Cash for Clunkers Money Will Run Out In August.
July 29th, 2009 by SIOTI Blogger

About a month ago I wrote about the upcoming President Obama backed/Government-Funded Cash for Clunkers program. The program was recently launched and the response has been mind-blowing. Car and truck owners looking to get rid of their gas guzzlers are flocking to dealerships to take advantage of the “cash for clunkers” program and get themselves a more fuel efficient vehicle.

Dave Kelleher, owner of two Chrysler dealerships outside Philadelphia said the number of shoppers has more than doubled at one of his dealerships and is climbing at the other.

“The last two days have been ripping,” said Kelleher.

The only problem is, that there is a limited amount of money that has been set aside for the “Cash for Clunkers” program. And according to insiders, at the current rate the money will run out by the end of August. So you’d better act fast if you want to take advantange of this offer.

Here is a recap of the “Cash for Clunkers” program:

Under the program, trade-in vehicles must be 1984 models or newer and have average fuel economy of no more than 18 miles per gallon. The new car or truck must get better gas mileage than the one that was scrapped. The payoff amount increases depending on the difference in the fuel efficiencies of the old and new cars. For instance, a new car getting at least 4 more miles per gallon than the old car will be eligible for a $3,500 voucher. Whereas a new car getting at least 10 more miles per gallon would get a $4,500 voucher.

To guarantee vehicles are actually roadworthy — and not just sitting on cinder blocks — trade-ins must be registered and insured to the same owner for at least a year.

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This entry was posted on Wednesday, July 29th, 2009 at 4:45 pm and is filed under Car News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.