The government has finally rolled out its Cash-for-Clunkers program (otherwise known as “CARS” – Car Allowance Rebate System). It’s a program that aims to address several issues at once including getting rid of old gas-guzzling cars to aid the whole green and eco-friendly approach and help boost auto sales and keep the auto industry alive.
Those who can afford to buy cars today should definitely consider availing of the program with $3,500 to $4,500 incentives. But here are some of the FAQs that you should keep in mind.
Is my clunker qualified? Your car must be: 1) 1984 or newer, 2) gets 18 MPG or less, 3), and is driveable, insured and licensed for at least a year.
What documents do I have to present? You need to present document that proves that you meet the qualifications. That would include registration and proof of insurance among others.
How do I qualify for the incentives? You can get $3,500 if the new car gets at least 4 MPGmore than the clunker and $4,500 if the new vehicle gets at least 10 MPG more. For SUVs, trucks, and vans, MPGs are 2 for $3,500 and 5 for $4,500.
I have two clunkers, can I cash in on them both? No, only one credit is given to a single person.
What kind of car can I get with this? Many dealerships are participating so you can select a wide array of vehicles as long as they fit the MPG rating conditions. You can definitely maximize the rebates if you get a cheap and cheerful small car but, as always, you need to factor in your own needs when buying a car.
For a definitive list, head over to CARS.gov FAQs.
