Cash for clunkers bill passed by US Senate

If you want to trade in your gas guzzler for a new more fuel efficient car, there’s a good chance you can get a substantial cash voucher for your old car.  The US Senate today passed their version of the cash-for-clunkers bill – it will give rebates to new car buyers buying more fuel efficient cars.  The way Cash for Clunkers works is that if you have a car that is newer than 1984 and gets a combined EPA rating of 18 mpg or less and you trade it in for a new care rated at least 4 mpg higher, you’ll get a government voucher for $3,500.   Buy a car that gets 10 mpg higher, and the check will be for $4,500.   It’s a similar deal for SUVs, pickups and minivans – 1984 or newer with a combined 18 mpg or less – it’ll be $3,500 if the new vehicle gets 2 mpg more, and $4,500 if it gets 5 mpg more.     You must have owned the older car for more than a year, and dealers will have to provide evidence that the old car is scrapped.

The current bill limits the program to $1 billion and it will expire Oct 1st of this year.   President Obama has already said that he will sign it.

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One thought on “Cash for clunkers bill passed by US Senate

  1. In reading other blogs regarding the Cash for Clunkers bill, people are really upset about the fact that the program does not apply to used cars. The program cannot satisfy everyone!

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