Cash for Clunkers

July 26, 2009 8:28am by Barry Ritholtz

Want to see if your vehicle qualifies? Then go here: http://www.fueleconomy.gov/feg/CarsSearchIntro.shtml

Important Things to Know

• 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 program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

See also:
Cash for Clunkers Facts
http://www.cashforclunkersfacts.com/

Source:
Cash-for-Clunkers Clears Hurdle
JOSH MITCHELL and COREY BOLES
WSJ, JUNE 13, 2009
http://online.wsj.com/article/SB124485495153311725.html

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