The Cash for Clunkers bill was signed into law just last week, and its off to a bit of a slow start. Final details of what’s now being called the Car Allowance Rebate System (CARS) won’t be available until July 24th, so if you’re planning on taking advantage of the new law, you might want to wait a bit before signing your name for a new car. The new Cash for Clunkers law provides $1 billion in funding for $3,500 and $4,500 incentives for car buyers who trade in an old gas guzzler (the car must be less than 25 years old and have a combined EPA fuel rating of 18 miles per gallon or less) for a new car that gets over 22 mpg.
If you’re interested, do your research. In some cases, the value of the car as a trade in might be worth more than the rebate under the program where the car gets junked. Edmunds.com has a nice list available of the cars that would be considered clunkers under the program. They also have a link where you can get the approximate trade in value for your specific car.