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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