June 9 2009 US House approved cash-for-clunkers bill. The bill summary is that up to $4 billion in cash vouchers are given to those who buy fuel efficient cars in exchange of their Gas-guzzling cars or trucks.
Note that you don’t get this money directly from government but Dealers will get these cash vouchers who can then give $$ off on your trade-in car.
If you own a Gas-guzzling vehicle then check if your auto is qualified or not to get trade-in offer from dealer who can discount up to $4500 on your new car purchase –
> Trade in a car that has been registered and in use for at least a year, and has a federal combined city/highway fuel-economy rating of 18 or fewer miles per gallon.
> Buy a new car, priced at $45,000 or less and rated at least 4 mpg better than the old one (gets a $3,500 voucher). If the new one gets at least 10 mpg better, you get the full $4,500.
CNBC Report is here
The bill would direct dealers to ensure that the older vehicles are crushed or shredded to get the clunkers off the road. It was intended to help replace older vehicles — built in model year 1984 or later — and would not make financial sense for consumers owning an older car with a trade-in value greater than $3,500 or $4,500.