Cash for Clunkers
"What was once known colloquially as Cash for Clunkers has been given the official government name of CARS – Car Allowance Rebate System. As soon as President Obama signed the bill, scammers were already thinking up ways to take advantage of the system. Here’s an explanation of how the new law works and how you can take advantage of it legally."
Also
From the official website - primary color, not shockingly, is green.
While the CARS Act makes transactions on and after July 1 potentially eligible for credits under the CARS program, interested dealers and consumers may want to wait until all of the detailed issues that must be addressed in the implementing regulations are resolved and the final rule is issued. Issuance will occur around July 23.
Important Things to Know
*Your vehicle must be less than 25 years old on the trade-in date
*Only purchase or lease of new vehicles qualify
*Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
*Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
*You don't need a voucher, dealers will apply a credit at purchase
*Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
*The vehicle that you are trading in is required to be destroyed. Therefore, the value you negotiate with the dealer for your trade in is not likely to exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value of your trade-in vehicle.
Lots of other details explain just how much of a rebate one can get. The short answer: depends on the fuel efficiency of the new vehicle vs. old one.
Also
From the official website - primary color, not shockingly, is green.
While the CARS Act makes transactions on and after July 1 potentially eligible for credits under the CARS program, interested dealers and consumers may want to wait until all of the detailed issues that must be addressed in the implementing regulations are resolved and the final rule is issued. Issuance will occur around July 23.
Important Things to Know
*Your vehicle must be less than 25 years old on the trade-in date
*Only purchase or lease of new vehicles qualify
*Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
*Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
*You don't need a voucher, dealers will apply a credit at purchase
*Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
*The vehicle that you are trading in is required to be destroyed. Therefore, the value you negotiate with the dealer for your trade in is not likely to exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value of your trade-in vehicle.
Lots of other details explain just how much of a rebate one can get. The short answer: depends on the fuel efficiency of the new vehicle vs. old one.
Comments
I did my research and found that this is a sweet deal. There is a guy documenting this whole new clunkers deal at www.slickbudget.com and he lays out all the info anyone needs for deciding if this is worth while for them. Very interesting read.
This is a program to boost the big 3 in Detroit and the program requirements had to be lowered to such low levels because otherwise the big 3 could not sell anything within this program due to their lack of real fuel efficient cars.
Don't get me wrong, I have no problem in helping the US automotive industry, but please call it by its right name!