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Trade in your gas hog, get cash – House passes “cash for clunkers” legislation
“The U.S. House approved the “cash for clunkers” legislation earlier today, paving the way for consumers to snag up to $4,500 for trading in their older vehicles for new, more fuel efficient transport.
The bill, which passed 298-119, drew overwhelming support from automakers, local business groups and dealers who claimed the passage could boost sales – further aiding GM and Chrysler’s “reinvention” – during the economic downturn.”
Here are some specifics:
If your car gets 18 mpg (or less) and you trade in for a car that achieves at least 22 mpg, you will receive a $3,500 voucher.
If you trade in your car for a vehicle that gets 10 mpg more that your previous ride, you will get a $4500 voucher.
If you own an SUV, pick-up, or minivan, and want to stay with the same car class, you will still be eligible for a $3,500 voucher should you trade in for one that receives 2 mpg higher and a $4,500 voucher for one that receives 5 mpg more.
Stipulations:
The vehicle has to have been insured for the last year and there is no trade-in value beyond the voucher. The program is also available for leases. Dealers are required to provide proof that the vehicle (1984 MY or later) has been crushed or shredded, and the government estimates that around 25 million vehicles are eligible.
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