President Obama signed into law a program NHTSA is calling the Car Allowance Rebate System (CARS), also known as the 'Cash For Clunkers' program. This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle. Your old gas-guzzler could worth up to $4,500 when traded in for a fuel-efficient new vehicle!
Family Ford just became a participated 'cash for clunkers' dealership. Please stay tuned formore details. Issuance will occur around July 23, 2009.
Important Things to Know:
- Your vehicle must be less than 25 years old on the trade-in date.
- Only purchase or lease of new vehicles qualify.
- Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher, dealers will apply a credit at purchase
- Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
- The vehicle that you are trading in is required to be destroyed. Therefore, the value you negotiate with the dealer for your trade in is not likely to exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value of your trade-in vehicle.
More information please check the official website here.
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