House and Senate Agree on Cash for Clunkers Bill

The House and Senate came to an agreement on the Cash for Clunkers bill that would offer car owners a voucher to trade in their old vehicles for more fuel-efficient models.

Negotiators for each legislative body agreed to include the $1 billion program in a $106 billion wartime spending bill. This is short of the program’s expected cost of $4 billion annually, and this year would only fund it through Sept. 30, the end of the fiscal year. In other words, it’s more of a get-the-ball-rolling agreement, with additional funding to come later.

The bill is expected to pass when it goes to a vote in both houses, and President Barack Obama has said he supports the measure, which is intended to boost auto sales and put more efficient vehicles on the road.

The provisions are the same as those in the House bill passed earlier this week, but here’s a quick guide to what the bill could do for consumers.

Comments

"the new vehicle must average at least 18 mpg"

They're setting the bar awfully low.

I don't understand this, with Old EPA calcuation those older model cars did not get even close real time mpg, now the newer EPA estimate gets better number in real time driving...so are they going to calcualte older EPA versus newer EPA mpg?

Do the replacement vehicles have to be brand new vehicles or can they be pre-owned?

What a stupid idea. So the people who are already driving small cars and need a new one don't get anything. The government should stay out of this. There's probably going to be a lot of people trying to scam this in some way. Can I buy my uncle's Surburban with a blown head gasket for $50 and get a $4500 credit for a new car?

so it won't be in addition to the trade in? so i would be losing if i could get 6k on the street for the car? so if the car is worth 2k and people could get 4.5k, then they are really getting 2.5k. and people would have to wait until tax day? if so, then the savings won't go towards the new car as it happens in a regular trade in. so if you buy a 20k and instead of buying it for 15.5k you have to buy it for 20k (and pay taxes and interest on 20k) and then wait for april 15 and hope the tax man gives me 4.5k (and not up to)? count me out.

Chairman Barack Hussein Obama should offer lifetime health care vouchers to the sheeple in exchange for their global warming SUV's.

www.MichaelSavage.com

I am writing to my congressmen and senators to protest this pork barrel bill.

I think a new car would have to get at least 22 mpg. A new truck would have to get at least 18 mpg. I think I read that the $4,500. would be a voucher at the dealer at the time of the deal. I think it will have to be a new car. Yes, there will be all kinds of fraud on it and dealer's knowing you might get $4,500. will take that into consideration and therefore not give you full fair value. I think the best thing if you are in the market for a new car would be to own a car not worth crap or buy one not worth crap for $50.00 and then get $4,500. on the deal. I'm thinking though that there will be some stipulation you will have to own the old car for a certain amount of time. There will be all kinds of stipulations.

Under the plan you will have to own the old car for at least 12 months prior to trade in. You will get no value for the trade as it will be destroyed. If your trade is worth more than the voucher you should just trade it in. The point of this is to get NEW cars a sales jump. It will work great if you are a buyer looking for a 11k new car and get $4500 off when trading your crappy car (thanks to the american tax payers).

Jeremy, I read the entire bill (recommend this highly to all) Just as long as the new vehicle meets the standard (most pre-owned <2004 won't) then yes. Otter, not a stupid Idea, just a selfish one on your part.Clearly you want a new car, notice I said "want" as opposed to "need" Please re-read the bill the vehicle has to be fully operational. Juan Carlos, please apply the first four words of Otter's post to your position. It would not be very bright on your part to forgo getting 6k on the street for this bill.Hint: TAKE THE 6K. If you go to your dealer and are not given full market value......walk away!! Do your homework, get bluebook value, dealer value and don't settle for less than the best deal.The voucher, applies to the deal ,not taxes. Please stop listening to the likes of Limbaugh,Hannity, and Savage. Speaking of poor Mike, Dude,get therapy. I would love to be a guest on your show if for no other reason...to exhibit what "reasonable" sounds like Hey, J don't forget to tell your Reps that the "pork barrel bill" that you choose to protest should also include those that you benefit from in your state too. MIke the Savage your move...Anybody wanna talk about Healthcare???

How will the fuel efficiency of my car be measured? Will they use the original specs from the car (in my case a 99 mitsu eclipse) or do you have to measure the current fuel efficiency with the autodealer or a third party?

Where is the link to the official bill?

I think it a great initiative to get some pollution of the road faster, and to change consumer habits faster.

For as much good as the cash for clunkers bill will do, there are also some downsides. Here is an interesting article on the topic:

https://www.mindreign.com/en/mindshare/Environmental-Concerns/Cash-for-Clunkers/sl36962308bp294cpp10pn1.html

My registration expired in September of 2008 and I paid the late fees in November. I have owned the car for over 4 years and have been driving it. Do I still qualify for the program?

I feel that stimulating the economy is important, but that the money should be kept in the country at the same time. Export the clunkers to Mexico, and only make this applicable to US manufactured vehicles. This could help save auto giants like GM and the like.