The Cash for Clunkers has been approved and the next step that many are certainly awaiting would be the list of vehicles that qualify for the said program. The list of cars have been released but this early, the terms of the deal are not the ideal.
Surely, vehicles still operating satisfactory may be better off being sold by owners or even trading it in. Whichever course of action a car owner may choose, it certainly looks ideal if this Cash for Clunkers Rebate program is the final guidelines issued:
- It will offer no more than $4,500 to new car buyers.
- It will require the trade-in vehicle to be crushed (which means that owners will not collect any trade-in value.)
- Cars to be scrapped would have to have EPA combined fuel economy ratings of 18 miles per gallon or less, and the new vehicle purchased must earn better mileage.
- The participant must have owned the “clunker” for one year.
Vehicles:
- 1996 Honda Passport ($1,227)
- 1997 Lincoln Continental ($1,179)
- 1998 Chevrolet Silverado ($3,378)
- 1995 Audi A6 ($1,261)
- 1996 Toyota Land Cruiser ($4,042)
“This legislation attempts to offer a benefit for the environment and to spur vehicle sales, but the reality is that it does neither very well,” asserted Edmunds.com CEO Jeremy Anwyl. “In terms of vehicle sales, the only consumers who will be interested are those willing to take no more than $4,500 for their current car and yet be financially able to buy a new one – quite a narrow profile.”
(Source) Press
Tags: audi a6, better mileage, car buyers, car owner, Chevrolet, chevrolet silverado, clunker, fuel economy ratings, Honda, honda passport, lincoln continental, mileage, narrow profile, new car, participant, rebate program, toyota land cruiser