The man in the Oval Office officially signed the $1 billion "cash for clunkers" bill that we're sure you have heard of.
If you haven't read the newspaper, been on the internet or watched TV recently, the bill gives up to $4,500 to consumers that trade in their less fuel-efficient car for a new one. Officially dubbed Car Allowance Rebate System (or CARS, how clever), those interested can sign up for updates as the program's details are ironed out.
Ford has already launched a new Web site to tell you if your rusty ride is eligible. It has an eligibility calculator that checks if your car is under 25 years old and gets less than 18 mpg. Despite the sales pitch that comes after you enter your information, the calculator is actually quite useful for people looking to trade in their vehicle.
"Cash for Clunkers" Law Signed by President, But Details Still Sketchy
firstwagon says:
05:18 PM, 06/25/09
Interesting, I could get $4500 for my 95 Grand Cherokee. About a grand more then it's worth.
I'd probably have to be American though to qualify.
fniguy28 says:
11:16 PM, 06/25/09
I went to Ford's website where you enter your current vehicle info and then select a new Ford, it then tells you if you qualfy...
http://www.letfordrecycleyourride.com/?LeadSource=FordVehicles&AltLeadSource=CAC&AltLeadSourceId=fordcom&referrer=http%3A%2F%2Fwww%2Eford%2Ecom&glbcmp=ford|home
kcampese says:
08:16 AM, 06/26/09
Cash for Clunkers has a negative consequence. It will harm donations of cars to charity because the voucher is much greater than the tax deduction for donating a car. Congress could have stimulated car sales by just returning to allowing car donors to claim the book value as their tax deduction. Since most donated cars are recycled, there would be an environmental benefit as well.
Karen Campese, President
Cars4Charities
http://www.cars4charities.org