Friday, auto dealers across the country will start the Cash for Clunkers Program. Officially known as The Car Allowance Rebate System, the program will provide thousands of dollars to car owners wanting to trade-in for a new, fuel-efficient model.
A more fuel efficient car can save you money, reduce your fuel costs and reduce greenhouse gas emissions, all while helping move the country away from foreign fuel dependence.
George and Thelma Duncan told us they didn't need a new car, but after hearing of the government program offering large incentives towards a new car, they decided to trade-in a 9 year old car for a new energy-efficient model.
“We don't have a whole lot of need for a second car,” said Duncan. It's handy, but having one that only gets 17 mpg made a difference and when they came up with this offer, which probably gives us twice as much on a regular trade-in, made it worthwhile and that's the reason I decided to make the deal."
The mile per hour difference between the old car and new car determines how much money you get. The program offers up to 45-hundred dollars for vehicles running 18 miles per gallon or less. The Duncan's new car should get about 31 miles per gallon.
It's these differences Russ Boykin, General Manager of Hyatt Buick in Myrtle Beach said were the original intentions behind the program. "We take an older car off the road with the emissions it has that pollutes the atmosphere and put a new fuel efficient car on the road,” said Boykin. “We could take 8-10, maybe 13 new cars and put them on the road for every one we take off."
The program helps people with older cars not really worth more than a few hundred dollars and gives them thousands in trade-in value.
Boykin said the government allocated about a billion dollars for the program. That translates to about 250-thousand transactions. The offer runs through November first, but Boykin said you'll want to move quickly because the money most likely won't last that long.
You can check with a certified dealer on the eligibility requirements:
-Your current car must be less than 25 years old.
-Run a combined city/highway fuel economy of 18 miles per gallon or less
-Be in drivable condition
-The car must be registered and insured to the same owner for the full-year preceding the trade-in.
Not every dealer registered for the program. Check to make sure the one you’re considering is registered and remember the deal only works for new cars.
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