Hold onto your hats (and your wallets). Uncle Sam’s Cash for Clunkers program is roaring down the track. The federal government’s Cash Allowance Rebate System (CARS), has set aside $1,000,000,000 to jump start ailing automotive sales by giving individual consumers $3,500 or $4,500 credits towards the purchase of a new vehicle with a higher fuel economy rating.
The CARS program is set to run until November 30th of this year, or until the funds are exhausted. Congress may or may not renew the program when the allocation runs out.
The Cash for Clunkers rules include eligibility requirements for both the surrendered and new vehicles. Unfortunately, the vast majority of folks will not qualify.
The car, truck, or SUV that’s turned in must meet the following requirements: