The federal Car Allowance Rebate System (CARS) has begun offering up to $4,500 toward the purchase of a new car when owners of older, less fuel efficient cars trade-in their vehicles.
Although the CARS Act makes transactions on and after July 1 potentially eligible for credits under the program, dealers and consumers may want to wait until July 24 when the final rules for the cars program will be released. Congress has allocated $1 billion for the vouchers — an amount that could run out early.
To be eligible, the trade-in vehicle must get 18 miles or less per gallon, and it can’t be more than 25-years old. Trade-in vouchers range in face-value from $3,500-$4,500.
You can go to fueleconomy.gov to find out if your automobile’s gas mileage makes you eligible to participate.
A popular misconception is that the program is called “Cash for Clunkers.” It isn’t. The official name of the program is Advanced Technology Vehicles Manufacturing Incentive Program. Its official Web site is www.cars.gov (Car Allowance Rebate System).
The CARS program ends November 1, 2009, or when all funding for the program is exhausted.
To learn more about the program, go here.
OdoClub, the industry’s first personal road miles rewards program, can also help save you money by providing discounts on goods and services at participating dealerships.
For each mile you drive you will earn points that can be redeemed for goods and services at a participating dealership. Join OdoClub today at www.odoclub.com to start earning rewards. It’s Free. It’s Easy. It’s Rewarding.
- OdoClub, It Pays to Drive
