Do you drive a run-down gas guzzler?
Do you believe that the gas in your car is actually worth more than the car itself?
Well it appears that President Obama's new Cash For Clunkers stimulus plan will allow you trade in your old banger for a more fuel efficient car!
The affectionately named Cash For Clunkers program is set to run from the end of July until November 2009. The program is designed to remove these gas guzzling vehicles from our roads while helping to stimulate the economy with new car purchases.
The Cash For Clunkers Rules
- 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 program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.
The official name for "Cash For Clunkers" is the Car Allowance Rebate System. You can trade your old car for a new and better car and you will receive credit of up to $4500 to purchase your new car. If your car is worth more than $4500, don't bother wasting your time with the new stimulus program.