As you may know, the government announced its Cash For Clunkers plan recently. Under the plan, consumers can get rid of their older gas guzzling vehicles and receive a voucher to use towards purchasing new vehicles. But, there’s a catch! There is a ceiling limit on the vehicles which means those valued at $4500 or higher will not qualify for the program.
The problem with this, some believe, is that those who have a vehicle valued so low may be unable to afford a new car in the first place. The program does not work for all cars, either. You will need to check out the government’s website to find out if your vehicle is approved. This is based on age and the MPG the car gets, too. The program isn’t as simple as it sounds.
Tags: $4500, Cash for Clunkers, new vehicles