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.
July 7, 2009 at 5:45 pm |
Our renters did this with their daughters old BMW (it was really, really old) and they were able to get a newer, more reliable car. This is a legit thing that you don’t have to jump through hoops to get. I’m not sure I totally agree with this program, but if it gets some of those junkers that are polluting the city off the road, then I can appreciate it a little.
July 7, 2009 at 11:28 pm |
Yes, just what Americans need right now – extra incentives for consumer debt.
The last thing I’d do right now is take on a car payment!
July 7, 2009 at 11:31 pm |
What gets me is that it has to be NEW car, not just a car with better gas mileage. Wouldn’t it be better for the environment to get an already existing car (that gets more than 25 mpg) instead of the adding pollution from manufacturing and pollution from dealing with the scrap?
It’s our tax dollars going to shore up the government owned car companies, under the guise of being eco-friendly (when it’s not, in fact, eco friendly.)
July 9, 2009 at 9:53 am |
Most cars will not be eligible for a voucher because they get better than 18mpg. You can still get a tax deduction if you donate car to charity.