Kiplinger.com is advising anyone thinking about taking advantage of the program to do their homework first because the math may not match some of the sales pitches and public expectations vs. what qualifies.
Here's a nutshell explanation of how the program works:
To qualify for a rebate the clunker must be a 1984 or later model. It has to be registered and in use for at least one year. And -it must get 18 mpg or less in combined city and highway driving. The important phrase is combined mpg.
The clunker also has to be drivable, but there's apparently some fudge room on what drivable means.
If your vehicle meets the test you can get a voucher toward a new, more fuel-efficient vehicles as long as the new vehicle doesn't cost more than $45,000. If your intended new car gets at least 22 mpg, your voucher could be worth $3,500. But jackpot voucher is for vehicles that get 10 mpg better than the clunker. That voucher is worth $4,500.
CLICK HERE to see if your clunker meets the standards.
The intent of the program is two fold.
One is a green effort encouraging people to trade in gas-guzzling cars and trucks for new, more efficient ones. And then there's the economic stimulus aspect to boost consumption via vehicle sales during a deep recession.
The folks at National Public Radio have put together a pretty good recap of what's happening. Be sure to listen to the report if you want to hear some of the best and worst of Cash for Clunker's sales pitches.
And, as expected, the Better Business Bureau says there's also some information circulating about the program that is false and comes from con artists running Cash for Clunker scams.
There will probably be some good that comes out of this, but it's a good idea to do you homework first.
More Here: www.BlasterMix.com
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The program does not begin today. (Contrary to the media reports). The ex-car salesman blog pointed out the government changed their homepage to reflect the official start day of July 27, or Monday.
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