8/3/09 - Cash For Clunkers

*According to recent news casts, this program may be suspended in the near future due to lack of funding. 

However, if it continues to run through November 1st as planned, the information below may be helpful if you plan to purchase a new vehicle.

The National Highway Traffic Safety Administration (NHTSA) recently implemented the Car Allowance Rebate System (CARS), also known as "Cash for Clunkers." This program allows consumers to trade in their older, less fuel efficient vehicles for vouchers up to $4,500.  These vouchers help consumers buy new, more fuel efficient vehicles from July 1, 2009 - November 1, 2009.  Some of the provisions of this program are as follows: 

• Individuals, corporations, partnerships and all other legal entities may participate
• An individual or legal entity may only receive one voucher
• The vehicle must be owned and insured by the individual or legal entity for at least one year prior to the trade-in
• In general, the old vehicle must be in drivable condition, have a fuel economy of less than or equal to 18mpg and less than 25 years old
• In general, the new vehicle must be more fuel efficient and cost less than $45,000

 SUMMARY OF VOUCHER QUALIFICATIONS

Description	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 Truck***	15 mpg	Mileage improvement of at least 1 mpg or trade-in of a work truck	Mileage improvement of at least 2 mpg
Commercial Truck****		Trade-in must be at least pre-2002
*EPA Combined   **under 6,000 lbs.   ***6,000 lbs. - 8,500 lbs.  ****8,500 lbs - 10,000 lbs.

For more information on this program or to determine if you qualify, please visit the CARS website or contact a local participating automobile dealer.
http://www.fueleconomy.gov/feg/CarsSearchIntro.shtml