The government has passed a new law to help people replace their old gas guzzler of a car with a newer, more fuel efficient model. The program, called Cash For Clunkers, gives new car buyers up to $4,500 towards the purchase of a new car that is more fuel efficient. The program is also known as the Car Allowance Rebate System or the Customer Assistance to Recycle and Save program.
There are specific details, and not all cars, makes, or models will qualify.
Also, you have limited time to take advantage of this program, as it expires November 30, 2009.
While this is mainly meant to be a stimulus to ailing carmakers, it can also help folks who have been needing to buy a new car, and needed a little extra incentive, or a better deal to make it feasible.
If you’ve been recently laid off and you already have a car, it is best to focus on your job search and saving money as opposed to buying a new car. If buying a new car makes sense for you and your budget, check out our article on the Cash For Clunkers program for more information.