Just in case you haven't heard about the latest Bill to land on Obama's desk, it is something you might want to check into; especially if you are in the market for one of the newer, more fuel efficient vehicles to be coming out for 2010. It seems there is government funding available to happy car shoppers if their old trade-in qualifies as a
clunker. There is one catch, however, or maybe more-who knows? The vehicle you trade in must have a fuel efficiency rating of combined 18 mpg or less and the new car you purchase is 10 mpg more fuel efficient than your trade in. In which case, you may earn up to $4500. You may get $3500 if the new car is 4 mpg more fuel efficient than your trade in.
This Bill has set aside $4 billion in funds for the
"Cash for Clunkers" program. Not a small chunk of change in this faltering economy. Let's hope we can find a good recyclable service for all these clunkers that will be piling up somewhere! A few other restrictions you will need to know about are that you must hold a valid legal title to the trade-in vehicle and must have been registered to the same owner for the full year prior to the trade. Only the purchase or lease of
new vehicles qualifies.
Cars that do not qualify are cars that are older than 25 years (beyond clunking) and cars that have not been insured for the past year.
You may purchase or lease an American or foreign vehicle and most if not all new automotive dealers will be participating in this program. The program is set to kick off on July 1, 2009 , but there is a little confusion in the wording of the Bill that may make the start date sometime in mid-July.
Should you be interested in finding out more about this incentive program and get an early start on researching economical vehicles for possible purchase during this program, you should log onto the
Cash for Clunkers website sometime before mid-July and find out if your trade-in will qualify you for the incentive. It seems the program will run from July until November 2009.
Also, it would behoove you to be aware of any scams that may or may not come out of this program-seems to be the norm with any new website info-and make your purchase through a reputable dealer and research all aspects of the program before getting too involved.
Lots of luck and happy car hunting.
