If you're in the market for buying a new car, Uncle Sam wants to give you some cash to help you with the purchase.
It's called the car allowance rebate system, "cash for clunkers" for short.
It's designed to boost car sales and get non-environmentally friendlyl cars off the road.
It works like this, if your car meets certain guidelines for trade, you could receive up to $4500 toward a new vehicle.
Greg Olson of Chuck Olson Chevrolet says, "It has to have a clear title, can't be a lean on the car, have to have proof of insurance for a continuous year. You have to show the car was drivable, can't pull it in or push it in."
Some of the other rules include:
*the car must be less than 25 years old on the trade in date
*the program only applies to the purchase or a lease of a new vehicle
*your dealer will apply a credit for the voucher at time of purchase
*the program ends November 1st.
So what happens to all the cars that are traded in? You won't find them back on the lot, they will be turned into scrap metal.
It's called the car allowance rebate system, "cash for clunkers" for short.
It's designed to boost car sales and get non-environmentally friendlyl cars off the road.
It works like this, if your car meets certain guidelines for trade, you could receive up to $4500 toward a new vehicle.
Greg Olson of Chuck Olson Chevrolet says, "It has to have a clear title, can't be a lean on the car, have to have proof of insurance for a continuous year. You have to show the car was drivable, can't pull it in or push it in."
Some of the other rules include:
*the car must be less than 25 years old on the trade in date
*the program only applies to the purchase or a lease of a new vehicle
*your dealer will apply a credit for the voucher at time of purchase
*the program ends November 1st.
So what happens to all the cars that are traded in? You won't find them back on the lot, they will be turned into scrap metal.
