Monday, July 27, 2009

Cash for Clunkers, TIME!!!

Yes, this is the one program that many of my family members have been following and ready to deal, for a new vehicle.

Got an old gas guzzler in the garage? Car shoppers can take advantage of new government incentives worth $3,500 to $4,500. Owners can scrap their clunker in exchange for a new, more fuel-efficient vehicle, and lop off thousands of dollars from the sticker price. Congress approved the "Car Allowance Rebate System," or "CARS," program last month to boost auto sales and attempt to retire some inefficient cars and trucks. Here's a look at the program:

Q: Which vehicles qualify?

A: Cars and trucks must be 1984 models or newer to be eligible for a trade-in rebate. They must get 18 miles per gallon or less in combined highway/city rating — based on the "Estimated New EPA MPG" ratings available at The vehicle needs to be driveable, insured and licensed for at least a year — so forget about buying a clunker this summer for $500 and "flipping" it through the program. Violators face penalties if they submit false information.

Q: How do I qualify for the incentives?

A: For passenger cars, consumers can get $3,500 if the new vehicle gets at least 4 mpg more than the trade-in and $4,500 if the new vehicle gets at least 10 mpg more than the trade-in. For sport utility vehicles, pickup trucks or minivans, owners can get a $3,500 rebate if the new vehicle gets at least 2 mpg higher than the old vehicle. The rebate improves to $4,500 if the new vehicle gets at least 5 mpg higher than the trade-in. Large work trucks weighing at least 6,000 pounds can also qualify for rebates of $3,500 to $4,500. read more here....

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