Jul 23, 2009 2:57 pm US/Pacific
'Cash-For-Clunkers' To Get Drivers Into New Cars
LOS ANGELES (CBS) ―
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The bill, which is nicknamed 'cash-for-clunkers' will give people vouchers to buy a fuel-effoicient car.
AP
President Obama signed the Car Allowance Rebate System into law, which is also dubbed 'cash-for-clunkers.'
The bill gives consumers vouchers for their old vehicles as an incentive to drive them into more fuel-efficient cars.
The program will award owners of 'clunkers' a voucher of up to $4,500 to trade in their old car (at least eight years old) and get into a more fuel-efficient car.
Under the deal, a trade-in that improves fuel-efficiency by as little as ten-miles would qualify.
The following are provisions to the program in regard to the 'clunker':
- 'Clunker' must get only at best 18 miles per gallon.
- 'Clunker' must be registered to the owner for at least one year.
- 'Clunker' has to be at least eight years old.
- 'Clunker' must still run.
- 'Clunker' must be no more than 25 years old.
The following are provisions to the program in regard to the new vehicle:
- New SUV should get at least 5 miles per gallon more than the 'clunker.'
- New car must get 10 miles per gallon better.
- New car can't cost more than $35,000.
Republican Susan Collins of Maine, Democrat Charles Schumer of New York and Democrat Dianne Feinstein of California were the three Senators who introduced the bill.
To read more about the program, visit the Car Allowance Rebate System Web site.
Car Allowance Rebate System
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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