CASH FOR CLUNKERS BILL BECOMES LAW!

On June 24, 2009, President Obama signed legislation aimed at boosting new vehicle sales. The time period for the program will run from late July, 2009 to November 1, 2009.

The program will offer a $3,500 or $4,500 dealer rebate on the trade-in of an old vehicle for a new, more fuel efficient model.

Highlights of the program are:
  • The trade-in vehicle must be no more than 25 years old.
  • The original fuel efficiency of the trade-in vehicle must be under 18 MPG combined highway/city.
  • The vehicle must be in drivable condition, and insured and registered by the same owner for the full preceding year.
  • The new vehicle may be purchased or leased, and the cost cannot exceed $45,000.
  • The new vehicle may be domestic or foreign.
  • Your trade-in vehicle is required to be destroyed. As such, the trade-in value of your vehicle is not likely to exceed its scrap value.
Full details are available at the website: www.cars.gov
 

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