5 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
June
25, 2009
We?ll be able to assist you with your new car purchase once the bill is signed into law. That should happen very shortly.
Lawmakers are proposing a ?cash-for-clunkers? bill that would give consumers up to $4,500 to purchase a new fuel efficient car. Since there are a few versions being pushed around Washington, specific details will not be worth discussing until we see which measure gets the most forward momentum in the coming weeks. Keep posted by signing up for our email alerts.
According to one version, consumers would have to trade in cars and trucks for a new fuel-efficient vehicle that delivers additional fuel savings of between 2 and 10 miles per gallon, depending on the type of vehicle purchased. According to a recent Edmunds.com article this table will aide consumers in knowing what cars would qualify for the program.
| Summary of Cash for Clunkers Voucher Qualifications | |||
| Min. Fuel Economy for New Vehicle | $3,500 Voucher | $4,500 Voucher | |
| Passenger Car | 22 mpg * | Mileage improvement of at least 4 mpg | Mileage improvement of at least 10 mpg |
| Light-Duty Truck ** | 18 mpg * | Mileage improvement of at least 2 mpg | Mileage improvement of at least 5 mpg |
| Large Light-Duty Trucks *** | 15 mpg * | Mileage improvement of at least 1 mpg or trade-in of a work truck | Mileage improvement of at least 2 mpg |
| Commercial trucks
**** |
Trade-in must be at least pre-2002 | ||
* EPA Combined MPG ** under 6,000 lbs. ***6,000 lbs.-8,500 lbs. **** 8,500 - 10,000 lbs.
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