Get Cash for Your Old Junky Car
June 22, 2009 by Jennifer Chait
Filed under automotive
Of course anyone can get cash for an old clunker by selling off parts, but now you may be able to score even more cash back with a new Cash for Clunkers Bill.
The bill is poised to be signed into law as part of a $106 billion wartime spending bill. New car buyers will be able to trade in their old clunkers for vouchers worth up to $4,500 that can be used towards the purchase of a new, fuel efficient car. The bill is basically passed. On Thursday, June 18th the Senate voted to for the Cash for Clunkers provision and now it’s on it’s way to President Obama to sign (news venues are reporting he’s for it). If passed 100% consumers will be able to buy cars that qualify on July 1, 2009.
Some basic facts:
- The car you trade in cannot be older than 1 1984 model.
- The car you buy with one of these vouchers must be new and cannot exceed $45,000.
- Vouchers are tax-free for consumers.
- It’s looking like you’ll only be able to get one voucher per new car, so if you have two cars you’re out of luck (unless you’re buying two new cars).
- You can’t go buy some old car and trade it in, you’ll have to show proof of at least a year’s worth of ownership.
Of course there are plenty of other rules and your local area may not be participating so visit Cash for Clunkers to learn more.
[image via stock.xchng]
Say what you will, this is a good thing. It is better than just giving cash to people. I used the site http://WWW.SLICKBUDGET.COM/CASH4CLUNKERS.HTML to get an informed decision on what car to get and it saved me thousands. I ended up getting a Nissan Ultima Hybrid. This saved me $4500 for the clunkers $2400 in hybrid tax credit $2000 from the dealer $3500 from Nissan! That is $12400 off the sticker of $27300 to get me a mid size hybrid that gets 35 MPG for $14900!!! Are you kidding me? AND it has the 100000 mile warranty on the battery.