Americans will get a new incentive to trade-in their gas-guzzling cars today when a government rebate program that offers cash vouchers to people who trade in their cars for new fuel-efficient vehicles officially starts.
The Car Allowance Rebate System, informally called "Cash for Clunkers," was passed by Congress in June to help jump-start struggling auto sales and to improve the environment.
But some critics say the program may be economically and even environmentally counter-productive.
It will be administered by the National Highway Traffic Safety Administration through participating new car dealers who can handle the paperwork when you buy the vehicle.
Information about the program is available at http://www.cars.gov/.
Here's how it works: If you own a 1984 or newer vehicle that has been insured and registered to you for the past year and gets a "combined" 18 miles to the gallon or less, you can qualify. The car must also be drivable.
If you trade it in for a car that gets an additional four more miles per gallon or more, your reward is a $3,500 voucher, which can be used toward purchasing a new car. Chrysler is adding an additional $4500 if you trade your old clunker in for for one their new clunkers.
The Car Allowance Rebate System, informally called "Cash for Clunkers," was passed by Congress in June to help jump-start struggling auto sales and to improve the environment.
But some critics say the program may be economically and even environmentally counter-productive.
It will be administered by the National Highway Traffic Safety Administration through participating new car dealers who can handle the paperwork when you buy the vehicle.
Information about the program is available at http://www.cars.gov/.
Here's how it works: If you own a 1984 or newer vehicle that has been insured and registered to you for the past year and gets a "combined" 18 miles to the gallon or less, you can qualify. The car must also be drivable.
If you trade it in for a car that gets an additional four more miles per gallon or more, your reward is a $3,500 voucher, which can be used toward purchasing a new car. Chrysler is adding an additional $4500 if you trade your old clunker in for for one their new clunkers.
When this program was first announced I noticed Xavier Cougar started shaking in his boots, but not to worry. The old loveboat averages 20.5 mpg, so he'll be around awhile - no scrap heap in his near future!
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