So far critics worried that car shoppers would use the program to mainly purchase trucks but in reality, compact cars and hybrids have been the top sellers so far; not a huge shock with the economy in the tank and gas being as expensive as ever. Ford Focus, Toyota Corolla and Ford Escape have been popular choices for buyers.

If you’d like to take advantage of the program, read about the basics then sign up fast. This extension is a cool deal but not everyone was for a program extension and on Thursday, Sen. Carl Levin, D-Mich noted that this clunkers extension is likely the last Congress is willing to give.

Post from: Thrifty Mommy

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]

Post from: Thrifty Mommy