No, really!
Earlier this month, President Obama passed through the so-called "Cash for Clunkers Bill," aka the "Erin Might Drive a New Car For the First Time in Her Life Bill."
Essentially, the Government wants you to trade in your crap old car for something a little more environmentally friendly. This drives business to dealers, in turn stimulating the economy and hopefully letting a few auto workers keep their incomes. Good ol' Uncle Sam is going to give you a credit of up to $4,500 towards your new vehicle. Talk about a win-win!
Daydreaming of turning your rusted out 1985 Accord into a 2010 Camaro? Well, there are a few limitations. The following information is taken directly from CARS.gov, the official site of the Car Allowance Rebate Systems Act. Read on, my fellow P.O.S. drivers.
THE OLD CAR
- It must have been manufactured less than 25 years before the date you trade it in.
- It must be in drivable condition.
- It must have a "new" combined city/highway fuel economy of 18 miles per gallon or less (check your car's combined fuel economy here).
- It must be continuously insured and registered to the same owner for the full year preceding the trade-in.
The New Car
- You don't have to BUY the new car- you can lease.
- The new car DOES NOT have to be American made.
- The new car must have a MSRP of no more than $45,000.
- The new car must have combined fuel economy of at least 22 mpg.
Other Stuff
- The amount of the credit is between $3,500 and $4,500 depending on your old car and difference in fuel economy between the trade-in and the new car.
- The CARS Act requires the dealer to use the credit under the CARS program in addition to any rebates or discounts advertised by the dealer or offered by the new vehicle’s manufacturer.
- You can combine this with other State and Federal incentives, such as the hybrid vehicle credit.
- The deal ends November 10th, or when funds run out.
Image via Realist Idealist
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