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News Alert – Cash for Clunkers is a GO

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 Car22 mpg *Mileage improvement of at least 4 mpgMileage improvement of at least 10 mpg
Light-Duty Truck **18 mpg *Mileage improvement of at least 2 mpgMileage 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 truckMileage 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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