June 18, 2009 - Senators Harry Reid, Dick
Durbin and Debbie Stabenow spoke on behalf of the Cash for Clunkers Bill. Republican Senators tried to cut
the measure from the Wartime Spending Bill but they were NOT successful. Cash for Clunkers program
will stay as part of the wartime spending bill.
Green Light for Cash For Clunkers – The wartime spending bill will go to President to Sign.
Get Pre-Qualified now by completing
the form below if you want to buy a new car this summer.
The President
has already said that he would sign the bill. Then the National Highway Traffic Safety Administration will have 30 days
to put regulations in place for the program
Cash For Clunkers
Overview
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 on the lower right hand corner of the site.
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