The Obama administration created CARS or Car Allowance Rebate System, which began on July 1, but kicks into full gear on July 24. The idea is to get older, less fuel-efficient cars off the road while helping people to purchase a new car. There are a lot of qualifications that must be met in order to take advantage of this rebate. Here are a few:
* The car must be less than 25 years old.
* 18 miles per gallon or less combined fuel efficiency when it was new. To check what your car’s fuel efficiency is visit fueleconomy.gov. Just put in the make, model and year.
* Must trade it in to buy or lease a new vehicle worth $45,000 or less.
* Offer expires November 1, 2009 or when a billion in funds have been used up.
* The vehicle you traded in must be destroyed
According to Cars.gov, you can find out which dealers are participating through the website, but I wasn’t able to find that information. Dealers must be registered ahead of time in order to participate.
The expected result is to move about 250,000 new cars of lots. People have been waiting for this program to begin in order to make their purchase. If you have more questions you are asked to call the CARS Hotline at (866)-CAR-7891.