The Cash For Clunkers Senate Bill was designed to give anyone driving a low MPG vehicle the ability to offset some of the cost of switching to a more fuel efficient car.
If you want to read through all the lawyer-speak above have at it, but this is pretty much the deal:
1. $3,500 voucher if the new fuel efficient automobile is a passenger automobile and the combined fuel economy value of car is at least 4 miles per gallon higher than the combined fuel economy value of the eligible trade-in vehicle. It must be only 2 MPG better for eligible trucks.
2. You can get $4,500 if your trade in car gets at least 10 MPG less than the new economy fuel vehicle. 5 MPG less if you are trading in a truck.
3. The program lasts from March 30, 2009 until….
“the day that is 1 year after the date on which the regulations promulgated under subsection are implemented.”
Basically if your car is eating your wallet at the gas pump, they want you to get rid of it and get one that does it just a little bit less. I mean saving 2 MPG isn’t that big a deal really is it? No. No it isn’t.
Unfortunately I can see the writing on the wall in regards to the value of our current “non-fuel efficient” cars we have now. The Blue Book on these puppies are going to drop dramatically I would guess and the offset is going to literally be a wash at some point. At least I have a very good feeling this is what will happen.
Now if you are broke, and need a vehicle, what is stopping you from swooping in and taking advantage of the Blue Book drops on the current cars out there? Not much I reckon. So basically instead of “Going Green” the people suffering from this horrid economy will be saving green by NOT “Going Green”. Get what I’m saying here?
Instead of helping people get their bcbsnc (Blue Cross Blue Shiled) health insurance cheaper, we are “Going Green” instead. Yay!