Cash for Clunkers- June 28, 2009

We've been hearing a lot about the "Cash for Clunkers" program. Cash for my old car, sounds good to me!

Here are the rules:

  • Your vehicle must be less than 25 years old on the trade-in date
  • Only purchase or lease of new vehicles qualify
  • Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
  • Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
  • You don't need a voucher, dealers will apply a credit at purchase
  • Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
  • The vehicle that you are trading in is required to be destroyed. Therefore, the value you negotiate with the dealer for your trade in is not likely to exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value of your trade-in vehicle.

For updates on the status of the "Cash for Clunkers" program, check out

Beware of phony "Cash for Clunkers" websites. There is no need to preregister for this program, and this credit will be available through car dealers.

For more information check out the National Highway Traffic Safety Administration website and the Environmental Protection Agency's fuel efficiency website.


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