Cash for Clunkers Bill Passes House

clunkerThe 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

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