Cash For Clunkers Bill
The Cash For Clunkers bill was just passed this week by the House to compensate consumers to trade in their gas guzzlers in exchange for more fuel efficient cars. The bill is sponsored by representative Betty Sutton out of Ohio that provides rebates of up to $4,500 by doing so. The next for the bill is to be passed by the Senate in the upcoming week.
The exact provisions under the bill include:
- Passenger Cars: Receive a $4,500 rebate if trading in a car 18 mpg or less for a car with 10 mpg or higher than the old vehicle. You can still receive a $3,500 rebate if trading in a car with 18 mpg or less in for a vehicle getting at least 22 mpg.
- SUVs/Pickup Trucks/Minivans: Receive the $3,500 rebate if trading in a 18 mpg or less vehicle for one that is at least 2 mpg better.
- Trucks and Vans ( 3 – 4 ton ): Receive possible rebate between $3,500 and $4,500 for 15 mpg vehicles or more.
There are a few stipulations that are required to receive the rebates:
- Vehicle must be in drivable condition
- Year must be 1984 or later.
- Must be insured to same owner for more than 1 year.
These just ensure that you are legitimately trading that you own and not just a car you bought to make a quick profit. If you decide to trade in a vehicle, you would receive a voucher for the leader in which you purchased or leased the car.
I like the idea behind this bill: get the old, polluting vehicles off the road. It is fairly expensive to fund, but can help improve the vehicles driving on the road as well as the struggling auto industry.
