Cash for Clunkers

I missed the cash for clunkers  passage while I was on vacation and just heard about it.  I hate the stimulus spending, but since it is here take a look or at this toyota ad.. if  are shopping for a new vehicle and will be trading in an older automobile.  You can get up to $4,500 for your clunker.

Here are a few facts from the gov’t site:

• 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.