Jul 28, 2009
Clunkers for Cash Bill - What You Need to Know
The Cash for Clunker bill was recently passed and many Americans are excited to find out which cars are eligible. The plan basically says that the government will pay $4500 towards a new fuel efficient car if you trade in your old clunker. The standards for trading in a clunker are as follows as stated on The Christian Science Monitor:
1) Operational.
2) Rated at no more than 18 miles per gallon (m.p.g.) combined city/highway. (Check your car’s rating here.)
3) A 1984 model or newer.
4) Worth less than $4,500 – or in some cases, $3,500. (The program just bumps up the trade-in value of your car to one of those amounts; you don’t get extra).
5) Owned by you for at least a year (so you can’t go out and buy one at the junkyard and then turn around and trade it in).
The only way you will truly know if your car can be traded in is to actually contact the vehicle companies. I am sure there will be many advertisements on both the television and Internet. It is highly likely that these ads will lead to an 800 number in which you can call a representative. Make sure and give this number a call to figure out if you can get the $4500 in savings. This could greatly help you to save money that could be used elsewhere!