Trade clunker for cash program.

The must awaited and talked about government program meant to boost auto sales and help get rid of gas guzzlers and commonly refereed to as "cash for clunkers", was signed unto law at the end of last month.
Past the initial enthusiasm that the program generated, a closer look reveal a lot of strings attached, making it very restrictive. Here is the breakdown:
-First, the car or truck you are considering to trad-in, must not be more than 25 years old;
-Second, it must be in drivable condition and insured for at least a year prior to the trade-in;
- Third, it must have had a combined fuel economy of no more than 18 mpg or less while new;
- Fourth, the new car must have a combined 22 mpg according to the EPA.
These are the basics requirements; after you met them, another set of rules will be used to determine exactly, the value of the voucher your clunker qualify for. There are two different vouchers; one for $3,5oo and one for the maximum of $ 4,5oo and there are two set of rules depending on you trading a car or a truck.
Lets start with a car:
To get the $3,5oo, the new car must be at least 4 mpg more efficient than the old one.
To get the $4,500, the new car must be at least 10 mpg more efficient than the old one.
For a light truck, minivan, SUV or crossover, the new vehicle must be at least 2 mpg more efficient than the old one to get the $3,500 voucher, and 5 mpg more than the old one, would get you $4,500. Still with me?
Hang on , we are almost there because there are different, even so less restrictive, set of rules if you own larger or heavier duty trucks. But thankfully, those rules are less restrictive. Those rules as well as the rest, can be found at the official Web site set up by the government at www.cars.gov/faq.html.
To save yourself from some of the headaches, you can consult sites like Edmunds.com or KBB.com which have compiled lists of vehicles likely to qualify for the vouchers.
Anyhow, these new program is set to start by the beginning of August and run till Nov.1 unless Congress grants an extension.

For more, see Washingtonpost.com