Cash for Clunkers Signed By President Obama

Cash for Clunkers Signed By President Obama

President Obama has signed off on the Car Allowance Rebate System (CARS), also known as Cash for Clunkers. The fine details are still being worked out, but for pickup truck owners it's expected to work like this: 

If you own an old light-duty truck, such as a 2000 Chevrolet S-10, you can qualify for a $3,500 voucher if the new light-duty truck that replaces it has a combined fuel economy rating of at least 18 mpg and gets at least 2 mpg higher than the old truck. If the mileage of the new truck is at least 5 mpg higher, the voucher will be $4,500. The old truck has to be a 1984 model or newer.

If you own an old large light-duty truck, such as a 2000 Ford F-150, you can qualify for a $3,500 voucher if the new large light-duty truck that replaces it has a combined rating of at least 15 mpg and gets at least 1 mpg higher than the old truck. If the mileage of the new truck is at least 2 mpg higher, the voucher will be $4,500. The old truck has to be a 1984 model or newer.

If you own a 2001-model-year work truck or older, such as a 2000 Dodge Ram 3500, you can qualify for a $3,500 voucher for a new work truck or trade down to a large light-duty truck. There's no mileage requirement on these trucks because the EPA doesn't require fuel-economy ratings on heavy-duty pickups.

Clunker-graphic-560

All trucks have to be driveable and must have been continuously insured and registered to the same owner for at least one year.

You don't need a voucher for the vehicle you're scrapping, dealers will apply a credit at purchase.

Consumers can sign up for updates as the program rolls out to car buyers and dealers at the government's CARS website. The program is scheduled to end on November 1, 2009 but could be extended.

To find out more about Cash for Clunkers for all vehicles, check out the full details at Cars.com

Comments

Can our government piss away money any faster??? Who do you think will pay for this, it will be us or I guess that we can get another loan from the Chinese again.

Bummer of a program. A lot of good historic vehicles will end up destroyed in exchange of some modern, electronics-loaded, plastic soap dish, that won't last a fraction of the time the old "clunker" lasted. Amen.

If your pickup doesn't qualify for a voucher, just donate it to charity and get a tax deduction. Call Cars4Charities Car Donation Center at 866.448.3487 or go to http://www.cars4charities.org.

Could invest in CNG or H2 infrastructure and give tax credits to people who keep their cars and convert them to a clean energy fuel, and give more credits to people who buy new cars which run on CNG and H2... but no, that would make sense. Let's just throw money down the drain and do nothing. That's the kind of change we have to believe in.

Be warn folks, my 1999 F150 XLT 4x4 has a vehicle weight of 5600 lbs. that's under the 6000 - 8000 lbs limit for Large Light Duty Trucks. On Ford's recycle website, its says the only truck I qualified for was the Ford Ranger....SUCKS!!!

Sounds like a good idea but then again what do I know about clunkers? I like new cars better :P

Buyer beware: You should do your homework prior to making a car purchase under the 'cash for clunkers' program. Various news outlets have highlighted some scams, both online and at the dealership that you should look out for.

See: http://tinyurl.com/nlv3ed



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