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You may have heard about the Cash for Clunkers bill congress just passed - if you haven’t, and you’ve got a vehicle that doesn’t get very good gas mileage - now might be a good time for you to consider action - the newly passed ‘Cash for Clunkers’ bill could save you up to $4,500 on your next car purchase.
So, here’s the nitty-gritty on the ‘Cash for Clunkers’ bill:
1. Your Current Vehicle. In order to cash in, the vehicle you trade in on your new vehicle purchase needs to have a combined highway and in-town average of 18 MPG or less, be 25 years old or newer, and has to have been insured in the last year (Grandpa’s pile of rust out back won’t qualify).
2. The Money You’ll Get. If you purchase a NEW vehicle that gets 4-9 MPG more than the clunker you trade in, you’ll receive $3,500. If the NEW vehicle you purchase gets 10 MPG or more than your current clunker, you’ll receive $4,500.
3. Your Current MPG. Not sure what the official combined MPG is for your vehicle? Here’s a great place to find out all about it: FuelEconomy.gov
Unfortunately, the car I’m planning on replacing soon has a combined 21 MPG - I guess I’ll be missing out. What about You?
June 23rd, 2009 at 5:06 pm
Pretty good post. I just came across your blog and wanted to say
that I’ve really enjoyed browsing your blog posts. In any case
I’ll be subscribing to your blog and I hope you write again soon!
June 29th, 2009 at 11:22 am
Josh from Idaho notified me that there have been a few scams pop up already surrounding the Cash for Clunkers program. Here’s a few things you ought to know and watch out for:
1. Do NOT give out any personal information for registration purposes. The government has said that there is NO REGISTRATION required for the program.
2. The official name of the program is Car Allowance Rebate System, not ‘Cash for Clunkers’.
3. Visit http://www.cars.gov for the official outtake on this new way to save money.