Despite the whirlwind of ambivalent and contradictory reports, the scuttlebutt in Washington today is that, as of now, the Car Allowance Rebate System (or CASH FOR CLUNKERS) is NOT suspended, and will be continued through the weekend.
“The program will be in place” for anyone who had been planning to make a car purchase this weekend, White House spokesman Robert Gibbs told CNN. “This program appears to be a success for car buyers, car dealers, car companies and taxpayers.”
The program was signed into law June 24 and was set to run through the end of September, or whenever the $1 billion reservoir for the program runs dry–which at this point, appears to be anytime now. The House of Representatives have pushed a bill through that would allocate $2 billion of additional money for the program by borrowing from a much less urgent energy fund. The bill is awaiting the Senate’s approval.
So, if anyone out there has been considering whether or not to take advantage of government incentives, the time to act is NOW.
A complete list of used cars eligible for trade-in and new cars eligible for purchase, follow the jump.
The quick details of the program (for those that have been sleeping the past month) are as follows:
1. Consumers may trade in older, less fuel-efficient vehicles for new cars that get better fuel economy by providing a credit of $3500 or $4500.
2. The program divides cars, trucks, SUVs, and vans into four categories, in most cases based on weight and length of wheelbase.
3. Cars that are traded in are destroyed, not resold.
4. The retail price of the new car consumers wish to purchase may not exceed a base manufacturer’s price of $45,000.
5. The program will continue until the $1 Billion (or $2 Billion?) runs dry.
For your convenience, a list of the basic Fuel Economy and Eligibility
requirements have been listed below, courtesy of Edmunds.
Edmunds is also the source for the most up-to-date list of eligible new and used vehicles for participation in the CARS program.
For a complete list of New Car Candidates, click HERE
For a nearly exhaustive list of Eligible Used Vehicles, clickHERE
There is also a handy little C.A.R.S. Eligibility Tool Link HERE
Edmunds only compiles lists of cars post 1985, so if you have a car older than that, we recommend checking the Estimated Fuel Economy ratings over at www.fueleconomy.gov