The United States government has passed the “cash for clunkers” law, giving Americans an opportunity to sell old cars for more than their value. The CARS, or Car Allowance Rebate System, program gives a window to trade in or sell cars with low gas mileage.
If you have an old car, this might be the time to buy. The program started on July 1st and is likely only going to be around for a limited time. To be eligible, your car must be less than 25 years old, have a fuel rating of less than 18 miles per gallon, be in drivable condition, and have been in your ownership for at least one year. Heavy trucks and cargo vans have different requirements.
If you think your car might be eligible, it could be a good opportunity to upgrade to a low fuel car from your big ugly old car. Check out the CARS website for more details. If you are going to finance it, be sure to check out my recent post on shopping for a car loan.
