Prestige Volvo
285 Route 10 East Hanover, NJ 07936Sales: 800.597.1087
- Service: 800.608.6259
- Parts: 800.448.6586
Cash For Clunkers Program
Cash For Clunkers Overview
President Obama signed into law a program the National Highway Traffic Safety Administration (NHTSA) is calling the Car Allowance Rebate System (CARS). This is a federal program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle.While the CARS Act makes transactions on and after July 1 potentially eligible for credits under the CARS program, interested dealers and consumers may want to wait until all of the detailed issues that must be addressed in the implementing regulations are resolved and the final rule is issued. Issuance will occur around July 24.
Important Things to Know
- Your vehicle must be less than 25 years old on the trade-in date
- Only purchase or lease of new vehicles qualify
- Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher, dealers will apply a credit at purchase
- Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
- The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.
| Summary of Cash for Clunkers Voucher Qualifications | |||
| Min. Fuel Economy for New Vehicle | $3,500 Voucher | $4,500 Voucher | |
| Passenger Car | 22 mpg * | Mileage improvement of at least 4 mpg | Mileage improvement of at least 10 mpg |
| Light-Duty Truck ** | 18 mpg * | Mileage improvement of at least 2 mpg | Mileage improvement of at least 5 mpg |
| Large Light-Duty Trucks *** | 15 mpg * | Mileage improvement of at least 1 mpg or trade-in of a work truck | Mileage improvement of at least 2 mpg |
| Commercial trucks **** |
Trade-in must be at least pre-2002 | ||
* EPA Combined MPG ** under 6,000 lbs. ***6,000 lbs. - 8,500 lbs. **** 8,500 - 10,000 lbs.
Cash For Clunkers Bill
The Cash For Clunkers (CFC) program could lead to over 1.3 million new-vehicle purchases, according to industry experts. Consumers would qualify to receive a $3,500 tax credit voucher their current vehicle gets less than 18 mpg and they purchased a car that gets at least 22 miles per gallon. Consumer could receive up to a $4,500 tax credit if their new car purchase gets at least 10 mpg more than their old vehicle.
Prestige Volvo is proud to be your authorized New Jersey dealer for the Cash For Clunkers program, and the first dealership in the state to display the "Cash For Clunkers" participation emblem. As the bill stands, there is currently only 25% of the asked amount of funding approved. That means that vouchers for the "Cash For Clunkers" program will be provided only for a limited time.