How Cash for Clunkers Works

Автор: RaymondLilly on суббота, 26 сентября 2009 г. / Ярлыки: , , ,

By now, I’m sure you’ve heard of the Cash for Clunkers program, that allows you to trade in an older car for a rebate.  Like any program that passes legislation, you’re going to find that there are going to be rules, and regulations.  To avoid confusion with this program, here’s how it works, and how you can take advantage of it.

Needs to be 18 MPG or lower: If you have an older car, you need to look at it’s gas mileage.  If it gets 18 miles per gallon or less, you’re already on the right path to your rebate.

New car can’t be more than $45,000: This one shouldn’t be hard, but the rules state that your new car can’t be more than $45,000.

Trade in must be 1984 or older: Just like the 18 MPG or lower, the car you trade in can’t be a newer one.   Actually, it wouldn’t make sense to trade in that car anyway, since you would most likely lose money.  When trading in your car, the model must be 1984 or older.

Must be active: The car that you’re looking to trade in must have been active.  This means that you should have it insured, to show that you were using it.  This will prevent those from dusting off an old junker, and taking advantage.  If you’re trying to do this, you’re most likely out of luck.

When it comes to trade in your car for another car, you’ll have to keep in mind that you can only use your credit toward a car that will have  a EPA MPG of 22 mpg or better.    If you’re looking to trade it in for a truck, the combined mileage should be at least 18 mpg.

To get more information on this program, be sure to visit the government regulated site at CARS.gov.

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