
WASHINGTON. - If you've been thinking about purchasing a new fuel-efficient car through the government's new 'Cash for Clunkers' program, first you make sure you qualify.
'Cash for Clunkers' is a government rebate of between $3,500 and $4,500 for your old, inefficient car.
Kelley Blue Book, the well known source for new and used car information, is one of a number of companies providing a calculator on it's web site. It takes into consideration your vehicle's make, model, mileage and fuel efficiency rating to determine whether your 'clunker' qualifies.
In June, President Obama signed the new car sales stimulus bill into law. The federal program runs through November or until funds run out.
The program is to start no later than July 24.
Here is some of what is known about the program:
Your trade-in vehicle must
Heavy duty trucks and vans are applicable but have different rules.
The new vehicle has to meet several requirements as well.
You can get $3,500 if your new car gets between 5 and 9 miles per gallon more than your old car, but if you bump that number to ten more than you can get $4,500.
The rebate is not on top of the trade in value because it is the trade in value.
If you use this program your car will not be resold, instead, it will be stripped and crushed.
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