We found out today that the final details for the Cash for Clunkers program (also called the CARS Program) will be released on July 24th.
I am sure you have seen dealers already advertising that they want you to bring in your “clunker” to be traded in. The thing is, the government has not paid the dealers one cent yet. They have not even told the dealers exactly how to get the money, and will not let them register until the 24th. Then, we are being told that it will take 2-3 days for the registration process to conclude. That means that dealers will not be able to submit your $3,500 or $4,500 request to CARS until the 27th or so.
Don’t jump the gun. Wait and see what your state is doing with the program. Are they counting it like trade-in value? Are they counting it like down payment? Are they counting it as income? IT MATTERS.
In the mean time:
- CALL YOUR INSURANCE COMPANY AND GET PROOF THAT YOU HAVE HAD INSURANCE IN YOUR NAME, AND ON THAT VEHICLE, FOR THE LAST YEAR.
- GO DOWN TO THE DMV AND GET PROOF THAT THE VEHICLE HAS BEEN REGISTERED IN YOUR NAME FOR THE LAST YEAR.
- CLICK HERE TO SEE EXACTLY WHICH BENEFIT AMOUNT YOU QUALIFY FOR AND WHICH VEHICLES YOU CAN BUY UNDER THE PROGRAM.
You will need that information anyway, so you might as well get it now.
This program is wrong. Turning in a clunker that gets 18mpg and purchasing a vehicle that gets 22mpg is not enough improvement to justify the cash. It should not matter what gas mileage your clunker gets, but on how much of an improvement between the clunker and the new car you are buying is. Let’s say at least 10mpg. We need to stop importing oil and at the same time help our economy by purchasing new cars made in the USA.
Agreed Geno,
The program is not without flaws. The goals, however, do not include trying to get everyone into a hybrid or economy car. Sure, some people will be buying those things, but stimulating the economy/auto industry and getting rid of cars that have horrible emissions while increasing the average gas mileage of vehicles on the road seems like a fair goal. Thoughts?