Todays is : Friday, 30 July 2010
| Cash for Clunkers – Is it for me? |
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| Written by Scott Pitman | |||
| Thursday, 02 July 2009 09:47 | |||
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The Cash for Clunkers legislation has passed, and has received President Obama's signature. Here is a summary of the facts you need to know about the “CARS” Cash Allowance Rebate System. 1. What's a clunker? A driveable vehicle 1984 or newer, with a fuel economy rating of no more than 18 mpg. To find out the official mileage on your clunker, visit fueleconomy.gov the official site for fuel mileage calculations. 2. Here's how CARS works: you trade in your older vehicle for cash towards the purchase of a brand new, more fuel-efficient one. The better the mileage of the new vehicle, the more money you'll get towards its purchase - either $3,500 or $4,500. The minimum combined fuel economy of a new vehicle purchased under the program must be at least 22 mpg, while new small trucks and SUVs have to get at least 18 mpg, and large trucks have to get 15 mpg. The old cars must be salvaged once you trade it in. 3. No such luck, car “flippers”: the program is off-limits to buy an old vehicle and "flip" it - the vehicle must have been insured and registered by the same owner continuously for at least one year before the trade. 4. The environmental idea behind the bill is that it takes old, inefficient vehicles off of the road. As with any bill there is controversy from all sides surrounding the bill. Simply Google “Cash for Clunkers” and peruse the over 2,000,000 recent entries. 5. Consumers should act fast. The bill provides vouchers for one million purchases, and the window of time is only from July 1 to October 31, 2009 (whichever occurs first). The bill will be revisited in the fourth quarter of 2009, but changes may be made at that time. 6. You don't need a voucher; dealers will apply a credit at purchase. 7. 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. For information regarding the program, visit the official website at cars.gov For local information regarding the program or questions about if your vehicle qualifies give Scott Pitman a call or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . See: ridehomehappy.com Scott Pitman has been involved in the auto industry in Wichita for the past 20 years. Scott it the Chief Evangelist and Operating Partner for Suzuki of Wichita and RideHomeHappy.com
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