New Incentive to Spend Your Money----Obama's Cash For Clunkers Bill
Posted: Tuesday, June 23, 2009
by Sandra E. Graham
My Books and Articles
Just in case you haven't heard about the latest Bill to land on Obama's desk, it is something you might want to check into; especially if you are in the market for one of the newer, more fuel efficient vehicles to be coming out for 2010. It seems there is government funding available to happy car shoppers if their old trade-in qualifies as a clunker. There is one catch, however, or maybe more-who knows? The vehicle you trade in must have a fuel efficiency rating of combined 18 mpg or less and the new car you purchase is 10 mpg more fuel efficient than your trade in. In which case, you may earn up to $4500. You may get $3500 if the new car is 4 mpg more fuel efficient than your trade in.
Cars that do not qualify are cars that are older than 25 years (beyond clunking) and cars that have not been insured for the past year.
You may purchase or lease an American or foreign vehicle and most if not all new automotive dealers will be participating in this program. The program is set to kick off on July 1, 2009 , but there is a little confusion in the wording of the Bill that may make the start date sometime in mid-July.
Should you be interested in finding out more about this incentive program and get an early start on researching economical vehicles for possible purchase during this program, you should log onto the Cash for Clunkers website sometime before mid-July and find out if your trade-in will qualify you for the incentive. It seems the program will run from July until November 2009.
Also, it would behoove you to be aware of any scams that may or may not come out of this program-seems to be the norm with any new website info-and make your purchase through a reputable dealer and research all aspects of the program before getting too involved.
Lots of luck and happy car hunting.
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Top-level comments on this article: (3 total)Sandra, it's truly amazing how our government wastes money. Good article.MarkThanks, Mark. And you're right--one more thing (and not necessarily a good thing) to put our tax money on. I think he should just send each household another $3500 cash and let them spend it on whatever they want--like bills, and food; you know, the LUXURIES of life.Thanks for reading and commenting.Sandra
You made me laugh - beyond clunking? Nice to insert a bit of humor in this piece - considering all the ramifications that are sure to come along with it. Thanks for sharing this info. Blessings, TeresaThanks, Teresa, I thought that might get at least a 'giggle' out of someone.Sandra
Thanks for the info, Sandra. I may have to check that list. I drive a '92 Camry. It may not qualify, though, because it continues to have better emissions ratings than some of the newer cars. Danny and I both want to drive our cars til they no longer run and hate the thought of a car payment.That's the big issue---another car payment! But actually, right now, most dealers have dropped the prices on vehicles to affordable levels. We priced some 2009 KIA Rios for 13,0000 and 14,000.Thanks for reading and commenting.Sandra
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