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The “cash for clunkers” program is finally becoming law. So what does that mean for you?
It means you may be eligible for a $4,500 voucher to use toward the purchase of a new car.
However, there is a good chance your old car won’t qualify.
Teresa Galloway isn’t sure if her old vehicle qualifies for the “cash for clunkers” program.
“It all depends how much they’ll give for an old car,” Galloway said.
She said she’d love to get $3,500 or $4,500 for her 1994 Chevy Corsica.
So, what does the government consider a “clunker”?
First, your car must be drivable.
It must also get 19 miles per gallon or less. That means most small or midsized cars won’t qualify. Vehicles like Escorts, Cavaliers, Neons, Corollas and other small cars.
Also, any cars that are commonly considered “clunkers” won’t qualify.
Your car must be a 1984 model or newer.
And the car must have been insured for the past year, meaning no turning in junkyard cars for money.
As for Galloway, the Environmental Protection Agency said her Corsica gets 20 miles per gallon, so it doesn’t qualify for cash.
Critics say the plan benefits high-income families more than low-income families.
But, helping people that are strapped for cash wasn’t the goal of this program.
The point of the program is to eliminate gas guzzlers and jump start new car sales.
For more answers to your “cash for clunkers” questions, check out the following web sites:
Cash for Clunkers FactsCash for Clunkers: What You Need to Know
CARS government web site
