older diesel vehicles, the improvement of cost–benefit analysis and efficient decision-making for the Chinese government.