President Barack Obama recently signed legislation that will allow you to trade in your gas guzzler for a new, fuel efficient vehicle and receive up to $4,500 trade allowance for it.
The National Highway Traffic Safety Administration (NHTSA) is implementing CARS, or Car Allowance Rebate System. The program is expected to begin in mid-July and last until the appropriated funds are exhausted.
According to dealership owner Brad Cobb, a partner in the new Langdale Honda Kia of Valdosta, the program is aimed towards getting those old, gas guzzling clunkers off the nation’s highways. Dealers are expressly prohibited from doing anything with the trade-ins except strip them for parts and either crush or shred them.
“The President signed the bill this week. Consumers can receive from $3,500 to $4,500 depending on the value of the vehicle and how fuel efficient it is,” Cobb said.
The legislation can be viewed online at www.cars.gov. Among the provisions in the program are:
• A voucher issued under the program can only be used in connection with the purchase or lease of new fuel efficient automobiles between July 1 and Nov. 1, 2009.
• Eligible trade in’s must be in drivable condition, registered to the same owner for at least one year, manufactured less than 25 years before the date of the trade in, and have a fuel economy value of 18 miles per gallon or less.
• The value of the new fuel efficient automobile cannot exceed $45,000.
According to the Web site, the president appropriated $1 billion to the program, to remain available until it expires.
Business
CARS law to get clunkers off the road
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Business Wish List Results
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