Cash for Clunkers Information
Last month the Obama administration approved the Car Allowance Rebate System (CARS), or the Cash for Clunkers Bill. The Cash for clunkers Program is designed to encourage people to trade in their old, inefficient vehicles for newer and more fuel efficient cars or trucks. It is also designed to help the struggling auto industry.
Car Allowance Rebate System (CARS)The Cash For Clunkers program starts July 1st and ends November 1st 2009, or whenever funds run out, whichever happens first. Eligible cars (clunkers) can be traded in for a voucher redeemable toward the purchase of a new, more fuel efficient vehicle. Vouchers are worth either $3,500 or $4,500, depending on several factors, including the difference in fuel efficiency between the old and new vehicles.
This chart shows a graphical representation of how the vouchers will be valued:
Before you can redeem a Car Allowance Rebate System (CARS) voucher, you must first determine if you have an eligible trade-in. Only cars that are between 10 and 25 years old with a combined mpg rating of 18mpg or less qualify for the Cash For Clunkers program.
Avoid scams! Be aware that there are multiple Cash For Clunkers scams, so be sure that you do not give personal information away on any websites, or send any money. The program is FREE to use and you will not have to pay anyone to register or join.
Step 1 – mile per gallon eligibility requirements. Determine if your vehicle is eligible. Go to the official Car Allowance Rebate System (CARS) website set up by the government: http://cars.gov. Here you can look up the combined mpg rating for your car. You will need to contact the National Highway Traffic Safety Administration (NHTSA) if your car is not listed.
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