I didn’t pay much attention to the “Cash for Clunkers” program (the Car Allowance Rebate System (CARS) program) because my 2000 Honda Accord is still in pretty good shape (though it has more than 115K miles on it already) and I have no plan to replace it. However, with so much talk about it, I do know that the program has already started, then it was overwhelmed by demands and the government had to suspend it briefly as the initial $1 billion fund allocated to the program quickly ran out, then the congress authorized another $2 billion from the stimulus money approved early this year in an emergency vote Friday to keep the program running.
Looks like there are a lot of drama. I wonder how long that $2 billion will last.
Anyway, I stumbled upon this Cash for Clunkers Calculator on Edmunds, the website where you can get free quotes and research a vehicle, etc.
Edmunds claim that the calculator can help you quickly determine:
If you have a vehicle that may meet the criteria for the Car Allowance Rebate System (CARS) government program.
If this Program makes financial sense for you based on the True Market Value of your current vehicle.
What credit amount you can expect to receive, given the vehicle you are interested in purchasing.
I didn’t try the calculator myself because I have no need of it so I can’t tell whether it’s good or not. But if you are interested in taking advantage of the incentive to get a fuel efficient vehicle, try the Cash for Clunkers calculator to see whether your car qualifies or not and how much credit you can get before you head to the dealership.
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