“We’re very excited about the tremendous interest in this
program,” Transportation Secretary Ray LaHood said today at a news conference to outline the
program. “We think it’s going to turn into a good news story
for many communities that have been hit hard by the recession.”
New car buyers can get up to $4500 hundred dollars back by trading in their old clunker for more fuel efficient models.
“With the tremendous public interest leading up to today, we anticipate that the $1 billion in funding for the cash for clunkers program will go quickly,” John McEleney, chairman of the McLean, Virginia-based National Automobile Dealers Association, said in a statement today according to Bloomberg.com
Check out the program guidelines to qualify for cash for clunkers money toward a new car purchase:
- Your vehicle must be less than 25 years old on the trade-in date
- Only purchase or lease of new vehicles qualify
- Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher, dealers will apply a credit at purchase
(http://cars.gov) to visit the official government web site and to find
out how you can get between $3,500 to $4,500 in your pocket when you
buy your next car.