Washington ~ Congress has approved the »»»»»cash-for-clunkers legislation that would offer new car buyers up to $4,500 in tax credit for those who are willing to trade in their old gas-guzzling car,truck,SUV or van - for more gas-sipping vehicles. The House voted 298-118 in favor of the bill; all but nine Democrats, as well as 59 Republicans gave the OK for the bill. The National Highway Traffic Safety Administration »»»(NHTSA) will be handling the Car Allowance Rebate System »»»(CARS) Program.
At least the tax credit voucher will help the automotive industry. Overall "it's motivates people to buy new cars". The government now owns part of the automotive industry. Government officals seeking a long term financial goal to improve the auto industry. Giving Americans up to $4,500 (C.A.R.S) incentive to purchase a new vehicle. Also having more fuel efficient cars on the road; would improve the environment.
Car Rebate break down:
Trade-in vehicles must be rated at no more than 18 mpg to qualify, meaning it will benefit truck, SUV and van owners more than passenger car owners. For those who trade in a car that gets at least 4 mpg more, they’ll receive a $3,500 voucher; pick a car that averages 10 mpg more and those buyers will get an extra $1,000 for $4,500 total.
Key Requirements:
Remember your Trade-in vehicles must get no more than 18 miles per gallon to qualify. Also your vehicle must be insured for at least one year and the vehicle must be in drivable condition. Congress approved the $106 Billion Dollar Program; but it wasn't enough. The government added 2 Billion more to the cash for clunkers program.
Cash for Clunkers Requirements or Qualifications:
Find your car's mpg rating on the window sticker; to see if you quailfy go to Source:cars.gov Start looking for a new car!
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I heard the cash for clunkers program in Germany worked like a charm. They invested like 5 billion in the program which boosted sales %40. Also any vehicle had to be no more than 9 years old and 3,300 towards a new car.
ReplyDeleteI know the U.S invested 1 billion in the cash for clunkers program. My understanding that your vehicle had to be less than 25 years old in the U.S. I am going to give it a try. I need a new car; and save some money on gas. I am happy about the program. I been debating on getting a new car for a year now.
ReplyDeletei'M DISABLED ON A FIXED INCOME AND i DRIVE OLDER CARS .nOW WHAT DO i DO TO DRIVE A NEW CAR WITH OUT GOING BROKE ?
ReplyDeleteI heard some dealerships are matching the $4,500 or $3,500 car allowance rebate. It's good because you get like 9,000 off a new car. So If you pay like 14,500 on a new vehicle. You are getting it for 5,500. Thats a deal you car note should be low. Me and husband have to think about this. We spend over 2,000 bucks in repairs on are van last year.
ReplyDeleteReally - they are matching? where did you hear about the matching? i cannot find it online anyplace.
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BMW is the only one who is matching from what I have seen...and all of their cars are 40k plus as you have to buy a new car.
ReplyDeleteThe lowest BMW model I think is about $43,000.
ReplyDeleteThat's the lowest price tag I seen on
BMW's. The cash for clunkers max is $45,000. Hey if got the money to purchase a BMW go for it. Ohh I just was talking to the hubby. he was saying there only 2 models you can get is the 355d or X5. They take diesel fuel.
I know that chrysler, dodge, and jeep are also matching the $3500 or $4500 tax credit
ReplyDeleteokay im kinda pissed its hard enough these days for young adults to make it now they made a bill to get all old cars off the road so damn near everyone eventually has to buy a new car! you cant take one organism off the earth and expect nothing to happen everything to be the same. pros and cons CONS
ReplyDeleteIts looks like the government will add additional $2 billion dollars to the cash for clunkers program. The CARS Program will not be suspended.
ReplyDeleteWhat a "heart pounding scare" to the automotive industry. Automakers are just starting to push out the new vehicles.