How To Get Cash For Your Clunkers
How Do You Get Cash For Your Clunkers?
Been wondering what to do with that 1992 Ford Taurus parked on your mom’s lawn since 2007? The United States Government, in a similar fashion to how they once rationed steel and nylon stockings during WWII, wants your clunker. And Uncle Sam is willing to pay handsomely for it. Or is he?
The CARS Bill (Car Allowance Rebate System or Community Assistance to Recycle and Save Act) better known in media terms as “Cash For Clunkers,” passed through the US House of Representatives June 9th, 2009, became law by the Senate and has now been activated. In an effort to revitalize America’s once great auto industry, and perhaps save some of those blue-collar assembly line jobs, the Act helps consumers by offering a few grand towards the price of a shiny, fuel efficient automobile. Vouchers of anywhere from $2,500 to $4,500 will be traded in for your jalopy, if it meets a vigorous standards of the Federal EPA MPG (Environmental Protection Agency Miles Per Gallon) rating. Such Vouchers on “Green Cars” are good for one year – I mean come on people, we need to get American-Made vehicles back on the road! Our Government Overlords hope CARS will increase new vehicle sales by one million units the first year.
Chart Source: Jalopnik
Seem a little fuzzy? The ‘CARS’ formula works out like one of those AP Algebra problems Math Club kids did “for fun.”
“For Passenger Cars – If you have a passenger automobile not classified as a truck you qualify for a $3,500 credit if you trade in a less efficient vehicle for one with a combined fuel economy value at least 4 MPG higher that costs less than $45,000. The passenger car being trading in has to get 18 MPG or less, meaning you can’t trade in a first generation Prius for a newer one. Additionally, the new vehicle has to get 22 MPG or better. In order to qualify for $4,500 you need to buy a vehicle that gets 10 MPG better combined than your trade-in.”
But is CARS really helping you, the dealerships, the auto makers, or the government…or maybe nobody at all? As with any new law only time will tell whether or not C4C will revitalize our automotive economy. Customers are already hitting up dealers for vouchers – but don’t be taken advantage of – check the numbers first. A little research on sites such as Kelley Blue Book may help you discover that old Toyota is still worth more than $4k. And what about the dealers? At the end of June, Hyundai became the first to advance dealers $4,000 per qualifying CARS trade-in effective immediately. Still, $4500 off of a $35,000 vehicle leaves you with over $30k to pay on your own, even after dealer incentives. Dealerships be aware – those who try getting one over on the buyer, or Uncle Sam, may “face a fine of up to $15,000.”
Still, Cash For Clunkers might help American’s trapped in this recession pump some blood into North America’s automotive industry – and clean up smoggy skies in the process. Can a vehicle averaging 35-40 MPG lead to a less stressful life, more money in your pocket, and ease when commuting to work? It’s a good start.
Sources:
Cash For Clunkers
CARS
Jalopnik
Cash for Clunkers Facts
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