Clunkermania officially begins today.
The federal government finally released the rules that dealers and their customers have to follow to participate in the much-discussed "cash for clunkers" program, which can provide consumers with up to $4,500 in cash when they trade in an older vehicle and buy a newer, more fuel-efficient model from a participating dealer.
Here are some questions and answers about the program.
Q: How do I know if my trade-in vehicle is eligible for the program?
A: It must have been manufactured in 1984 or later, and have a combined city/highway fuel economy rated at 18 miles per gallon or less. The program is advantageous only if the trade-in value is less than the minimum $3,500 offered by the government.
Q: Can the credit be applied to any new vehicle?
A: All imports and domestics with a list price under $45,000 are eligible, as long as they meet fuel economy standards of at least 22 mpg for cars or 18 mpgfor SUVs, small pick-ups and minivans, and 15 mpg. for large vans and trucks. The new vehicle must exceed the trade-in by at least 4 mpg for cars, 2 mpgfor SUVs and 1 mpg for large trucks to qualify for the $3,500 rebate. The full $4,500 rebate kicks in at an increase of 10 mpg, 5 mpg and 2 mpg, respectively.
Much more.
Neither of my old rigs qualify. My '76 Chevy Van is too old, and my '92 Dakota is worth too much money. Oh, well...
No comments:
Post a Comment