Is my Car a Clunker? Cash for Clunkers Qualifications

8-25-09  Cash for Clunkers has ended .

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Will the cash for clunkers bill save you money? What is the definition of a clunker? According to this bill, it is a drivable car made within the last 25 years, insured by the same owner for at least one year and have a fuel economy rating of no more than 18MPG, (combined city and highway ratings). Here is the website to check your fuel economy rating: www.fueleconomy.gov.

The program will provide vouchers for $3,500 or $4,500 to take off the price of a new car with better gas mileage. The dealer gets the voucher, essentially reducing the price of the car. It’s not a good deal if the car you are getting rid of is worth more than the $3,500 or $4,500 voucher. The cars brought in under the cash for clunkers program will be  taken off the road so the trade in value is zero.

Who gets $3,500? If you improve your current gas mileage with your new car by 4MPG, you qualify for  a voucher for $3,500.

How do you get $4,500? The new vehicle must get  10 MPG or more than your clunker to qualify for the $4,500 voucher.

Visit Edmunds. com where they have compiled a list of the vehicles that qualify.

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