VH_Supra26
03-18-2009, 10:13 AM
by James Martinez
http://www.motorauthority.com/content/thumbs/2/0/2000_gmc_yukon_main630_01_0115_630x360-0318-630x360.jpg
The rules state that a trade-in must be at least eight years old
Just a couple of weeks ago the original Cash for Clunkers bill was rejected by the Senate because of research that showed the program wouldn't have made much impact on auto sales. Now, a revised version of that bill is being presented to Congress, and so far it’s receiving wide ranging support from most in the U.S. auto industry.
If implemented, the program would attempt to stimulate sales of new cars by offering vehicle owners a cash incentive for trading in old cars for newer fuel-efficient ones. The latest revisions to the program would offer between $3,000 and $7,500 to owners who trade in their vehicles.
The vehicles must be at least eight years old, and the car being purchased must be a new vehicle that has been built in North America and costs less than $35,000, reports The Detroit News. Additionally, the new vehicle would have to achieve at least 27mpg during highway driving, and the higher the mileage ratings the more money the owner would get.
Similar plans have been in place in Germany for some time now, and citing these as the chief cause of spikes in new car sales in the German market, domestic carmakers such as Ford and GM are convinced that a similar initiative in the U.S. could have good results.
On the flipside, foreign firms are crying foul at the bill, which is only applicable to cars made in North America. Toyota pointed out that its Prius hybrid vehicle, one of the most fuel efficient cars on the market today, is ineligible for the program because it is manufactured outside North America.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/revised-cash-for-clunkers-bill-offers-up-to-7500-for-old-trade-ins.html
http://www.motorauthority.com/content/thumbs/2/0/2000_gmc_yukon_main630_01_0115_630x360-0318-630x360.jpg
The rules state that a trade-in must be at least eight years old
Just a couple of weeks ago the original Cash for Clunkers bill was rejected by the Senate because of research that showed the program wouldn't have made much impact on auto sales. Now, a revised version of that bill is being presented to Congress, and so far it’s receiving wide ranging support from most in the U.S. auto industry.
If implemented, the program would attempt to stimulate sales of new cars by offering vehicle owners a cash incentive for trading in old cars for newer fuel-efficient ones. The latest revisions to the program would offer between $3,000 and $7,500 to owners who trade in their vehicles.
The vehicles must be at least eight years old, and the car being purchased must be a new vehicle that has been built in North America and costs less than $35,000, reports The Detroit News. Additionally, the new vehicle would have to achieve at least 27mpg during highway driving, and the higher the mileage ratings the more money the owner would get.
Similar plans have been in place in Germany for some time now, and citing these as the chief cause of spikes in new car sales in the German market, domestic carmakers such as Ford and GM are convinced that a similar initiative in the U.S. could have good results.
On the flipside, foreign firms are crying foul at the bill, which is only applicable to cars made in North America. Toyota pointed out that its Prius hybrid vehicle, one of the most fuel efficient cars on the market today, is ineligible for the program because it is manufactured outside North America.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/revised-cash-for-clunkers-bill-offers-up-to-7500-for-old-trade-ins.html