If you've got an older, fuel-inefficient car, you're probably wondering how the newly approved Cash for Clunkers law can help you out. Here are the rules and scenarios you'll need to know to take advantage of the legislation, as well as where you can go to get any other information you'll need to make the deal work.
The Rules
Ground rules: First, the vehicle you trade in must have a combined EPA gas mileage rating of 18 mpg or below. Check below if you're not sure how to find that rating
Also, the new car you buy or lease — and it must be a new car; used-car purchases don't qualify — can cost no more than $45,000, and the car you trade in must be a 1984 model or newer. Oh, and you have to have owned and been insuring the car you're looking to trade in for at least the past year before you can cash in on this deal; no dusting off that junker that's been sitting in your garage for years (or buying your neighbor's) and trading it in for a credit. As of now, the program runs from July 1 through Nov. 1.
If you want to trade in your car... read more