Well folks...we have the Cash For Clunkers Senate Bill details available now. I'll simplify it, but for you engineering fact checkers here is the actual bill in full.
One thing you can probably assume that once this starts rolling, your old car is probably going to see as much of a price loss as pounds the people in these testimonials for this fat burner review did. Common sense say that if they are giving you money to get rid of these cars, odds are that your car will be worth a lot less than it was before this bill came out. Great news for you eh?
This is the gist of the bill:
1. $3,500 voucher if the new fuel efficient automobile is a passenger automobile and the combined fuel economy value of car is at least 4 miles per gallon higher than the combined fuel economy value of the eligible trade-in vehicle. It must be only 2 MPG better for eligible trucks.
2. You can get $4,500 if your trade in car gets at least 10 MPG less than the new economy fuel vehicle. 5 MPG less if you are trading in a truck.
3. The program lasts from March 30, 2009 until....
"the day that is 1 year after the date on which the regulations promulgated under subsection are implemented."
IF the blue book on your old car doesn't take a huge hit, this might not be a real bad deal for you. $4500+ the trade in for your car could get you something new for $5,000 or so I would guess.
Of course that also means that the cars with lower fuel efficiency are going to be bargains now. Think people won't catch onto that and keep these cars on the road? LOL
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