What you need to qualify for the Cash for Clunkers Government Rebate
The American automobile industry is in dire straights as two of the major domestic manufacturer's are in Bankruptcy. The federal government is hoping to help our economy as well as our environment with their new rebate program. If you wonder how to get the cash for clunkers rebate, read on.
In order to qualify for the cash for clunkers program, you have to trade in an older car for a new car. There are a few stipulations that must be met before you can get this rebate, but they are very simple, and could land you between $3,500 and $4,500 off the price of a new vehicle, on top of the already in place manufacturer's rebates.
1. The car you are trading in must have been registered for the past one year, and you had to have it insured as well.
2. You must improve your gas milage on the new car compared to the old car by at least 4 miles per gallon to get the $3,500 rebate.
3. If you improve your gas milage by 10 MPG you will qualify for the top rebate amount of $4,500.
If you are in the market for a new car, now would be the perfect time to buy! Not only will you get any and all manufacturer's rebates and incentives, but the United States Government is also handing out thousands of dollars to replace the gas hogs currently on the road with newer more fuel efficient models. This will not only give the automobile industry a boost, it will also help out our environment in the process.
If you are still having trouble understanding the cash for clunkers rebate program I have listed an example below.
Example:
I have a 2001 Dodge Caravan that gets 16 Miles per gallon of gas. I trade my caravan in on a Chevy Aveo that gets 30 miles per gallon, I would qualify for the maximum rebate amount of $4,500, because I bought a vehicle that gets at least 10 miles more per gallon of gas than the one I traded in.
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I think it was a good idea the "Cash for Clunkers" but my old car got 28mpg and did not qualify. After the cut off date, my local dealer was giving a min. of $2500 on trade to a used car. This was a better deal for me!