The House on Tuesday passed a $4 billion plan to subsidize new car sales for consumers called the “Cash for Clunkers” program. The program would give consumers up to $5,000 to turn in older gas guzzlers and buy new cars if also passed by the senate.
How would it work?
The government will send up to $5,000 to the selling dealer on your behalf if you meet ALL of the following criteria:
1. You trade in a car that has been registered and in-use for at least a year
2. Your trade in has a combined city/highway fuel-economy rating of 18 or fewer miles per gallon (Check your vehicles combined rating)
3. Your trade in is at least 8 years old
4. Your new car is less than $35,000
Original Article – http://money.cnn.com/2009/06/09/news/economy/cash_for_clunkers/index.htm