Cash for Clunker Update

President Obama signed the Cash for Clunkers bill today. It has also be officially renamed to "Car Allowance Rebate System" or "CARS". Officials say the bill should go into full effect sometime in late July and will end November 1st 2009.

We will keep you up to date on the progress of this bill and will be ready as soon as it goes into full effect.

Follow this blog for further details.

More details can also be found at http://www.cars.gov/.

Cash for Clunkers Info

Many people have been asking us about the "Cash for Clunkers" bill. I've decided to write this post to help answer the questions. For those of you who don't know, here's the low-down on the bill- It was designed for several reasons, 1) To help get gas-guzzling vehicles and older vehicles off the road to help reduce emissions and waste. 2) Decrease the U.S. demand for gasoline and oil, thereby decreasing the dependency on foreign oil. 3) To help boost the number of new vehicle sales in the struggling automotive industry. 4) To help consumers more easily purchase a new vehicle and get rid of their old car.

The "Cash for Clunkers" bill was passed by Congress on June 18th. At this time, we are waiting for the bill to be signed by President Obama. As soon as the bill is signed, it will take up to 30 days to take effect.

If you have questions regarding "Cash for Clunkers", you're welcome to contact me (Josh) through any of the following means.

Cell: (435) 705-9243
Email: joshm@stephenwade.com
Twitter: www.twitter.com/StGeorgeNissan
Live chat: www.stephenwadenissan.com

The following information was taken from http://energycommerce.house.gov/Press_111/20090505/cashforclunkers.pdf

June 8, 2009
FACT SHEET: CASH FOR CLUNKERS
Committee on Energy and Commerce

The House of Representatives will soon consider Rep. Sutton’s CARS (Consumer Assistance to Recycle and Save) Act (H.R. 2460). The legislation is based on an agreement reached by Reps. Waxman, Markey, Dingell, Sutton, Inslee, and Stupak that passed the Committee in May by a vote of 50-4 as an amendment to the American Clean Energy and Security (ACES) climate legislation.

Under the program, consumers may trade in their old, gas-guzzling vehicles and receive vouchers worth up to $4,500 to help pay for new, more fuel efficient cars and trucks. The program will be authorized for up to one year and provide for approximately one million new car or truck purchases. The agreement divides these new cars and trucks into four categories. Miles per gallon figures below refer to EPA “window sticker” values.

• Passenger Cars: The old vehicle must get 18 mpg or less. New passenger cars with mileage of at least 22 mpg are eligible for vouchers. If the mileage of the new car is at least 4 mpg higher than the old vehicle, the voucher will be worth $3,500. If the mileage of the new car is at least 10 mpg higher than the old vehicle, the voucher will be worth $4,500.

• Light-Duty Trucks: The old vehicle must get 18 mpg or less. New light trucks or SUVs with mileage of at least 18 mpg are eligible for vouchers. If the mileage of the new truck or SUV is at least 2 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck or SUV is at least 5 mpg higher than the old truck, the voucher will be worth $4,500.

• Large Light-Duty Trucks: New large trucks (pick-up trucks and vans weighing between 6,000 and 8,500 pounds) with mileage of at least 15 mpg are eligible for vouchers. If the mileage of the new truck is at least 1 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck is at least 2 mpg higher than the old truck, the voucher will be worth $4,500.

• Work Trucks: Under the agreement, consumers can trade in a pre-2002 work truck (defined as a pick-up truck or cargo van weighing from 8,500-10,000 pounds) and receive a voucher worth $3,500 for a new work truck in the same or smaller weight class. There will be a finite number of these vouchers, based on this vehicle class’s market share. There are no EPA mileage measures for these trucks; however, because newer models are cleaner than older models, the age requirement ensures that the trade will improve environmental quality. Consumers can also “trade down,” receiving a $3,500 voucher for trading in an older work truck and purchasing a smaller light-duty truck weighing from 6,000 – 8,500 pounds.