The Lowdown on Cash for Clunkers

Cash for Clunkers, which is officially known as the Car Allowance Rebate System (CARS) — is a federal program passed by Congress and signed into law by President Obama on June 24. The program is meant to encourage consumers to trade in older, less fuel-efficient vehicles for new vehicles that get better fuel economy by providing a credit worth up to $4,500. Modeled after several programs that have already been successfully implemented in Europe, the program is expected to begin on this month and end on November 1, 2009. There are many who favor this program, and are hoping for results in stimulating the auto industry and improving vehicle emmissions. however, there are many who feel as thought it is a worthless program, as vehicles must be worth less then $4500 and have an average EPA of 18 mpg or less.  Considering the standards, opponents say, there are very few vehicles that will qualify.  To get the whole story check out this article on the Cash for Clunkers program, the pros, the cons, and what it will mean for car owners and dealers alike.