Saturday, August 1, 2009
What's a clunker?
To qualify for the government's Car Allowance Rebate System, trade-ins must be less than 25 years old and get less than 18 miles per gallon (though rules differ for large pickup trucks and cargo vans).
How much is the rebate?
Vehicle owners can get a credit of $3,500 or $4,500 toward the purchase of a new car. The credit depends on what you buy and the difference in mileage between the new vehicle and the trade-in.
How do I figure out my mileage?
Go to http://www.fueleconomy.gov/feg/sbs.htm and find your trade-in's year, make and model.
How long will the offer last?
It ends Nov. 1 or earlier if funds run out. Congress is considering more money for the program.
What happens to my trade-in?
It must be disabled and scrapped. Dealers can charge $50 to scrap it, but you get any scrap value.
Where can I find more information?
Go to http://cars.gov.
SOURCE -- U.S. DEPARTMENT OF TRANSPORTATION